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"Worth it": Insane amount woman spends to clone dead cat

<p>Kelly Anderson from Texas, US was devastated when she lost her "soulmate" cat Chai more than four years ago. </p> <p>Not long after, in what she calls "fate", Anderson decided to clone her beloved pet, a process which cost her a whopping $USD25,000 ($AUD38,000).</p> <p>"It was just one of those moments where I had been talking about cloning a few weeks before and fate kicked in," she told <em>Weekend Today</em>.</p> <p>"I remembered the conversation and decided to clone."</p> <p>The process took about four years, which is roughly twice the average time it takes to clone a pet. </p> <p>"It was not money that I had come easily to me but it was a very important process for me to do," she said.</p> <p>"It was 100 per cent worth it. The process saved my life."</p> <p>Anderson added that Belle, the successfully cloned cat, has grown to be as "bold, bossy, sassy" as Chai, and their personalities have become more alike. </p> <p>Despite the similarities, Anderson said that she doesn't set any expectations on Belle to be Chai's replacement. </p> <p>"I would still say she's very much her own cat and I treat her that way. I always try to treat them as individuals.</p> <p>"I never wanted to put expectations on Belle to be Chai. But I would say that they're very similar in a lot of ways."</p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">According to</span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> </span><em><a href="https://www.bbc.com/news/business-60924936" target="_blank" rel="noopener">BBC</a>, </em>the process itself involves extracting DNA from the pet to be cloned, then injecting that into a donor egg that has had its genetic material removed. The egg then grows into an embryo before being implanted into a surrogate mother, who then gives birth to the kitten. </p> <p>Pet cloning has become an increasingly popular practice, , despite how controversial and expensive it is, with celebrities like Barbra Streisand and Simon Cowell using the process to clone their own beloved pets. </p> <p>Anderson, who decided to document her story on social media added that people have mixed reactions to the process. </p> <p>"I think there's people who are fascinated and don't even realise that we're cloning animals ... so a lot of people are learning about cloning," she said. </p> <p>"But a lot of people also have opinions. So it's a mixed bag."</p> <p><em>Images: Weekend Today</em></p> <p> </p>

Money & Banking

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The cost-of-living crisis is hitting hard. Here are 3 ways to soften the blow

