13 big money changes coming before Christmas including cost of living and universal credit direct payments

HOUSEHOLDS have faced a lot of financial uncertainty this year, and there are still more big money changes to come.

Many families may be starting to plan for the festive season, but there are some dates you need to be aware of when planning your budget.

From rising energy costs and high inflation, there has been plenty of pressure on people's wallets in recent months.

It can be hard to budget when you don't know what is round the corner, particularly for low-income families.

The financial upheaval isn't over yet and there are still several changes that could help and hinder your festive celebrations.

Here is what you need to know.

Cost of living disability payment - September 20

Over six million people with disabilities are set to receive £150 from Tuesday, September 20.

This payment is to help those with disabilities pay for any energy intensive equipment they might have.

The payment will be made directly into their bank account and households won't need to apply.

It won't have any impact on existing benefit awards either.

You can get the cash if you claim one of the following:

• Disability Living Allowance
• Personal Independence Payment
• Attendance Allowance
• Armed Forces Independence Payment
• Constant Attendance Allowance
• War Pension Mobility Supplement
• Adult Disability Payment (in Scotland)
• Child Disability Payment (in Scotland)

Here's a guide to everything you need to know about the payment.

Bank of England interest rate decision - September 22

There will be a Bank of England (BoE) meeting on September 22 - and it could spell a possible interest rate hike.

In August the BoE increased the  base rate of interest by 0.5 percentage points to 1.75% - the biggest hike in 27 years.

Economists expect this could increase to as high as 2.25% in September.

Interest rates are being hiked to curb runaway inflation.

Another rate rise could have a significant impact on your finances - especially homeowners.

And anyone on a variable or tracker mortgage will be the first to feel the effects of any increase.

These mortgages are linked to the Bank's base rate - so when it goes up, so do your monthly repayments.

There are around 1.9million homeowners with these mortgages.

The BoE will also meet on Thursday, November 3 and Thursday, December 15.

The Sun spoke to a mortgage expert to find out how you can reduce your payments as interest rates rise.

Mini budget - September 23

The new PM Liz Truss will reveal her anticipated "mini budget", which aims to keep more money in the pockets of hard working Brits.

The Health and Social Care Levy is set to be scrapped, along with a planned rise in corporation tax next year.

At another separate point next week the PM will also give more details about the £150 billion energy bill bailout, with businesses waiting on tenterhooks for more information about how to access the desperately-needed support.

The PM is also said to be looking at other measures to ease the cost of living crisis.

Tougher work search rules for some people on Universal Credit - September 26

Under new rules, thousands of claimants will need to have more meetings with work coaches and either increase their working hours or spend more time looking for a job.

Around 115,000 people on Universal Credit will be moved from the "light touch" work group to the "intensive work search" regime.

Something known as the Administration Earnings Threshold (AET) is a monthly amount that marks if you're in one group or the other.

Those currently earning below £355 a month, or £567 for couples, are in the intensive work search group.

That includes people who earn nothing at all while on the benefit.

The amount will rise to £494 a month, or £782 for joint claims, taking thousands more people out of the light touch group and into the stricter work search group.

This new regime will come into effect from September 26.

£20 and £50 notes to expire - September 30

The (BoE) is withdrawing the legal tender status of paper £20 and £50 banknotes after September 30.

That means after this date they will be no longer be valid for use in shops, supermarkets and other establishments.

But you don't have to spend them - you can deposit them at your bank or in a Post Office over the next few weeks.

The paper notes are being taken out of circulation as they are easier to counterfeit and are less durable, compared to the newer polymer ones.

Deadline for Council Tax rebate - September 30

Councils have until September 30 to pay three million households a rebate to help with the spiralling cost of energy.

Since April, households living in council tax bands A-D have been entitled to a council tax rebate worth £150.

Councils are responsible for deciding who is eligible and also making the payments.

The money through this scheme is being paid out to help struggling households in the higher rated council tax bands.

If you want to work out what council area you live under, you can use the .

You might still get the money credited to your council tax account, but that might mean a longer wait for the cash. We explain all here.

Second cost of living direct payment - autumn

Those that received the first half of the £650 cost of living payment are set to receive the second chunk of cash in the Autumn.

The date for the second chunk worth £324 has yet to be confirmed.

However, those who later qualify for benefits may be eligible for the cash - even if they didn't get the first payment.

The first half began landing in people's bank accounts from July 14 which is worth £326. It should've arrived in most bank accounts by the end of July.

Those on the following benefits will get the help:

• Income-based Jobseekers Allowance
• Income-related Employment and Support Allowance
• Income Support
• Working Tax Credit
• Child Tax Credit
• Pension Credit
• Universal Credit

It's important to know the payment is one per household meaning if two residents receive a benefit or UC payments, the money you receive will not increase.

Here we explain everything you need to know about the second instalment of the cost of living payment.

Warm Home Discount letters sent out - October

Millions of households are in line to get a £150 discount off their energy bills between December and March 2023.

You'll be eligible for the automatic discount if you received any of the following benefits up to August 21 this year:

• Income support
• Income based jobseeker's allowance
• Income related employment and support allowance
• Housing benefit
• Universal credit
• Child tax credit
• Working tax credits
• Pension credit guaranteed
• Pension credit savings credit

The Department for Work and Pensions, who's overseeing the scheme, will send you letter in October to confirm if you'll get the payment later on in the year.

Energy bills rebate payments begin - from October 1

From October the first, all households will start to receive a £400 energy bill discount.

The payment will be dished out by your energy supplier and will be split across six discounts between October and March next year.

Households will receive a £66 energy bill discount in October and November and a discount worth £67 in December, January, February and March.

We've listed how the leading energy suppliers plan to pay households the discount and are waiting on others to respond.

The way you'll be paid will depend on how you pay for your energy.

If you're on a credit meter the discount will come off your bills, but if you're on a prepayment meter you'll get a voucher.

Check with your supplier to confirm how you'll receive the cash.

Pensioner cost of living payment - November

In November, a £300 one-off "Pensioner Cost of Living Payment" will be paid out to eight million households.

It will be given to those who already get the winter fuel payment - which is worth between £100 and £300 for those over state pension age.

You can check out if you are eligible for the winter fuel payment in our explainer.

New energy price cap announced - November 24

Ofgem has said it will continue to announce the cap on household energy prices, despite the Government saying it would guarantee lower bills for customers.

The next announcement is set for November 24.

The energy regulator plans to still make the announcements every three months, as it continues to regulate how much energy suppliers can charge for their services.

Prime Minister Liz Truss announced that the Government would guarantee that the average household will pay no more than £2,500 in its energy bills.

But the guarantee is a maximum price per unit of gas and electricity, so households that use more than the average will see their bills higher than that.

Christmas bonus for people on Universal Credit - this winter

To lend a helping hand over the festive period, Universal Credit claimants are now eligible for an extra £10 at Christmas.

Since the energy price cap has been announced, the small bonus might prove more useful than you'd think.

It's an entirely separate payment from any benefits you receive and you won't need to pay it back.

It's to land in bank accounts before Christmas, although an exact date is still to be revealed.

However, you'll need to be claiming an extra benefit alongside Universal Credit in order to be eligible - to be received during what's known as the qualifying week, which is usually the first week of December.

Here's a full list of benefits you have to be claiming in order to claim the bonus.