With our New Year celebrations over and done with, there's another important date in the calendar coming up at the end of this month.
15.12.2022 - 16:55 / dailyrecord.co.uk
With a number of bank holidays falling between Christmas and new year, employers may pay their workers a little earlier than usual.
While this is often a welcome change - in part thanks to pricy Christmas shopping - there are some drawbacks that people should consider.
From Universal Credit to budgeting until your next pay check, Mirror Money has outlined some of the complications that an early payment can cause.
Firstly, it's important to know if you are being paid early, as employers have no obligation to do this and will instead do it for the sake of convenience.
They should, however, let you know that they plan to pay you early if this is the case. On the chance that they do not, check and see if your pay day falls on any of the Christmas bank holidays.
If it does, you should inquire as to whether or not you are being paid early. The Christmas and New Year bank holiday dates are:
If you are paid early, that will mean that you have to wait longer until your January pay. You should consider this when budgeting.
Christmas is already expensive, so the added strain of a few extra days without a payment from work likely won't go unnoticed.
There are additional considerations for those who are claiming benefits where your earnings are taken into account, such as Universal Credit.
Being paid early could mean it looks like you’ve earned more than you actually have between November and December.
The Universal Credit system should flag when employees receive two pay dates in one period, to ensure your payment isn’t affected.
However, if it fails to do this it could then have an impact on your January benefit payment. If this is the case you should contact the relevant helpline.
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With our New Year celebrations over and done with, there's another important date in the calendar coming up at the end of this month.
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There is no doubt that nowhere celebrates New Year's Eve quite like Scotland, with a number of unique and historic traditions that are still followed to this day across the country.
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This festive period will be a different type of holiday for many households due to the ongoing cost of living crisis. Soaring energy bills and record-breaking inflation means that money matters are at the forefront of spending, prioritising practical needs and staying in the black rather than stretching household budgets to breaking point.
The start of a new year is a good chance to review your finances and make some quick changes which could help improve your credit worthiness within just a few weeks. Having a strong credit rating can help bring you one step closer to securing finance as it is a way for lenders to check if you are financially reliable, whether you're trying to get a loan, credit card, mortgage or car finance.
New Year’s Day falls on Sunday, which means days at the start of the first week of 2023 are classed as bank holidays. Monday, January 2, is an ‘observed’ bank holiday across the UK while Tuesday, January 3, is classed as a ‘substitute’ bank holiday - but only in Scotland.