Four major changes set to hit your finances this month including BNPL shake-up and mortgage rate rises

MILLIONS are trying to balance their budgets after recent bill rises – and four more changes are expected to hit your finances this month.

From energy to food and fuel to transport, households have been stung by eye-watering bill hikes.

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Here’s the four big money changes happening this month[/caption]

The energy price cap went up in April, adding an average of £693 onto millions of customers’ bills per year.

While 25 million workers were hit by a National Insurance rate rise of 1.25 percentage points the same month.

Households were also clobbered by council tax hikes of up to 5%.

This month will bring even more money changes – but some could mean you’ll be better off.

We explain all the key dates you need to circle in your diary below.

Mortgage rate rise

Last month, the Bank of England (BoE) hiked interest rates to a 13-year high of 1%, meaning mortgage payments are likely to rise too.

It decided to increase interest rates to reign in soaring inflation, which hit 9% last month.

The next Bank of England meeting that will decide any further interest rate hikes will take place on June 16.

Households with variable or tracker mortgages are likely to feel the effects of an interest rate hike quickest as the interest rates on these mortgages are linked to the Bank’s base rate.

So when that goes up, so do your monthly repayments – and for some homeowners, this will start this month.

TSB confirmed it will increase rates for homeowners on variable rate mortgages by 0.25% from June 1.

Moving to a fixed rate mortgage can give you certainty over your repayments for a set period – and you’ll be protected from forthcoming rate hikes.

Shop around for the best deal or speak to a mortgage broker who can scour the market for you.

If you’re on a standard variable rate, it’s like you could see your monthly repayments drop if you get a new deal too.

BNPL to show on credit scores

From this month, anyone who uses Buy Now, Pay Later firm Klarna will have these transactions logged on their credit score.

The shake-up happened on June 1 – and it means lenders can now see this borrowing for the first time.

Those who use Klarna responsibly could build a better credit score – otherwise, it could affect your ability to get a mortgage, loan or credit card.

That’s because lenders will be able to see how much you’ve borrowed – and if you’ve not paid it back on time.

Make sure to hit all your repayments on time to avoid being bitten by using the service.

Boots Advantage card shape up

Shoppers have just a matter of weeks left to use their Boots Advantage card – or see their points wiped.

It comes as the high street giant changed the scheme’s terms and conditions, and it means the amount of time you can go without using the card is less.

From June 20, Boots customers will have their points wiped after one year of their card going unused, as opposed to two.

Anyone who hasn’t used their card for over a year could lose the points they have built up unless they use their card before the date next month.

You don’t need to spend them before this date – just make sure you scan it or add it to an online order.

Thousands to get £150 council tax rebate

Many councils have already dished out the £150 council tax rebate to households located in their catchment areas.

But thousands are still waiting on their cash – which will help them pay for rising energy bills.

If your property falls within the council tax band of A to D, you are entitled to a one off cash payment from the government which is being dished out by your local authority.

The £150 does not need to be repaid, but the date which you can expect it will change depending on your area and how you pay your council tax bill.

The Sun has rounded up the full list of areas where the £150 is expected to be handed out to households this month.

Councils including North East Lincolnshire Council, Slough, Suffolk, Cambridgeshire, Breckland and Fenland will dish out payments.

Here’s the exact date energy bills will rise AGAIN – and how to buffer the blow.

We also answer all your energy bill questions – including when you will get the £400 energy rebate.