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September 2023 Financial Forecast: Don’t Miss These 7 Key Money Shifts!

Your guide to navigating this month’s changes and optimizing your finances.

1. University Bound? Here’s What’s New

If you’re starting university this September in England, note three pivotal shifts:

  • Repayments for the Plan 5 loan will begin when you earn over £25,000 – a drop from the current £27,295 threshold with Plan 2 loans.
  • Prepare for a 40-year loan tenure, a decade longer than the current system.
  • Breathe easy as the interest aligns with the Retail Price Index (RPI) inflation, scrapping the additional 3%.

2. Universal Credit Rollout:

This month heralds a broadened “managed migration” to Universal Credit across the UK. With a special focus on Tax Credit claimants, the DWP’s aim is a complete transition by the close of the 2024/25 fiscal year.

3. PayPal Alert – Rates on the Rise:

From September 1, users of PayPal Credit will see the lowest interest rate jump to 23.9% APR. Ensure you’re aware to avoid any unexpected shocks.

4. Attention Amazon Prime Members:

Starting September 18, orders below £20 will incur a £1.99 same-day delivery fee. Ensure your orders meet the threshold to maximize Prime benefits.

5. Inflation Update – Mark the Date:

Stay informed with the inflation rate’s official release for the 12 months leading up to August. The announcement on September 20 by the Office for National Statistics (ONS) can guide your budget planning.

6. Will Interest Rates Spike?

Come September 21, the Bank of England will unveil if interest rates are set for another hike. Given the recent jump to 5.25% in August, this announcement could directly affect your borrowing costs.

7. Reminder: Note Your Meter Readings:

Before the Ofgem price cap drops to £1,923 on October 1, record your meter reading by September 30. Avoid overestimations and ensure you’re charged at the right rate.

In Summary:

As September unfolds, these financial shifts can greatly influence your pocket. Stay alert, stay informed, and optimize your finances accordingly.