<p><em><a href="https://theconversation.com/profiles/ama-samarasinghe-1386754">Ama Samarasinghe</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>As our wallets feel the strain from the cost-of-living crisis, many of us are looking for ways to soften the blow.</p> <p>While everyone’s circumstances are different, and ideally you should seek help from an accredited financial adviser, there are some tried and true ways to work out where all your money is going and why.</p> <p>Here are three practical tips to reduce the impact of the cost-of-living increases, and stretch every hard-earned dollar.</p> <h2>1. Hunt for a better loan rate</h2> <p>For many households, the biggest hit comes from the mortgage, so start there.</p> <p>Even a modest 0.5% reduction can translate into substantial savings. Call your bank today and just ask for rate reduction. If the answer is no, consider shopping around for a different lender.</p> <p>Your loyalty to your current lender might be costing you more than you realise. Banks often reserve their most attractive rates for new customers, leaving long-time customers paying higher-than-necessary interest.</p> <p>Even if your bank does agree to a rate reduction, explore the market anyway. There is a range of free rate-comparison websites, or you can directly check individual bank websites.</p> <p>If you find a lender offering a better rate, you might consider calling the competing bank to ask about switching your mortgage to them.</p> <p>Or, you might seek assistance from a mortgage broker, who can guide you through the process of securing a better deal (just remember they often take <a href="https://www.canstar.com.au/home-loans/mortgage-brokers-fees/">commissions</a> from lenders).</p> <p>Tread carefully and factor in any exit fees or charges from your current lender. Refinancing isn’t without risk, so a thorough cost-benefit analysis is important before making the switch.</p> <p>Also consider the value of features such as <a href="https://moneysmart.gov.au/glossary/offset-account">offset accounts</a>. An offset account, linked to your home loan, allows you to deposit money such as your salary and savings. This money is then “<a href="https://www.rba.gov.au/publications/smp/2015/aug/box-e-offset-account-balances-and-housing-credit.html">offset</a>” against your home loan balance.</p> <p>That means you only pay interest on the outstanding amount (the loan minus whatever salary and savings you put in the offset). This can accelerate loan repayment and reduce interest costs.</p> <p>Keep in mind that offset accounts are typically only available with variable interest rates. Offset accounts work best if you have considerable savings to put into the offset account that outweigh the additional fees and charges attached to offset accounts.</p> <h2>2. Trim your expenses and uncover hidden savings</h2> <p>It’s time to become a budget detective, identifying and cutting down on non-essential costs that might be quietly draining your wallet.</p> <p>Take a close look at those recurring memberships and subscriptions. How often do you actually use that gym membership or streaming service?</p> <p>Many banking apps have handy spending tracking features to help you set realistic budget goals for each spending category.</p> <p>According to the <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/selected-living-cost-indexes-australia/latest-release">Australian Bureau of Statistics</a>, insurance and financial services are among the top risers in living cost indexes (which measure the price change of goods and services and its effect on living expenses). So search comparison websites for better insurance premiums.</p> <p>Australia’s insurance market is competitive, and you can often get discounts by bundling your insurances together (for example, having your home and contents insurance with the same company that also provides your car insurance). However, don’t shy away from exploring different insurers for potentially better value.</p> <p>Don’t overlook energy costs, either. Use comparison websites like <a href="https://www.energymadeeasy.gov.au/">Energy Made Easy</a> (or, if you’re in Victoria, the <a href="https://compare.energy.vic.gov.au/">Victorian Energy Compare</a> site) to find more cost-effective energy plans. Stay updated on rebates and concessions via the federal government’s <a href="https://energy.gov.au">Energy.gov.au</a> site, to ensure you’re maximising your entitlements.</p> <p>Use less energy, if you can. Small adjustments can make a significant dent in your bills. And for fuel costs, find websites and applications that allow you to lock in the lowest prices in your area.</p> <p>If you’re renting, ask yourself whether moving to a cheaper suburb or a cheaper home is an option.</p> <p>Many people use cashback sites like Cashrewards and ShopBack to accrue cashback incentives.</p> <h2>3. Maximise returns and tackle high-interest debts</h2> <p>While rising interest rates might make your mortgage climb, it also means high interest on your savings.</p> <p>Consider exploring high-yield savings accounts; with current interest rates, you could potentially earn around 5.5% with a bank savings account. Many people set up recurring transfers to help them stick to savings goals, increase deposits and maximise interest earnings.</p> <p>For those wrestling with high-interest debts such as credit cards or personal loans, prioritise settling outstanding balances to minimise interest payments. It can be hard to escape the long-term repercussions (such as a <a href="https://theconversation.com/payday-lending-trap-requires-a-credit-supply-rethink-39311">poor credit score</a>) of defaulting on <a href="https://www.sydney.edu.au/news-opinion/news/2022/09/21/researchers-uncover--pecking-order-of-defaults--as-belts-tighten.html">high-interest loans</a>.</p> <p>And approach buy-now, pay-later services with extreme caution. They may seem tempting but the <a href="https://onlinelibrary.wiley.com/doi/10.1111/acfi.13100">debts can quickly add up</a>.</p> <p>And if you need more help, contact the government’s free National Debt Helpline on 1800 007 007.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218118/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/ama-samarasinghe-1386754"><em>Ama Samarasinghe</em></a><em>, Lecturer, Financial Planning and Tax, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-cost-of-living-crisis-is-hitting-hard-here-are-3-ways-to-soften-the-blow-218118">original article</a>.</em></p>

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4 strategies to keep you from overspending this holiday season

