Big Money Changes Coming This August You Should Know About
So, there’s a lot happening this August that could impact your finances, and it’s all starting now. Whether you're a student, a seller on eBay, a parent, or someone receiving benefits, there’s something in the mix for you. Let’s break down these eight key changes — it’s a busy month.
First up, tuition fees in England have just gone up. As of August 1st, students will be paying £9,535 a year — that’s the first increase since 2017. And along with that, maintenance loans are also increasing. If you're studying away from home, outside London, your loan goes up to £10,544 a year. In London, it's rising to £13,762. So, while it's more support, it also reflects the increasing cost of student life.
Next, if you're selling on eBay, faster payments are being introduced starting August 6. If you’ve had ten or more sales totaling at least £150 in the last five days, and not more than two unresolved disputes in the past year, you’ll now get your money within 24 hours of the sale — not days later. That’s definitely a win for sellers relying on that cash flow.
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Then on August 7, all eyes will be on the Bank of England. They’re set to make their next interest rate decision. The current base rate is at 4.25%, and any change here could affect everything from mortgage payments to credit card interest.
Now, mark your calendar for August 20 — that’s when the latest inflation figure gets released. It was sitting at 3.6% last time, and everyone’s watching to see if prices are still rising or starting to ease.
Moving on, if you’ve got a Santander 123 Lite account, that’s being axed on August 21. This account gave 3% cashback on household bills, which many people loved, but it’s being phased out. If you still have one, now’s the time to think about alternatives.
Also, because of the August bank holiday on Monday the 25th, those receiving benefits like Universal Credit, PIP, or Child Benefit will probably get paid early — likely on Friday the 22nd. It’s a small change, but it can help with budgeting if you're used to getting your payment on a Monday.
Finally, two important deadlines fall on August 31. If your child is 16 and continuing education or training, you must renew your Child Benefit, or it will stop automatically. And parents of younger kids — don’t forget to apply for 30 hours of free childcare by that same date if you want it to start in September.
So, whether it’s benefits, bills, or banking — August is packed with updates. Staying aware could mean getting ahead financially, or at least avoiding a surprise.
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