June is full of significant dates for your bank balance.
All month
Grexit
Greece appears close to being forced out of the Eurozone, which will have a knock on effect in the money markets and therefore on your investments and pensions.
Greece is due to pay €300 million loan repayment to the International Monetary Fund (IMF) on 5th June, though it has warned it won’t be able to without external aid. As a result of the strained negotiations, IMF chief Christine Lagarde has been quoted as saying Greece is closer to leaving the euro than ever before.
1st June
Premium Bonds limit rise
From 1st June, the maximum amount that you can save in Premium Bonds is increasing by £10,000.
You’ll now be able to save up to £50,000 on bonds. It’s the second increase since last June, when the limit rose from £30,000 to £40,000. Good news if you want even more entries into the monthly prize draw, where there are two top prizes of £1 million up for grabs. Read Premium Bonds limit to jump £10,000.
Remember though, Premium Bonds don’t pay interest so if you’re looking for a consistent, guaranteed return, you’ll need to look elsewhere.
Compare savings and ISA with loveMONEY
Workplace pensions start for many
The start of the month is also what's called a 'staging date' for more than a million employers across the country to ensure they have set up a workplace pension for their employees. Workplace pensions are a Government initiative to get us all saving more for retirement, and require employers to set up and contribute to a pension for their employees.
For more read Workplace pensions: what it means for you.
8th June
Paper driving licence scrapped
From the second week of June, the paper counterpart to the photocard driving licence will not be valid and will no longer be issued by the DVLA.
[SPOTLIGHT]This will have an impact if you are planning to hire a car abroad on your holiday, as information about penalty points, etc, will only be held on the DVLA’s database, so will have to be checked online, by phone or by post. If you’re heading abroad and want to hire a car, you’ll need to log onto the DVLA website beforehand to get a code to give to the car hire firm.
If you don’t, you may struggle to hire a car on your holidays.
16th June
Inflation/deflation
On the 16th June, the Office for National Statistics will publish the latest inflation figures. Last month, the economy fell into deflation for the first time since 1960, when the Consumer Prices Index measurement dropped to -0.1%. When inflation turns negative like this, it means that the cost of living is actually getting cheaper, which is obviously good news so long as it’s only a short-term deflation.
21st June
Father’s Day
Father’s Day falls on 21st June, but showing your father than you love him doesn’t have to cost a lot. We have picked out a whole host of cheap gifts that your dad will love.
Check out The best cheap Father’s Day gifts.
End of the month
Fixed energy deals ending
Each month, a number of fixed energy tariffs come to an end, and June is no different a handful of fixed deals finishing.
They are:
- First Utility iSave Fixed v12 June 2015;
- npower Online Price Fix June 2015;
- EDF Energy Fixed Price 2015;
- EDF Energy Blue Price Promise June 2015;
- Scottish Power Online Fixed Price Energy June 2015;
- iSupply iFix.
This is important, because if you are on one of those expiring deals and don’t switch to a new tariff, you’ll be moved onto the supplier’s standard tariff. These are generally the worst value deals that a supplier operates, so chances are you’ll end up paying more for your gas and electricity.
So if you’re on one of the tariffs coming to an end at the end of the month, don’t waste any time. Shop around for a new energy deal on loveMONEY and get switching!
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Free festivals and events for summer 2015