<p><em><a href="https://theconversation.com/profiles/johanna-peetz-1494248">Johanna Peetz</a>, <a href="https://theconversation.com/institutions/carleton-university-900">Carleton University</a></em></p> <p>The urge to spend money is present all year round, but during the gift-giving season, the temptation to splurge on loved ones can be particularly strong. For many, the desire to be generous during the holidays clashes with the need to conserve funds for essential expenses.</p> <p>This year, money is tighter than ever, with <a href="https://www150.statcan.gc.ca/n1/daily-quotidien/231121/dq231121a-eng.htm?indid=3665-1&amp;indgeo=0">high prices for groceries, housing and entertainment</a> leaving shoppers with reduced funds as the holiday season descends upon us.</p> <p>A growing number of individuals are feeling the financial squeeze, with 40 per cent of Canadians <a href="https://www.bnnbloomberg.ca/financial-stress-is-impacting-the-mental-health-of-canadians-survey-1.1933491">citing money as their main source of stress</a>. <a href="https://newsroom.bmo.com/2023-11-08-78-Per-Cent-of-Canadians-Plan-to-Cut-Back-on-Holiday-Spending,-but-a-Third-Will-Still-Give-Back-to-Charitable-Causes-BMO-Survey">Seventy-eight per cent of Canadians</a> plan on buying fewer gifts this holiday season and 37 per cent are worried they won’t be able to afford all the items on their holiday shopping lists.</p> <p>Given that <a href="https://doi.org/10.3389/fpsyg.2022.790434">pricier gifts are not necessarily more appreciated by the person receiving the gift</a>, what are some ways shoppers can resist the temptation of appealing, yet expensive, gift options that might strain their finances?</p> <p>As a social psychologist who studies personal spending, I think it is worthwhile to remind ourselves of self-control strategies that can help us manage financial decisions during the holiday season.</p> <h2>Strategies for resisting temptation</h2> <p><a href="https://doi.org/10.1177/1745691615623">Self-control is not just suppressing temptation</a>; it also involves setting yourself up for success by creating situations that make resisting temptations easier.</p> <p><strong>1. Avoid temptations</strong></p> <p>Perhaps the most obvious strategy is to avoid shopping temptations. This may include steering clear of places — both physical and online — that are out of your budget range. While this is easier said than done during gift shopping, it’s an effective way to manage temptations: People who report having an easier time with self-control <a href="https://doi.org/10.1016/j.paid.2014.09.031">tend to avoid rather than resist temptations</a>.</p> <p><strong>2. Make a budget</strong></p> <p>If you haven’t sat down to make a holiday budget yet, it’s never too late to make one. Considering one-quarter of Canadians are <a href="https://globalnews.ca/news/10087745/canadian-holiday-spending-debt/">still paying off last year’s holiday debts</a>, being as fiscally responsible as possible is a wise choice this year.</p> <p>Setting spending limits ahead of time makes your financial goals clear and explicit. When setting budgets for gifts <a href="https://doi.org/10.1093/jcr/ucad011">people tend to spend the entirety of the estimated amount (unlike budgets for personal purchases where they try to come in under the budget)</a>. It’s good to be realistic, rather than optimistic, when setting budgets.</p> <p><strong>3. Implementation intentions</strong></p> <p>Anticipate any potential shopping temptations you are likely to encounter so you can develop strategies to resist them. One effective approach is <a href="https://kops.uni-konstanz.de/server/api/core/bitstreams/14cc2a36-5f01-4dc1-b9ca-f2d0ca0c8930/content">forming intentions</a> about how you will act once you encounter a temptation.</p> <p>For example, you might consider what you will do when you see a gadget your friend would enjoy when you have already bought them something and have reached the limit of your budget. Instead of purchasing it and exceeding your budget, you could write down the gadget for next year’s gift.</p> <p><strong>4. Write a list</strong></p> <p>Finally, thinking ahead to the gifts you plan to buy and writing a shopping list rather than relying on being inspired in the store might help with sticking to a budget. <a href="http://dx.doi.org/10.1007/s11747-019-00670-w">Consumers spend thousands each year on impulse purchases</a>. Writing shopping lists, <a href="https://doi.org/10.1002/cb.1812">even for online shopping</a>, can reduce overall spending and shopping regret.</p> <h2>The best strategy is the one that works</h2> <p>The holidays should be about joy, not financial stress. Maintaining self-control allows you to celebrate without compromising your financial well-being.</p> <p>There are of course many strategies beyond the four strategies listed here that can help create situations where resisting temptations is easier. The most effective strategies for maintaining financial self-control <a href="https://doi.org/10.1016/j.jesp.2021.104189">are the ones you are already using</a>, and the ones <em>you</em> find most effective. If you want to avoid giving in to shopping temptations, take a moment to think about the financial strategies you are already using and think about how you might use them in your holiday shopping.</p> <p>If you haven’t yet found a strategy that works for you, now is a great opportunity for you to try some out and see which ones are effective. Using strategies to manage the cost of holiday spending can prevent gift-giving from becoming a financial stressor in an already stressful time.</p> <p>Finally, while adhering to a budget is important, it shouldn’t be the sole or primary focus during holiday shopping. Keep in mind that the true spirit of the season is spending quality time with loved ones. The joy of the holidays doesn’t come from extravagant gifts, but from shared moments and meaningful connections.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/219380/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/johanna-peetz-1494248"><em>Johanna Peetz</em></a><em>, Professor in Psychology, <a href="https://theconversation.com/institutions/carleton-university-900">Carleton University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/4-strategies-to-keep-you-from-overspending-this-holiday-season-219380">original article</a>.</em></p>

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How to protect yourself from cyber-scammers over the festive period

