The best way to plan your household budget for the coming months is to be aware of any notable financial events taking place, whether that's adding them to a calendar - online or paper-based - marking them in a diary or marking a pile of sticky notes and pinning them on the fridge. Knowing what to expect and when, especially as the summer holidays draw nearer, can help prevent any unwelcome financial surprises.
The UK Government has launched its first wave of 2023/24 cost of living support payments with the £301 means-tested lump sum expected to provide additional financial support to more than eight million households. This will be followed by the £150 disability cost of living payment, £300 for pensioner households and a further £501 (£300 and £299) for those on means-tested benefits.
There are also one-off payments only available in Scotland for unpaid carers and families with a disabled child.
Below are key dates to add to your diary for the coming months to help you plan your household budget and know exactly what to expect and when.
May
- Benefits uprating: Most benefits and payments from the Department for Work and Pensions (DWP), including State Pension, Universal Credit, disability benefits and Pension Credit, increased by 10.1 per cent on April 10. However, first payments after the uprating would be a mix of the old and new rates - this month should see the full uprated amounts.
- Tax Credits renewal packs issued: HM Revenue and Customs (HMRC) has started issuing more than 1.5 million Tax Credits renewal packs. Some 500,000 must be completed by July 31 or payments will end - find out more here.
- May 9: Tax Credits £301 payment window closes. People who think they are eligible and should have received a payment can query ti with HMRC from May 16.
- May 17: £301 payment window closes for those on DWP-delivered means-tested benefits including Universal Credit and Pension Credit. Details on how to report a missing payment will be issued shortly after the closing date.
- May 19: Deadline for new claims of Pension Credit to be submitted to DWP and be eligible for the £301 cost of living payment - find out more here.
- May 31: Child Benefit will stop for some parents with children who are 16 and leaving eductions - more details here.
June
- Carer’s Allowance Supplement (no specific date yet): This is a one-off payment of £270.50 for eligible claimants of Carer’s Allowance living in Scotland. To qualify, you must have been in receipt of the benefit on April 10 - find out more here.
- £150 disability cost of living payment: More than six million people in receipt of disability benefits including Personal Independence Payment (PIP), Adult Disability Payment and Attendance Allowance will receive the one-off lump sum this summer. No exact payment dates have been announced yet - find out more here.
July
- July 31: Tax Credits renewal pack deadline.
August
- August 31: Child Benefit will stop for some parents with children who are 16 and leaving eductions - more details here.
September
- Tax Credits managed migration to Universal Credit: it was recently announced that migration will start to take place in all regions of Great Britain by September - find out more here.
October
- October 9: New claims for Carer's Allowance must be made to DWP by this date in order to qualify for the £270.50 Carer's Allowance Supplement payment made separately by the Scottish Government in December.
- £300 means-tested Cost of Living Payment: The second instalment of the £900 payment is worth £300 and is due to be made this Autumn, no exact payment window has been given yet.
- September inflation figure: This is due to be announced on October 18 and is used for the State Pension Triple Lock and benefits uprating for the next financial year, starting in April.
- Autumn Statement: No date has been announced yet, but this usually happens in October.
November
- Winter Fuel Payments and £300 pensioner cost of living payment: Eligible pensioner households will receive an extra £300 cost of living payment added to their Winter Fuel Payment 2023/24. Payments will be made automatically to eligible households from November until January - find out more here.
- £150 Warm Home Discount Scheme: The scheme typically opens in November. The money is not paid to you - it’s a one-off discount on your electricity bill made directly to your supplier, between October and March. Rules around eligibility were introduced last year - find out more here.
- Child Winter Heating Assistance: This is an annual payment of £235.70 for youngsters in Scotland on disability benefits to help with increased energy costs over the colder months - find out more here.
November 30: Child Benefit will stop for some parents with children who are 16 and leaving eductions - more details here.
December
- DWP £10 bonus: This is a one-off, tax-free £10 payment automatically made to people in receipt of State Pension or 20 DWP benefits if they meet the eligibility during a specific qualifying period, which is typically the first full week of December - find out more here.
- Carer’s Allowance Supplement: This is a one-off payment of £270.50 for eligible claimants of Carer’s Allowance living in Scotland. To qualify, you must have been in receipt of the benefit on October 9 - find out more here.
We will update this list with more one-off payments and dates as they are announced.
To keep up to date with the latest cost of living news, join our Money Saving Scotland Facebook page here, follow us on Twitter @Record_Money, or subscribe to our newsletter which goes out Monday to Friday - sign up here.
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