The five ‘Ozempic money rules' that could save you £3,100 a year – and you can even have spending cheat days

Scottish Sun

14 hours ago

Savvy saver Karen Powell reveals her strict money diet that helps her save hundreds of pounds a year
BELT TIGHTENING The five 'Ozempic money rules' that could save you £3,100 a year – and you can even have spending cheat days
SO-called "fat jabs" are notorious for their rapid and drastic weight loss results - but have you heard of the "Ozempic" money rules?
Financial experts have revealed exclusively to Sun Club readers the five ways to slim down your finances, including how to make a money diet plan.
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Weight loss jabs are famous for helping people get slim quick - but there are also Ozempic money rules too
Credit: Getty
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From scheduling money days in your diary to cutting your tax bill, there's ways to make big savings
Credit: Getty
Ozempic-style weight loss jabs including Mounjaro are now used by 1.5million Brits and this week new data revealed that they are even affecting supermarket sales.
They work by affecting the hormones that make you feel hungry and helping to reduce food cravings, allowing users to make healthier food choices and reduce their calorie intake.
But could applying Ozempic money rules help slim-line your spending and put £3,146 a year back in your pocket? We explain.
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1. Pinpoint binge spending - save £1,179
If you're guilty of splashing the cash without thinking about the consequences, you may be a "binge spender".
The impulse to splurge can get more intense during warmer months, when the beer gardens are more tempting and there's paddling pools to buy.
Some 50% of people admitted to overspending an average of £1,179 last summer, according to a survey of over 2,000 people by NatWest.
Sarah Coles from the investment platform Hargreaves Lansdown said a good place to start is to understand your bad habits.
If you find that you are shopping late at night, spending too much with friends or on family, or treating yourself when you're feeling low, put in place solutions to stop you from acting on your impulses.
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"You could delete your card details from online shops, only take a card with a limited amount of money on it when you go out, or have a mood buddy you can message when you're feeling down, to give you a chance to help you find a better solution than shopping."
2. Put spending on a diet plan - save £1,000
Just like a diet plan can help you stay on track with your weight loss goals, making a budget can help to shrink your spending.
Some 6.8 million people are struggling to pay for essentials, according to research by Money Advice Trust last year.
First, you'll need to know your income, and list all your outgoings.
Essential bills are your rent or mortgage, council tax, energy, utilities, food, travel and childcare.
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Then look at what you are spending on non-essential things, like coffees, subscriptions, meals out and clothes, for example.
To save money, start chopping the amount of cash you spend on anything that is not an essential bill.
'Use an app or spreadsheet - whatever helps you stay consistent," said Myron Jobson from the investment platform interactive investor.
"The goal isn't perfection, it's awareness. Knowing where your money goes is the first step to making it go further.
"Cutting back on nice-to-haves could save £1,000 a year."
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Here's my spending diet plan - and how I keep on track
SAVVY saver Karen Powell keeps her spending on a strict diet plan to save her hundreds of pounds every year.
Karen, 63, from Surrey Hills, has budgets for different outgoings and checks her banks statements each week to make sure she's on track with her money.
Karen, who runs the time management and organisation skills company The Organising Lady, said: "It's so important to slim down your spending for your mental health, relationships, and family.
"There's nothing worse about worrying about money.
"Spending can be addictive if you're not careful - it's a dopamine hit going shopping."
To keep her finances on track, Karen limits her spending.
"I try and stick to £100 a week on food.
"We're careful with holidays, and will only have two 'splurge meals' out while we're away.
"Me and my sister set a £20 limit on birthday and Christmas presents.
"And me and my husband don't buy gifts for each other."
She makes sure to never throw away any food by bulk cooking and freezing - which she reckons saves her £600 a year at least.
She also puts time in her diary each week to monitor her finances.
"Once a week, I'll look at my bank account to make sure I haven't splurged and so I can keep track of what I've spent."
She also has "treat" days, where she'll buy affordable things for herself to avoid overspending on big shopping trips.
"I'm human and I love clothes - I just make sure I choose well now, and stick to the rule of one in, one out and sell my unwanted clothes on sites like Vinted."
3. Make time for finances like exercise - save £375
We've all been there - you just can't be bothered to go to the gym, or go for a run.
But just like scheduling exercise days in your calendar can help you keep on track with your fitness, plotting "money" days in your diary can help you get richer.
Aim to sit down and do a finances spring clean two times a year, said Sarah.
She said: "Make a list and put a time in your diary and you'll finally get round to all those things you've been putting off.
"For example, automating payments on your finance days to help you avoid missing debt repayments can save you £100 a year or more.
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"While shopping around for car insurance can save £75, shopping for a better energy deal could save £200 a year.
"Don't try to do everything at once or you'll get exhausted and give up. Start with something simple and build from there."
4. Have cheat days - save £200
Restricting your diet to just salad means there's a higher chance of binge eating.
The same goes for your finances. There's a greater chance you'll have a shopping blow out if you've put yourself on a super strict budget.
The trick is to have "cheat days", where you treat yourself to something nice but affordable so it won't ruin your budget.
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That could be anything from getting a cheeky Maccies once a fortnight for the family, or treating yourself to a new piece of clothing once a month, or two months.
Sarah said drip-feeding yourself treats instead of overspending could save you £200 a year.
5. Slim down your tax bill - save up to £392
Nobody likes paying tax - but there are handy tax reliefs that can help keep more money in your pocket.
Married couples can save up to £252 a year in tax thanks to the marriage tax allowance.
This tax break allows those who earns less than the £12,570 personal allowance (the amount you can earn before you start paying income tax) to give up to £1,260 of that allowance to their partner.
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You can backdate claims by up to four tax years, which means you can get a maximum of £1,260.
Work from home? You could get up a tax break worth up to £140 a year.
You can claim working from home tax relief if your job requires you to live away from your office, or your employer doesn't have an office.
You can't claim the relief if you choose to work from home. The relief aims to help you pay for essential bills like business phone calls and energy.
You can claim tax relief on £6 a week.
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So if you are a basic rate tax payer, that means you pay a 20% tax rate.
So 20% of £6 is £1.20 a week back in your pocket - which over the year racks up to £62.40 a year.
Higher rate tax payers would be eligible for £2.40 a week (£124.60 a year), as their tax rate is 40%.
While additional rate taxpayers would get £2.70 a week (£140.40 a year) as their tax rate is 45%.