<p><em><a href="https://theconversation.com/profiles/rachael-medhurst-1408437">Rachael Medhurst</a>, <a href="https://theconversation.com/institutions/university-of-south-wales-1586">University of South Wales</a></em></p> <p>The festive season is a time for joy, family and festive cheer. However, it’s also a prime target for cybercriminals. As online shopping ramps up, so does the risk of falling prey to cyber-attacks. That’s why it’s crucial to be extra vigilant about your <a href="https://blog.tctg.co.uk/12-cyber-security-tips-of-christmas">cybersecurity</a> during this time.</p> <p>Here are some essential tips to safeguard yourself and your data during the festive period:</p> <h2>Phishing</h2> <p>Phishing is when criminals use scam emails, text messages or phone calls to trick their victims. Their <a href="https://www.ncsc.gov.uk/collection/phishing-scams">goal</a> is often to make you visit a certain website, which may download a virus on to your computer, or steal bank details or other personal data.</p> <p>This type of scam tends to <a href="https://www.egress.com/blog/phishing/holiday-phishing-scam-guide">increase</a> at this time due to the amount of people having bought or received new gadgets and technology.</p> <p>Look out for there being no direct reference to your name in any communications, with wording such as “Dear Sir/Madam” or other terms such as “valued customer” being used instead. Grammar and spelling mistakes are also often present.</p> <p>Be wary of any suspicious links or attachments within emails too, and don’t click them. It’s better to contact the company directly to check if the message is genuine. You can also <a href="https://www.ncsc.gov.uk/collection/phishing-scams">report</a> suspicious messages and phishing scams to the government’s National Cyber Security Centre.</p> <h2>Shopping safely online</h2> <p>The convenience of online shopping is undeniable, especially during the festive season. However, it’s crucial to prioritise your security when buying online.</p> <p>Before entering your personal and financial information on any website, ensure it’s legitimate and secure. Look for the “https” in the address bar and a <a href="https://theconversation.com/the-vast-majority-of-us-have-no-idea-what-the-padlock-icon-on-our-internet-browser-is-and-its-putting-us-at-risk-216581">padlock</a> icon, which indicates a secure and encrypted connection.</p> <p>When creating passwords for online shopping accounts, use strong, unique combinations of letters, numbers and symbols. Avoid using the same password for multiple accounts, as a breach on one site could compromise all your others.</p> <p>As with shopping in the real world, be cautious when encountering offers that are significantly below usual prices or which make extravagant promises. Always conduct thorough research on the seller and product before making a purchase. If a deal seems too good to be true, it probably is.</p> <p>And if you are out shopping in towns or city centres, there will often be a large number of public wifi options available to you. However, criminals can intercept the data that is transferred across such open and unsecured wifi. So, avoid using public wifi where possible, especially when conducting any financial transactions.</p> <h2>Social media</h2> <p>While social media platforms provide people with a means to keep in touch with family and friends over the festive period, they are often a goldmine for <a href="https://www.which.co.uk/consumer-rights/advice/how-to-spot-a-social-media-scam-aMtwF3u1XKGt">scams</a> and malware (software designed to disrupt, damage or gain unauthorised access to a computer). In the spirit of the festive season, people often share an abundance of personal information on social media, often without considering the potential consequences.</p> <p>This trove of data can make people vulnerable to cyber-attacks. Scammers can exploit this information to gain unauthorised access to social media accounts, steal personal information, or even commit identity theft. To protect yourself, be mindful of what you share.</p> <p>Be wary when interacting with posts and direct messages, especially if they contain suspicious links or attachments. Before clicking on anything, hover over the link to verify its destination. If it shows a website you don’t recognise or seems unrelated to the message, do not click on it. If you receive a message from someone you know but the content seems strange or out of character, contact them directly through a trusted channel to verify its authenticity.</p> <p>Likewise, be wary of messages containing urgent requests for money or personal information from businesses. Genuine organisations will never solicit sensitive details through social media.</p> <p>There are many buy and sell platforms available on social media. But while such platforms can be a great place to find a unique gift, it is also important to remember that not all sellers may be legitimate. So, it’s vital that you don’t share your bank details. If the seller sends a link to purchase the item, do not use it. When meeting to collect an item, it’s generally safer to use cash rather than transferring funds electronically.</p> <figure><iframe src="https://www.youtube.com/embed/aO858HyFbKI?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption><span class="caption">Advice for staying safe online.</span></figcaption></figure> <h2>Package delivery scams</h2> <p>As well as being a time for giving and receiving gifts, the festive season is also ripe for cybercriminals to exploit the excitement surrounding <a href="https://www.citizensadvice.org.uk/about-us/about-us1/media/press-releases/scams-linked-to-parcel-deliveries-come-top-in-2023/">package deliveries</a>.</p> <p>Scammers often pose as legitimate delivery companies, sending emails or text messages claiming that a delivery attempt was unsuccessful or requiring additional fees for processing, or even customs clearance. Typically, these messages contain links or phone numbers that, when clicked or called, lead to fake websites or automated phone systems designed to collect personal information or payments.</p> <p>To protect yourself, always verify the legitimacy of any delivery notifications you receive. Check the sender’s email address or phone number against the official contact information for the delivery company. If the information doesn’t match or seems suspicious, don’t click any links or provide personal details.</p> <p>Legitimate delivery companies will never ask for upfront payment or sensitive information through unsolicited messages or calls.</p> <p>Remember, cybercriminals are skilled at manipulating the festive spirit to their advantage. Stay vigilant, exercise caution, and don’t let your excitement for gifts and deliveries compromise your cybersecurity.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218294/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/rachael-medhurst-1408437"><em>Rachael Medhurst</em></a><em>, Course Leader and Senior Lecturer in Cyber Security NCSA, <a href="https://theconversation.com/institutions/university-of-south-wales-1586">University of South Wales</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-to-protect-yourself-from-cyber-scammers-over-the-festive-period-218294">original article</a>.</em></p>

