As the cost of living remains high, many will be keeping on top of their finances in a bid to stave off money woes.
It can help to know what changes are coming up this month – particularly if you think you might be eligible for any Cost of Living Payment support provided via the government.
Indeed, there is news for certain recipients of that support in June, as well as for people who use Tesco’s Clubcard scheme for their grocery and fuel purchases, and certain customers who hold bank accounts with Nationwide.
So, what’s changing? Here’s all you need to know about money changes coming in June.
Nationwide £100 boost for eligible customers
Eligible Nationwide customers are set to receive a £100 cash boost this June, paid between Tuesday, June 13 and Friday, June 30.
This is part of Nationwide’s ‘Fairer Share’ scheme – as a thank you to specific customers, following the building society’s profits.
It won’t arrive in every customer’s bank account, though, as there are criteria for eligibility – such as type of account, the account being open on March 31 this year, the amount you have paid in the account, and how many payments you’ve made from it.
To find out if you could be eligible, read Metro.co.uk’s Nationwide payment guide here.
Tesco Clubcard changes take effect
There are two changes coming to the Tesco Clubcard loyalty scheme to be aware of, both coming into effect as of Wednesday, June 14.
Essentially, the value of Clubcard vouchers when spent with reward partners is changing. You’ll get twice the amount listed on the voucher to spend – instead of three times the amount.
However, there is a way around the change, by redeeming reward partner codes before June 14 – more on that here.
Additionally, how you’ll earn Clubcard points on fuel purchases will change from this date.
Instead of getting one point per £2 spent on fuel, you’ll now get one point for every two litres of fuel bought.
Find out more in our Tesco Clubcard changes guide.
£150 Disability Cost of Living Payment paid
Those eligible for the £150 Disability Cost of Living Payment will start to receive over two weeks, from Tuesday, June 20 to Tuesday, July 4.
The one-off payment, sometimes colloquially referred to as the ‘PIP’ payment, intends to help people on specific benefits:
- Disability living allowance (DLA)
- Personal independence payment (PIP)
- Attendance allowance
- Scottish disability benefits
- Armed Forces independence payment
- Constant attendance allowance
- War pension mobility supplement
You must have received a payment of one of these benefits for April 1, 2023, to qualify for the Disability Cost of Living Payment, explains the government website.
Find out more in our guide to the £150 Disability Cost of Living payment.
Inflation update from ONS
On Wednesday, June 21, the Office for National Statistics (ONS) is set to give its latest update on UK inflation rates.
In May 2023, the ONS revealed that the Consumer Price Index (CPI) dropped to single digits in April 2023, falling to 8.1% from March’s 10.1% figure – but was still higher than analysts’ predictions.
Not sure what it all means? Here’s our guide to inflation. Or want something to compare the UK’s rate with? Here are the latest inflation figures for European countries.
And some news about inflated food prices – they’re still high but finally starting to drop.
Interest rates announcement from Bank of England
On Thursday, June 22, the Bank of England will make an announcement about the interest rate.
Currently, the Bank hiked rates to 4.5%, the highest level since 2008 – which will be of particular note to those on variable rate mortgages, as they will have seen their monthly cost go up.
High interest rates also affect people who have credit cards or loans to pay off, for example.
We asked an expert to explain interest rates, how they’re used to try to tackle inflation, and how they can impact your personal money situation.
Universal Credit increase on childcare costs
From June 28, families on Universal Credit will be able to claim more back on their monthly childcare costs.
The amount parents can claim back will rise to £951 for one child and £1,630 for two or more children.
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This is up from the previous caps of £646 for one child or £1,108 for two or more children.
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The rise is part of Jeremy Hunt’s promise in his autumn budget to encourage more Britons back into work by expanding childcare hours and provisions.
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