MAY is an important month for your wallet with some big financial changes in the pipeline.
Households will see changes to everything from mortgage hikes and to mobile phone roaming charges in the coming weeks.Thousands of households are grappling with soaring living costs[/caption]
And with the cost of living crisis continuing to clobber wages, it’s important to make sure there are no more money surprises.
We explain which changes you can expect to see this month and what it means for your hard earned cash.
Roaming fees are back
Since the UK’s departure from the European Union, roaming charges have crept back in.
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This means you could rack up a costly bill if you use your mobile data when in Europe with certain network providers.
While Britain was in the EU, anyone going to Europe could use the data, calls and texts in their allowance at no extra charge.
But since Brexit, that is starting to change.
VOXI is a Vodafone brand, and anyone on it will be affected by additional roaming charges starting this month on May 27.
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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.
And Three customers are now in the same boat, as the provider is introducing data charges for those exploring Europe from May 23.
You will have to fork out £2 a day to enjoy data in Europe, or £5 a day for countries outside of Europe.
The charge is only for customers who joined after 1 October, 2021, though, so if you’ve been with Three longer than this, you’ll swerve costs.
Tesco vouchers due to expire
Last month, Tesco warned that £17million worth of unspent Clubcard vouchers need to be claimed by the end of May.
Vouchers are handed out in February, May, August and November and are valid for two years before expiring.
They can be used in store to reduce your total bill or redeemed at a petrol pump to slash the price of fuel.
As food and energy prices continue to soar, it’s more important than ever to make the most of the help available to you.
Use the Tesco app or website to check the specific expiry date of your voucher.
The Household Support Fund sets in motion
Chancellor Rishi Sunak announced the extension of the Household Support Fund in his Spring Statement earlier this year.
This means an additional £500million pot has been dished out to local councils to support vulnerable residents nationwide.
The new deadline to claim help such as food vouchers and one off cash payments is September, 2022.
But we’ve spotted some councils starting to dish out free cash this month.
The earlier you apply for the help, the better.
Find your local council using the government’s checker tool online, and check out its website for details on the support available.
Mortgage rates are on the rise
Earlier this month, The Bank of England (BoE) hiked interest rates to 1% – the highest it’s been in 13 years.
And when interest rates rise, so do mortgage repayments.
Those with tracker or variable mortgages are likely to feel the effects of higher interest rates the fastest.
TSB has confirmed it will increase rates for homeowners on variable rate mortgages by 0.25% from June 1, so customers should switch by May 31.
Each bank will offer different interest rates, meaning you could save hundreds a month simply by switching providers.
Even though switching mortgage providers could see you stung with an exit charge, sometimes it’s worth paying the lender’s early exit fee because of the savings that come with a cheaper rate.
We explain whether you could cut you monthly mortgage bills in more detail.
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Money expert Martin Lewis urged homeowners to check their mortgage deals which could save £1,000 off their bill.
One homeowner saved £150,000 by halving their interest rate with a simple home loan switch.
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