Will my pay be affected by the Queen's Jubilee Bank Holiday?

Will my pay be affected by the Queen's Jubilee Bank Holiday?

WITH The Queen’s Platinum Jubilee on the horizon, thousands of people could be getting paid sooner than expected. 

If your payday lands between the 2nd and 5th of the month, there’s a chance you’ll get your dough as soon as tomorrow as the UK prepares for the bank holiday weekend.

The Queen is celebrating 70 years on the throne with her Platinum Jubilee on the first weekend of June.

A new bank holiday has been added to the calendar to mark the occasion, meaning the country gets an extra day off – and it could mean an early pay day for some people.

But as exciting as it might be to get some cash earlier than expected, keep an eye on that spending – you don’t want to splash away your pay too early. 

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Bank holidays can affect your payday because banks are not open to process or transfer funds on your usual payroll date. 

Often when this happens, your bank will process your payment early before it closes.

Your workplace won't necessarily tell you if your salary will arrive early, but you can ask your HR department to confirm.

It's not just salaries that might arrive early this week. Many people who receive benefits, state pension of Universal Credit will also get paid early.

We've rounded up all the payment dates you need to know.

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To keep your spending low as we approach the royal celebrations this weekend, we’ve listed a few tips that will get you sorted.

Make a plan 

It’s tempting to blow your money when you get paid early, especially during a celebratory bank holiday filled with Victoria sponge, popped fizz and lots of other Jubilee treats.

At the risk of stretching your money out to last the rest of the month after the break, it’s best to start making a spending plan. 

Sarah Coles, spokesperson for Hargreaves Lansdown, said: “It doesn't mean you have to give up on the idea of celebrating entirely.

"However, it's well worth starting the bank holiday weekend with an idea of what you can afford, while still having enough left over to stay on top of your costs next month.”

A number of sites can help you plan a budget including Money Helper, The Balance and Money Matters. 

One trick is to withdraw the amount you're able to spend in cash, and leave you debit and credit card at home if you're off out.

Keep your bill payments separate 

It may make you feel more relaxed knowing you’ve set aside money to pay your bills as you get ready for this weekend. 

Moving money for bills out of your current account for the holiday means you don’t have to worry about spending it on the celebrations. 

“However tempted you are to splash out, make sure you can still cover the essentials,” said Coles.

You don’t have to spend much to have fun 

One of the most important secrets about budgeting is you don’t have to spend a fortune to celebrate well. 

Many supermarkets and restaurants are doing special offers this week to celebrate the Jubilee, so look around and see what deals you can bag.

Morrisons is cutting their wine prices this week with some special fizzes down to just £10, for example.

Coles said: “If you're buying for more people than usual, it pays to spend half an hour on the supermarket websites getting an idea of your cheapest options.”

Are there any other bank holidays to look out for? 

Although the Queen’s Platinum Jubilee bank holiday is an extended one this June, it’s not the bonus day off you’ll get in the year. 

It’s always best to keep payment and spending in mind when we approach long weekends because it’s easy to splash out when you’re paid early. 

Here's the full list of Bank holidays in 2022 that could affect your payday:

  • Tuesday, July 12 – Battle of the Boyne (Northern Ireland only)
  • Monday, August 1 – Summer Bank Holiday (Scotland only)
  • Monday, August 29 – Summer Bank Holiday (England, Wales and Northern Ireland)
  • Wednesday, November 30 – St Andrew's Day (Scotland only)
  • Monday, December 26 – Boxing Day
  • Tuesday, December 27 – Christmas Day (substitute day)

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