How to save money every single month and all the key dates for your finances

THE cost-of-living crisis is going to get worse before it gets better, with problems set to peak over the winter months for millions of us.

This is due to soaring inflation and another expected rise in energy bills due in October.

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Here, our money experts on the Squeeze Team share their 2022 financial planning calendar to help you protect your income over the next few months.

By getting ahead, you can take control and ease the pain . . . 

JUNE

Bill breakdown: Now is the time to check your bills and plan ahead for the summer. Households spend an average of £620 a year on subscriptions, according to Barclaycard. What can you cancel to save cash?

Make a budget for the next six months. Apps such as Moneyhub and Yolt can help you see where you are wasting money.

Beware of roaming fees: Holidaymakers heading abroad this summer face higher bills for using their mobile abroad with some networks.

For example, Three and EE customers now pay £2 a day in Europe. Check before you travel to avoid a nasty bill when you get home.

Currency: If you are going abroad now is the time to think about holiday money. Never buy your cash on the day at the airport as you will pay over the odds.

If you’re worried about exchange rates dropping then you could always buy half your money now and the other half before you travel.

Use MoneySavingExpert’s Travel Money Max to compare and pre-order rates. The best fee-free debit cards are from Starling and Chase banks.

School’s out: It’s almost time for the school summer holidays. Plan ahead to survive them. Families face spending £1,500 on average, according to Money Supermarket. Check with your local council about free school holiday activities and meals help.

Don’t forget to use tax-free childcare, where parents can get up to £2,000 per year towards costs. If you are working and on Universal Credit you can get up to 85 per cent of costs back. 

Cool tips: As the weather warms up, don’t overfill or underfill your fridge as it will have to work harder to stay cool and this costs you more. Use bottles of tap water or fruit to fill it up as you use   food. And defrost your freezer. If you let ice build up, it could add up to £150 a year to bills.

The upside of the warmer weather should mean you use less energy around the home. But don’t forget to turn off appliances that are on standby.

Early benefit payments: Universal Credit and other benefits will be paid early due to the Queen’s Platinum Jubilee Bank Holiday weekend starting on Thursday June 2. If your payment date falls on June 2 or 3 you will get paid on June 1 automatically.

Remember, that means you will have to budget so your money lasts a bit longer until your next payment.

JULY

Pay rise?: On July 6 a rise to the National Insurance Contributions threshold means you won’t pay NI if you earn below £12,570.

The change from the previous level of £9,500 will save a typical employee an average of £330 a year.

Use the moneysavingexpert.com/tax-calculator to find out how it will affect you. If you can afford to, save this cash to help with bills.

Start saving for Christmas: If you want to avoid a financial hangover in 2023, make a budget for this year’s festive period.

On average we blow £446 each on gifts, according to Marks & Spencer credit cards. Look how much you spent last year and work out what is realistic.

On July 6 a rise to the National Insurance Contributions threshold means you won’t pay NI if you earn below £12,570. The change from the previous level of £9,500 will save a typical employee an average of £330 a year.

Review tax credits: Millions need to review their working and child tax credits or risk missing out on thousands of pounds a year.

Tax credits must be renewed each year and the deadline for this is July 31. You can do this online, by post or phone. For more info see gov.uk/manage-your-tax-credits.

AUGUST

Claim school uniform grant: It is time to start thinking about the kids going back to school. Some councils pay up to £150 per child towards uniform costs to support low-income households. It is a postcode lottery, so check with your local council to see if you can get funding.

Energy price cap: The energy regulator is expected to decide and announce the new price cap in August.

Households will have until October 1 to prepare for the rise but bills are predicted to go up another £800 a year.

Yesterday, Ofgem warned that the average bill could soar to £2,800 a year. Work out how you will afford the extra charge then speak to your provider if you think that you are going to struggle.

Child benefit check: Parents and carers whose 16-year-olds are continuing in full-time education need to let the Government know before August 31 or their child benefit payments will stop.

Last year this affected half a million families, according to HMRC. Visit gov.uk/child-benefit-16-19.

SEPTEMBER

Take note: Paper £20 and £50 notes go out of circulation. You have until September 30 to use them in shops.

After this time you will only be able to swap them at banks for new plastic polymer notes. Check piggy banks and wallets for notes to avoid the hassle of switching them.

Insulate now: As temperatures start to drop, it is time to review your home insulation. Draught-proofing windows and doors could save you up to £45 a year on a typical semi-detached.

Heavy curtains and cheap draught excluders can also keep the heat in your home. See energysavingtrust.org.uk for more tips.

Households will have until October 1 to prepare for the rise but bills are predicted to go up another £800 a year. Yesterday, Ofgem warned that the average bill could soar to £2,800 a year.

Heat is on: Before you crank up the radiators, check they don’t have air pockets which stop them running efficiently.

If this is the case they need bleeding, which you can do easily. See the guide at wickes.co.uk/how-to-guides/home-maintenance/bleed-a-radiator.

Check energy benefits: You could be eligible for help with your energy bills this winter and schemes start opening soon.

The Winter Fuel Payment pays up to £300 gov.uk/winter-fuel-payment and this year the Warm Home Discount is increasing to £150, see gov.uk/the-warm-home-discount-scheme. Visit Citizens Advice for more info.

Council tax £150 rebate deadline: Councils have until the end of this month to pay the £150 council tax rebate which is for homes in bands A to D. Many households have already received the cash but others who don’t pay by direct debit must be paid by this deadline.

Councils have also been given a share of a £144million pot of “discretionary funding” to help struggling households. It must be used up by the end of the month. If you are hard hit, apply as soon as possible to your local authority for help.

OCTOBER

Energy bill rise: If current estimates are correct then the average bill will rise to £2,800 from October 1 — up from £1,971. This is a brutal increase. Plan ahead now and factor in how you will cover the increase.

Energy bill £200 rebate: This month customers will get the £200 energy rebate on bills. But this is a loan and will be repaid automatically on bills over five years starting next year, when wholesale prices are expected to fall.

NOVEMBER

Black Friday: This falls on November 25. It’s great if you are well prepared and can spot bargains for Christmas presents but avoid dud deals. Make a note of what you want to buy in early November and check prices regularly.

Get free or cheap white goods: Households on low incomes who can’t join in Black Friday can get help with cheap or free fridges, carpets and furniture. See endfurniturepoverty.org/find-furniture or turn2us.org.uk for help.

Cold weather payments: Households get £25 for each consecutive seven-day period where the temperature is below zero degrees celsius. This scheme reopens on November 1 and runs until March 31. Visit gov.uk/cold-weather-payment. 

DECEMBER

Apply for an energy grant: If you’re in debt to your supplier then you should try for an energy grant to help pay it off. Each energy firm has its own pot of cash but many have closed for 2022.

Households usually have until March 31 to apply but double check. Get more info on the Citizens Advice website.

Stock up for Xmas: Start thinking about what food you can buy early to spread the cost of Christmas. Focus on items with long expiry dates, such as Christmas cake, snacks and chocolate.

Some readers tell me they start prepping MUCH earlier in the year — but the best thing you can do is plan ahead to manage finances.

Rooting for it: Don’t buy your Christmas dinner veg too early. The supermarkets usually engage in a price war the week before December 25.

Last year, Iceland slashed bags of frozen veg from £1 to 1p, while Aldi and Lidl cut the cost of carrots, parsnips and more to 19p each.

This post first appeared on thesun.co.uk