When will I get the £650 cost of living payment?
If you’ve been wondering when will I get the £650 cost of living payment - the good news is, you don’t have long to wait
Millions of families will be wondering ‘when will I get the £650 cost of living payment’ as they continue to struggle with rising food costs, sky high energy bills and record fuel prices.
The good news is you don’t have to wait too much longer to receive some of it. But it won’t be paid in one go - it will be split into two smaller payments rather than a single payment of £650.
More than eight million low-income households are eligible for the payment as part of former Chancellor Rishi Sunak’s cost of living support package. He said: “We have a responsibility to protect those who are paying the highest price for rising inflation, and we are stepping up to help.”
Find out when the cost of living payments for 2023 will be paid.
When will I get the £650 cost of living payment?
The £650 cost of living payment will be made in instalments and the Government announced back in June when low-income households could expect the first payment. The first instalment of £326 will be paid directly into your bank account from 14 July and all qualifying households should receive it by the end of the month.
The second cost of living payment of £324 will be made in between 8 and 23 November.
You don’t need to apply for the payment - it will be made automatically to those who are eligible. According to the Department for Work and Pensions, to be eligible for the second cost of living payment of £324, you must have received, or later receive one of the following, for any day in the period 26 August 2022 to 25 September 2022:
- Universal credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income support
- Working Tax Credit
- Child Tax Credit
- Pension Credit.
The payment will be tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
It is estimated that one in four families will be eligible for the second cost of living payment. More than eight million families received the first instalment which was paid in July.
What other cost of living payments could I receive?
All households qualify for a £400 energy rebate from October to help with rising energy prices. But you won’t receive this as a direct payment to your bank account - it will be knocked off your energy bill.
There is also a separate £150 payment for those with disabilities and a £300 payment for pensioners.
Households in council tax bands A-D will also qualify for a £150 council tax rebate. Many will have already received this, but if you haven’t had yours yet, check your local council’s website for more information.
While not a cost of living payment, a recent change in the National Insurance threshold could also see millions of people see a bit more money in their pay packet each month.
You might also be interested in our article on whether everyone who received Universal Credit will receive the £650 cost of living payment.
GoodtoKnow Newsletter
Parenting advice, hot topics, best buys and family finance tips delivered straight to your inbox.
Sarah is GoodtoKnow’s Consumer Writer & Money Editor and is passionate about helping mums save money wherever they can - whether that's spending wisely on toys and kidswear or keeping on top of the latest news around childcare costs, child benefit, the motherhood penalty. A writer, journalist and editor with more than 15 years' experience, Sarah is all about the latest toy trends and is always on the look out for toys for her nephew or Goddaughters so that she remains one of their favourite grown ups. When not writing about money or best buys, Sarah can be found hanging out with her rockstar dog Pepsi, getting opinionated about a movie or learning British Sign Language.
-
25% of Brits regularly hide purchases from their partner, according to new research - try these 5 tips to open up the money conversation
If you struggle to talk to your partner about your financial situation, try these five tips to get the conversation started
By Sarah Handley Published
-
Win a family day out at Chester Zoo this Easter
We’re teaming up with Chester Zoo to offer an unmissable Easter treat for all the family.
By Joanne Lewsley Published
-
25% of Brits regularly hide purchases from their partner, according to new research - try these 5 tips to open up the money conversation
If you struggle to talk to your partner about your financial situation, try these five tips to get the conversation started
By Sarah Handley Published
-
Working parents of children from 9 months old will be able to apply for 15 hours free childcare from this date - here's everything you need to know
The government has announced when the application window for 15 hours free childcare from nine months old will open
By Sarah Handley Published
-
Working mothers earned 43% less than fathers in 2023 - is now the time to end the motherhood penalty for good?
New analysis shows that working mothers are still earning less than fathers as they juggle parenting and their work life
By Sarah Handley Published
-
Save up to £60 per person on days out with the kids to Alton Towers, Cadbury World and more, in the Merlin Annual Pass sale
With school holidays fast approaching, and parents scrambling for cost-effective days out with the family, the Merlin sale is well-timed
By Sarah Handley Published
-
What does the child benefit shake up announced in the Spring Budget mean for your family? Here's everything we know
Changes have been announced to the child benefit system that could leave half a million families better off
By Sarah Handley Published
-
Millennial parents, if you get your financial advice on social media here are 5 things to check to avoid 'misinformation' (and it's worth teaching your kids too)
Recent report shares shocking statistics on misleading financial information on social media - here's how you can fact check money advice on your social feed
By Sarah Handley Published
-
Cash-strapped millennials are set to become the richest generation in history, according to new report, (but it'll take about 20 years)
This would demonstrate a marked shift for millennial parents as they currently struggle to make ends meet amongst high living costs
By Sarah Handley Published
-
Money is the biggest co-parenting worry for divorced parents, according to new research - here's what else made the list
A recent survey has shone a light on the biggest co-parenting worries divorced parents face, from money to differing parenting styles
By Sarah Handley Published