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Trying to spend less on food? Following the dietary guidelines might save you $160 a fortnight

<p><em><a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p>A rise in the <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/pubs/BriefingBook47p/CostOfLiving#:%7E:text=Consumer%20Price%20Index%20over%20time,but%205.1%25%20in%20the%20second">cost of living</a> has led many households to look for ways to save money.</p> <p>New research suggests maintaining a healthy diet, in line with the <a href="https://www.eatforhealth.gov.au/guidelines/guidelines">Australian Dietary Guidelines</a>, is cheaper than an unhealthy diet and <a href="https://southwesthealthcare.com.au/wp-content/uploads/SWH-HP-Healthy-Diets-ASAP-Protocol-Warrnambool-Report-2023.pdf">could save A$160</a> off a family of four’s fortnightly shopping bill.</p> <p>Poor diet is the most common preventable risk factor contributing to chronic disease in <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30752-2/fulltext">Australia</a>. So improving your diet can also be an important way to reduce the chance of developing chronic disease.</p> <h2>First, what are the dietary guidelines?</h2> <p>The guidelines provide information on the quantity and types of foods most Australians should consume to promote overall health and wellbeing.</p> <p>Recommendations include eating a wide variety of nutritious foods from the main five food groups:</p> <ul> <li>vegetables and legumes</li> <li>fruit</li> <li>grains</li> <li>lean meats and meat alternatives such as tofu, nuts and legumes</li> <li>dairy products.</li> </ul> <p>The guidelines recommend limiting our intake of foods high in saturated fat, added salt, added sugars and alcohol.</p> <h2>What are Australians eating?</h2> <p>Fewer than <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/dietary-behaviour/latest-release">7%</a> of Australians eat sufficient vegetables, in line with the Australian Dietary Guidelines. In fact, Australians have an average healthy diet score of <a href="https://www.csiro.au/-/media/News-releases/2023/Total-Wellbeing-Diet-Health-Score/Diet-score-2023-Report_September.pdf">55 out of 100</a> – barely passing.</p> <p>Foods that aren’t part of a food group are known as “discretionary” items, which includes alcohol, cakes, biscuits, chocolate and confectionery and most takeaway foods. Because they’re typically high in kilojoules, saturated fat, sodium and added sugars, the Australian Dietary Guidelines recommend they only be eaten occasionally and in small amounts (ideally zero serves).</p> <p>For many households, discretionary items make up a big portion of their grocery shop. Australians consume an average of <a href="https://www.csiro.au/-/media/News-releases/2023/Total-Wellbeing-Diet-Health-Score/Diet-score-2023-Report_September.pdf">28 serves</a> of discretionary choices per week (equal to 28 doughnuts, 28 slices of cake, or 28 cans of soft drink or beer). This is an increase of ten serves since 2015.</p> <p>One recent <a href="https://link.springer.com/article/10.1186/s12966-022-01389-8">study</a> estimated 55% of Australians’ total energy intake was from discretionary items.</p> <h2>What did the researchers find?</h2> <p>Researchers from the Health Promotion Team at South West Healthcare <a href="https://southwesthealthcare.com.au/wp-content/uploads/SWH-HP-Healthy-Diets-ASAP-Protocol-Warrnambool-Report-2023.pdf">recently</a> visited four local supermarkets and takeaway stores in Warrnambool, Victoria, and purchased two baskets of groceries.</p> <p>One basket met the Australian Dietary Guidelines (basket one), the other aligned with the typical dietary intake of Australians (basket two).</p> <p>They compared prices between the two and found basket one would cost approximately $167 less per fortnight for a family of four at the most affordable supermarket. That’s equal to $4,342 a year.</p> <p>Basket one was sufficient to supply a family of four for a fortnight, and aligned with the Australian Dietary Guidelines. It cost $724 and included:</p> <ol> <li>fruit and vegetables (made up 31% of the fortnightly shop)</li> <li>grains and cereals (oats, cornflakes, bread, rice, pasta, Weet-bix)</li> <li>lean meats and alternatives (mince, steak, chicken, tuna, eggs, nuts)</li> <li>milk, yoghurt and cheese</li> <li>oils and spreads (olive oil).</li> </ol> <p>Basket two reflected the current average Australian fortnightly shop for a family of four.</p> <p>In the project, the team spent over half of the fortnightly shop on processed and packaged foods, of which 21% was spent on take-away. This is based on actual dietary intake of the general population reported in the 2011-2012 <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/australian-health-survey-nutrition-first-results-foods-and-nutrients/latest-release#:%7E:text=Food%20consumption,across%20the%20major%20food%20groups.">Australian Health Survey</a>.