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All the money changes coming in October including new energy price cap and mobile phone roaming rules
Everything you need to know for your personal finances this October
AS we head into October and the temperature drops, many of us are thinking about putting the heating on and preparing for winter.
But several key financial changes this month, including higher energy bills thanks to a new energy price cap, mean we need to keep an eye on our cash, too.
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The next 31 days are very busy from a monetary perspective, with everything from the first Labour government's Budget - where it will announce new money and tax policies - to the last days to take advantage of supermarket Christmas savings schemes.
Fortunately, we’ve rounded up all the important deadlines you need to be aware of, as well as anything you need to do.
October 1 - Energy price cap
Every three months, energy regulator Ofgem sets its new price cap. This is the maximum that people on variable tariffs can be charged per unit of energy.
The next cap kicks in on October 1.
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From that date until the end of the year, a typical household using both electricity and gas and paying by direct debit will see their energy costs rise by £149 per annum.
This is a 10% increase, which means an extra £12 added to the average monthly bill.
However, the new cap is 6% cheaper than this time last year, saving you about £117 compared to last year's price of £1,834.
Your bill will vary based on how much energy you use, where you live, and what kind of meter you have.
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So, while the new headline cap is around £1,717, this can vary depending on whether you use more or less energy than a typical household.
You can find more details about the new price cap here, including costs per unit of energy and when to take a meter reading.
Simple energy saving tips
October 1 - Ofcom new rules for phone providers
Starting from October 1, new rules from the communications regulator, Ofgem, will help mobile phone users avoid surprise charges when using their phones abroad.
The new rules require mobile providers to inform customers when they start roaming and to protect them from accidental roaming, which happens when you unintentionally connect to another country's network while travelling near a border.
They will also need tell you about spending caps and direct you to free information about roaming costs in your current location.
You can read more about the legislation and what it means for you in our round up here.
October 5 – deadline to register for self-assessment
If you need to do a self-assessment tax return for the first time this year, you must register by October 5.
Reasons you might need to self-assess include if you’ve become self-employed, if your side hustle earned you more than £1,000 in a tax year, if you need to pay the high-income child benefit charge, if you’ve made money from savings and investments, or if you’ve started earning more than £150,000.
If any of these things happened to you between April 6, 2023 and April 5, 2024, then you must register.
Failure to do so may mean you cannot file your return and pay on time, which could lead to a hefty fine.
Find out exactly what you need to do and how to register in our guide. Applying is quick and easy using the Government’s online tool.
October 7 - Fraud APP rules
The Payment Systems Regulator (PSR) is now requiring financial institutions to pay back scam victims, which is a change from the previous system where reimbursement was voluntary.
Customers who unwittingly transfer cash to con artists had been due to receive reimbursement of up to £415,000 under new rules coming in days.
However, payouts have now been given a ceiling of £85,000 when rules take effect on October 7, the PSR confirmed.
The rule change has placed more responsibility on the banks that receive APP fraud money, as they will be responsible for repaying half.
Victims need to let their banks know about the scam within 13 months and provide any information the bank needs to investigate.
Learn more about the new rules here.
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October 7 - Stamp prices rise
Royal Mail has announced that it will increase the price of stamps again in October.
The delivery giant said the price of first-class stamps will increase by 30p to £1.65, the second rise in a year.
Royal Mail said the price increase will come into force on October 7.
First class stamp prices increased by 10p to £1.35 in April and by 10p to 85p for second class.
The company has confirmed that second class stamps will remain at 85p, as these are currently capped until 2029 in an effort to keep the sending of letters affordable.
Royal Mail said it has tried to keep price increases as low as possible in the face of declining letter volumes, and inflationary pressures.
It also cited the costs associated with maintaining the so-called Universal Service Obligation (USO) under which deliveries have to be made six days a week.
October 16 – inflation figures announced
On October 16, we find out the inflation rate for September, which is very important for a two key reasons.
First, it helps decide how much the State Pension will go up by from April next year as part of the Government's triple-lock promise.
The triple lock ensures the State Pension rises each year in line with inflation, average earnings of 2.5% - whichever is highest.
Second, it affects how much benefits, like Universal Credit, and Tax Credits for working age people, will increase by from next year.
October 4 - Winter Fuel Payment phone applications open
From this date, the Winter Fuel Payment Centre will accept phone claims from people who are eligible to receive the payment for the first time.
This year, only people who claim Pension Credit and certain other benefits will be eligible, so check if you could benefit.
You can call the Winter Fuel Payment Centre on 0800 731 0160.
October 16 - Last day for Tesco Christmas Clubcard Saver
Tesco’s Clubcard Christmas Saver lets customers save money and earn bonuses.
How much you get depends on what you save, and to get the maximum amount of £12 you need to stash away at least £200.
In November, customers will get vouchers matching the value of the money saved and any bonuses received.
These can then be used during the Christmas season, either in stores, online, or through the Tesco Grocery & Clubcard app.
You can also use them for fuel at Tesco and Esso stations with Tesco Express.
The last day to add qualifying savings is October 17, 2024.
The Clubcard and top-up vouchers are good for 2 years, while the bonus vouchers are good for 3 months.
Find out more about supermarket saver schemes and their pitfalls here.
5 Money-saving tips for autumn/winter
1. Draught-proof your home
It takes time and money to heat up your home, so it’s important that you do as much as you can to keep in the warmth. Close your doors and windows, and fill any gaps with a draught excluder.
2. Dial down your thermostat
According to Energy UK, turning down your thermostat by just one degree Celsius could cut your heating bill by up to 10%, and save you around £85 per year. Plus, if you don’t have a thermostat, installing one could save up to £70 per year!
3. Move furniture around
Make sure not big, bulky furniture like sofas are blocking radiators.
4. Wash clothes on a lower temp and add an extra spin
Unless it's bedding, towels or really dirty items, dial down the temperature to 20 or 30 degrees, and do a double spin to remove excess water.
5. Heat the person not the home
There's not point heating up a room that no one is sitting in, so be mindful about which radiators are on.
October 30 - Budget (also called Autumn Statement)
On October 30, Rachel Reeves, the Chancellor of the Exchequer, will give her first Budget.
This is when the government's shares updates on its tax and spending plans – which could impact your finances.
At this time of year it would normally be called an Autumn Statement, but as it is the new government's first, it is being called a formal Budget.
Ms Reeves has already warned that there will be tax rises, which experts speculate could include changes to inheritance tax, pensions rules, capital gains tax, and even fuel duty.
This is to plug a £22billion "black hole" in the country's finances, Ms Reeves has said.
You can read more about what changes are expected here.
October 31 – deadline for paper tax returns
Around half a million people still fill in a paper tax return each year. If you’re one of them, you need to hand it in by October 31.
If you want to do an online return instead you have until January 31.
Missing both deadlines means a fine, and if you don’t pay up on time, you’ll have to pay interest and further fines.
October 31 – Last chance to buy Morrisons Christmas saver stamps
The Morrisons Christmas saver scheme gives you a bonus for the money you save.
The maximum bonus is £6 if you save £197 through the programme.
To earn the extra cash, you need to make sure your savings are in your account by October 31.
Christmas Saver stamps bought after that date will count towards your savings for Christmas 2025.
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Once you've saved your money and received your bonus, you'll get a voucher that you can use to shop in-store or online.
Read more about the downfalls of saver schemes and how to avoid them here.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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