June – A huge month for your finances

June is an important month for your money. From help with the cost of living to potential interest rate changes, uplifts to debt relief order criteria, and strike action, we've got the lowdown on everything that could impact your finances this month.

June - Child benefit changes

Throughout June, families with teenage kids will be asked if their children plan to stay in full-time education or training. Parents whose children don't remain in full-time study will have their child benefit stopped after their child turns 16. You'll receive a letter from HMRC asking you to confirm your child's status, and if you fail to do so by 31 August, your payments will be stopped.

1 June - Managed migration to universal credit

From 1 June, households claiming housing benefit only will start receiving letters from the DWP telling them they need to claim universal credit. Anyone affected has just three months to make the switch before their payments are stopped.

1 June - Household support fund

Low-income families can apply for financial help through the Household Support Fund, which is distributed by local councils. What support you get will depend on how your council has chosen to spend its allocation - some may offer cash payments, vouchers, or help with energy bills. Check with your local authority to see what's available.

5 June - New King Charles banknotes

From 5 June, new £5, £10, £20 and £50 banknotes featuring King Charles' portrait will start circulating, gradually replacing older notes with the Queen's face. But don't worry, the old notes will still be legal tender for some time to come.

10 June - Compulsory cat microchipping

As of 10 June, all cats over 20 weeks old must be microchipped. Owners who fail to do this within 21 days could face a fine of up to £500.

16 June - Father's Day spending

Brits are expected to splash out almost £800 million on Father's Day this year. If money's tight, don't stress - your dad will be just as happy with some quality time together.

17 June - Jobcentre disruption

Over 1,000 jobcentre security guards will strike for 7 days from 17 June, which could lead to the closure of many centres and affect thousands of benefit claimants.

19 June – Inflation

The Office for National Statistics will release its latest inflation data on 19 June. These figures track how the prices of goods and services bought by homeowners have changed over time.

Last month's inflation rate was 2.3% - slightly above the Bank of England's target of 2%. The upcoming figures will give us a good idea of whether the Bank of England might decide to lower interest rates.

 20 June - Interest rates

Interest rates are currently at a 16-year high. They have been held at 5.25% since August last year. Many economists thought the Bank of England might have cut interest rates when it last met on 9 May, but this didn’t happen. Bank of England governor, Andrew Bailey, said he was looking for more comfort that inflation was under control.

This makes June a crucial month for both inflation and interest rates, with a potential quarter-percent cut on the cards. And would result in mortgage payments falling for the first time in two and a half years.

27 June - Doctors' strikes

Junior doctors seeking a 35% pay rise will begin 5 days of strikes on 27 June, causing major disruption to routine operations.

28 June – Changes to debt relief orders (DROs)

From 28 June, the debt threshold for debt relief orders (DROs) will increase from £30,000 to £50,000, and the vehicle value limit will go up from £2,000 to £4,000. This means people with higher levels of debt or assets will now qualify for a DRO. These changes follow the scrapping of the £90 admin fee in April. Find out more here.

30 June - Energy price cap drop

Households should take a meter reading before 30 June, as the energy price cap will fall by £122 a year from 1 July - the lowest it's been for 2 years. It might also be worth considering fixing your tariff before prices start to rise again in October.

30 June - General election countdown

With the general election just 4 days away on 4 July, keep an eye out for any money-related promises and policies from the parties in the final days of campaigning.