</p> <p>Basket two cost $891 and included:</p> <ol> <li>fruit and vegetables (made up 13% of the fortnightly shop)</li> <li>grains and cereals (oats, cornflakes, bread, rice, pasta, Weet-bix)</li> <li>lean meats and alternatives (mince, steak, chicken, tuna, eggs, nuts)</li> <li>milk, yogurt and cheese</li> <li>oils and spreads (olive oil, butter)</li> <li>drinks (soft drink, fruit juice)</li> <li>desserts and snacks (muffins, sweet biscuits, chocolate, ice cream, potato chips, muesli bars)</li> <li>processed meats (sausages, ham)</li> <li>convenience meals</li> <li>fast food (pizza, meat pie, hamburger, fish and chips)</li> <li>alcohol (beer, wine).</li> </ol> <h2>But a healthy basket is still unaffordable for many</h2> <p>While this piece of work, and other <a href="https://www.mdpi.com/1660-4601/15/11/2469">research</a>, suggests a healthy diet is less expensive than an unhealthy diet, affordability is still a challenge for many families.</p> <p>The Warrnambool research found basket one (which aligned with guidelines) was still costly, requiring approximately 25% of a median household income.</p> <p>This is unaffordable for many. For a household reliant on welfare, basket one would require allocating 26%-38% of their income. This highlights how the rising cost of living crisis is affecting those already facing financial difficulties.</p> <p>Around 3.7 <a href="https://reports.foodbank.org.au/foodbank-hunger-report-2023/">million</a> Australian households did not have access to enough food to meet their basic needs at some point in the last 12 months.</p> <p>Policy action is needed from the Australian government to make recommended diets more affordable for low socioeconomic groups. This means lowering the costs of healthy foods and ensuring household incomes are sufficient.</p> <h2>What else can you do to cut your spending?</h2> <p>To help reduce food costs and support your health, reducing discretionary foods could be a good idea.</p> <p>Other ways to reduce your grocery bill and keep your food healthy and fresh include:</p> <ul> <li> <p>planning for some meatless meals each week. Pulses (beans, lentils and legumes) are nutritious and cheap (a can is <a href="https://coles.com.au/product/coles-chick-peas-420g-8075852?uztq=46abcbb7e16253b0cdc3e6c5bbe6a3f0&amp;cid=col_cpc_Generic%7cColesSupermarkets%7cPLA%7cCatchAll%7cAustralia%7cBroad&amp;s_kwcid=AL!12693!3!675842378376!!!g!326304616489!&amp;gad_source=1&amp;gclid=CjwKCAjwkY2qBhBDEiwAoQXK5SceYhU2VtKepNLXWN218GH8Cp8Vs9cnYynCBwRqQPaW3UYNX2SVIBoC_6EQAvD_BwE&amp;gclsrc=aw.ds">less than $1.50</a>. Here are some great pulse recipes to <a href="https://nomoneynotime.com.au/healthy-easy-recipes/filter/keywords--vegetarian/p2">try</a></p> </li> <li> <p>checking the specials and buy in bulk (to store or freeze) when items are cheaper</p> </li> <li> <p>making big batches of meals and freezing them. Single-serve portions can help save time for lunches at work, saving on takeaway</p> </li> <li> <p>Australian supermarkets are <a href="https://www.theguardian.com/australia-news/datablog/2023/jul/27/cost-of-living-grocery-store-price-rises-cheapest-fresh-produce-australia-woolworths-coles#:%7E:text=The%20results%20showed%20independent%20and,best%20place%20for%20affordable%20groceries">almost never</a> the cheapest place for fresh produce, so shop around for farmers markets or smaller local grocery shops</p> </li> <li> <p>buying generic brands when possible, as they are <a href="https://www.cambridge.org/core/journals/public-health-nutrition/article/streamlined-datagathering-techniques-to-estimate-the-price-and-affordability-of-healthy-and-unhealthy-diets-under-different-pricing-scenarios/872EA6396533166E0C6FA94C809D9CAC#r">notably cheaper</a>. Supermarkets usually <a href="https://theconversation.com/the-science-that-makes-us-spend-more-in-supermarkets-and-feel-good-while-we-do-it-23857">promote</a> the items they want you to buy at eye-level, so check the shelves above and below for cheaper alternatives.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/216749/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> </li> </ul> <p><em><a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, Dietitian &amp; Academic, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, Professor of Community Health and Wellbeing, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p><em>Image credits: Getty </em><em>Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/trying-to-spend-less-on-food-following-the-dietary-guidelines-might-save-you-160-a-fortnight-216749">original article</a>.</em></p>

