MILLIONS of people are seeing their wages spread more thinly following major bill rises last month – and unfortunately there are more changes on the way.
We reveal the next set of changes hitting in just days so you can prepare your finances.
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Pop these dates in your diary to avoid being caught out by any unexpected money changes.
Tesco vouchers expire
Anyone with Tesco vouchers first issued back in May 2020 has just seven days left to spend them.
Any vouchers that are unspent by May 31 will be void and can no longer be used.
Last month, Tesco said there was still £17million worth of vouchers in customer accounts that will be terminated next week.
Vouchers can be used online or in store to save on food shops, or swapped online with any of Tesco’s reward partners like Pizza Express.
If you swap them with a rewards partner, your voucher value is boosted by up to three times.
And with the cost of living crisis clobbering finances, it’s important that households make use of all the help available to them.
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Clubcard vouchers are collected when you scan your membership card at the till at Tesco.
You get one point for every £1 spent – or one point for every £2 on fuel.
A £1.50 voucher is equivalent to 150 points.
To find your nearest store, use Tesco’s branch locator online.
Mortgage rates could rise
This month, the Bank of England (BoE) hiked interest rates to 1%, meaning mortgage payments are likely to rise too.
Anyone with variable or tracker mortgages will likely feel the effects of higher interest rates first.
TSB confirmed it will increase rates for homeowners on variable rate mortgages by 0.25% from June 1, which is next week.
Moving to a fixed rate mortgage can give you certainty over your repayments for a set period, and you’ll be protected from forthcoming rate hikes.
Shop around for the best deal or speak to a mortgage broker who can scour the market for you – if you’re on a standard variable rate, it’s like you could see your monthly repayments drop if you get a new deal too.
Traffic fines from councils
From May 31, councils across England and Wales will be given the power to charge drivers for a number of traffic offences.
The offences include things such as stopping in yellow box junctions, illegal turns and driving in cycle lanes.
The new powers will allow authorities to fine motorists up to £70 for these minor offences.
Right now, only the police can enforce these rules, but the Department for Transport said increased supervision will allow better protection for cyclists, as well as helping buses to be more punctual.
So be sure to brush up on your driving theory, as a £70 would make a considerable dent in your pocket.
BNPL to show on credit scores
Buy Now Pay Later (BNPL) company, Klarna, allows shoppers to purchase items but delaying paying for them.
From June 1, anyone who uses Klarna to make purchases will have the transactions logged on their credit score, meaning lenders can see this borrowing for the first time.
For responsible borrowers, it could be positive as it could help you build a better credit score.
But used wrongly, it could affect your ability to get a mortgage, loan or credit card as providers will be able to see how much you’ve borrowed – and if you’ve not paid it back on time.
Resolver consumer expert Martyn James said: “It’s not clear that BNPL loans will improve your credit score, as many lenders may view this as ‘riskier’ credit when they check your file.”
Always make sure you pay what you owe on time, and never use BNPL if it means you’re going over budget.
Roaming fees make a return
Holidaymakers heading to Europe will soon face fees for using their mobile data with certain networks.
Since the UK’s departure from the European Union, roaming charges have made a return in some network policies.
While Britain was in the EU, anyone visiting Europe could use the data, calls and texts in their allowance at no extra charge.
But now some companies are going to start charging customers to use their allowances, meaning you could rack up a hefty bill.
Customers of VOXI, a Vodafone brand, will be affected by additional roaming charges starting this Friday, May 27.
You’ll need to buy a European Roaming Pass for £2 a day if you want to keep using your mobile plan while travelling to the continent.
Yesterday, Three mobile set a £2 a day roaming fee for customers visiting Europe too.
But the charge is only for customers who joined after October 1, 2021, though – if you’ve been with Three before this date, you’ll avoid costs.
Benefit payments
The Queen’s Jubilee bank holiday break next week could see thousands of Universal Credit and child benefit claimants paid early.
The bank holiday is from Thursday, June 2 to Friday, June 3.
These long weekends can affect benefit payment dates, like over Easter when claimants received cash the day before Good Friday.
If your payment date falls on a bank holiday, you’ll usually be paid one working day before this date.
So if your payment is scheduled to fall on Thursday, June 2 or Friday June 3, you can expect to see it on Wednesday, June 1 instead.
You’ll be paid as normal if your payment date falls on a normal working day on either side of the long weekend though.
Note that your payment amount will be the same, and you don’t have to do anything to receive the cash earlier – it will be done automatically.
Household Support Fund
An additional £500million was pumped into the Household Support Fund in April this year.
Local councils have each been given a portion of this pot to support vulnerable residents with essential needs that can’t be met.
The Sun has spotted some councils beginning to dish out cash help this month.
For example, Cornwall Council is giving thousands of pensioners a one-off payment of £100, and families with children a one-off payment of £80 per child.
The new deadline to claim help such as food vouchers and one off cash payments is September, 2022.
Though some councils have sooner deadlines depending when funds are exhausted – so it’s essential to apply for help sooner.
Find your local council using the government’s checker tool online, and visit its website for details on the available support.
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