Food & Wine

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How to spend time wisely – what young people can learn from retirees

<p><em><a href="https://theconversation.com/profiles/boroka-bo-1371004">Boróka Bó</a>, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</a></em></p> <p>For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent.</p> <p>Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work.</p> <p>This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood.</p> <p>For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time.</p> <p>Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages.</p> <p>It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys.</p> <h2>Don’t chase money, let money chase you</h2> <p>One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on.</p> <p>To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow.</p> <h2>Worry about how you feel – not how you look</h2> <p>When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement.</p> <p>Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age.</p> <p>To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health.</p> <p>While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic.</p> <h2>Make your time count by sharing it with others</h2> <p>We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others.</p> <p>Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with.</p> <p>All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/">greater emotional wellbeing</a> and happiness.</p> <h2>Identify your passions early</h2> <p>While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired.</p> <p>Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun.</p> <h2>Time is love</h2> <p>Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back.</p> <p>Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time.</p> <p>At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them.</p> <p>My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/189340/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/boroka-bo-1371004"><em>Boróka Bó</em></a><em>, Assistant professor in sociology, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340">original article</a>.</em></p>

Money & Banking

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Dying husband and wife spend their final days holding hands

<p>A married couple have spent their final days holding hands in hospital, after their beds were pushed next to each other so they could be side-by-side as they both passed away. </p> <p>The couple from Tennessee, Tommy and Virginia Stevens, both 91, were both admitted to the Vanderbilt hospital for unrelated medical issues. </p> <p>Tommy, who was suffering with Alzheimer’s disease, had been struck down with aspiration pneumonia and sepsis, and was transferred to the hospital's palliative care unit. </p> <p>The same morning, Virginia suffered a fall as she sustained six broken ribs, a spinal fracture, and a hip injury, and was admitted to the hospital's trauma unit. </p> <p>As Tommy and Virginia's family were struggling to split time between the two wards, hospital staff were able to pull strings for the longtime lovebirds to be roomed side-by-side.</p> <p>Virginia was moved into a room near Tommy’s in the Palliative Care Unit, and her hospital bed was scooted against his so she could comfort him as his health continued to get worse, the hospital said.</p> <p>“He was awake when she came in,” their daughter Karen Kreager said. </p> <p>“His eyes were open. He wasn’t communicating a lot — just in small whispers. But he knew that she was there and that she was going to be right beside him. They haven’t stopped holding hands the whole time. She won’t let go of him.” </p> <p>“It reminds me of why we do this work,” Mohana Karlekar, MD, medical director of VUMC’s adult Palliative Care Program told local news station <em><a href="https://www.wsmv.com/2023/09/19/she-wont-let-go-him-vanderbilt-helps-hospitalized-wife-comfort-dying-husband/" target="_blank" rel="noopener">WSMV</a></em>. </p> <p>“We take care of people — husbands, wives, mothers, fathers — not patients. We brought this family together during one of their most difficult times with little effort on our part. It involved a call, seeing an extra patient that day and some conversations.”</p> <p>“From the time we brought Mrs. Stevens over, she held her husband’s hand and fussed in a very loving way with him,” Karlekar said. </p> <p>“She was able to tell me Monday that she was at peace with what was going on, and she wanted to be there until the end.”</p> <p>Tommy died on September 8th, just a day before the couple’s 69th anniversary, and Virginia died a few days later on September 17th.</p> <p><em>Image credits: Vanderbilt University Medical Center and The Stevens Family</em></p>

Caring

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#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

<p><em><a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>These shoes are perfect, made for me! I have to get them! But really, I should be paying off my car loan instead. I can’t justify this purchase. Or can I …?</p> <p>We all know this feeling, this tension between what you really want to do and what you really should, or shouldn’t, do. What you are experiencing is <a href="https://www.britannica.com/biography/Leon-Festinger/Cognitive-dissonance">cognitive dissonance</a>.</p> <p>It’s a psychological discomfort we feel when our behaviours and our values or beliefs do not match. Not to worry, we can make that discomfort simply disappear with a good dose of #GirlMaths!</p> <h2>So what is #GirlMaths?</h2> <p>GirlMaths recently became a viral phenomenon on TikTok after New Zealand FVHZM radio hosts Fletch, Vaughan and Hayley used #GirlMaths to justify one host’s mother’s expensive dress purchase as basically free because the dress was going to be worn at least four times.</p> <p><iframe id="tc-infographic-904" class="tc-infographic" style="border: none;" src="https://cdn.theconversation.com/infographics/904/f0b5e215a804bb450e609c397b96c7fcbf46172f/site/index.html" width="100%" height="400px" frameborder="0"></iframe></p> <p>Since then, influencers have added to the #GirlMaths trend with gems such as “If I buy it for $100, wear it, and then resell it for $80 then I basically wore it for free”, “If I pay with cash, it means it’s free”, and “If I just returned something, then purchase something new for the same amount of money, then it’s free”.</p> <p>The reason #GirlMaths resonates so well with everyone and allows it to go viral is that we are very familiar with this type of thinking. The mental gymnastics of #GirlMaths needed to justify cost-per-wear or cash-is-free is a perfect display of behavioural biases and heuristics, such as confirmation bias and denomination bias, being applied to everyday consumption decisions.</p> <h2>The psychology of decision-making</h2> <p>Behavioural biases and heuristics are shortcuts in our thinking that help us make decisions quicker and easier, and are great for reducing the cognitive dissonance we sometimes experience.</p> <p>Our brain has a lot of decisions to make in a day and simply doesn’t have the power to scrutinise every little detail of every <a href="https://theconversation.com/what-shall-we-have-for-dinner-choice-overload-is-a-real-problem-but-these-tips-will-make-your-life-easier-193317">decision</a>. These shortcuts in our thinking may facilitate the decision making process, but they don’t always mean we make the most optimal decisions.</p> <p>Confirmation bias is a bias where you justify your decisions by considering only the evidence that supports what you want and ignore the evidence that would mean you’d have to make a different decision. Cost-per-wear does sound quite financially savvy. It is just like bulk-buying pantry essentials, right?</p> <p>The issue is you are ignoring the facts such as: 1) your disposable income does not match this expense in light of your utility bills, 2) you could rewear a cheaper dress all the same, and 3) by spending money on a fancy dress, you lose the opportunity to spend the money on other better investments for wealth accumulation, or to pay off your car loan.</p> <h2>The financial and social costs</h2> <p>But it’s all a bit of innocent fun, right? Surely people won’t take #GirlMaths that seriously? We beg to differ.</p> <p>First, the term is unnecessarily gendered. Gendered language operates to reinforce societal expectations with a particular gender and can promote stereotypes, biases and binary categories.</p> <p>In this case, the term “girl maths” reinforces problematic stereotypes that equate women with consumption, frivolity and extravagant spending. When stereotypes are reinforced within our own social circles, we are more likely to <a href="https://journals.sagepub.com/doi/abs/10.1177/0146167299025007004?casa_token=dOhnQVtFwPsAAAAA:XSBdix5AB6bDfGjNgfbX9OIjstw4KE071GP0l60mAxvHJMaEwkyPERqHXf3z9PhctWJUl6h7TgTHg_U">internalise these as part of our identity</a>.</p> <p>By representing women in a less favourable way, the term operates to both demean and discriminate on a gendered basis. This is heightened by the use of “girl” as opposed to “woman”, which implies someone is childlike or lacking in knowledge or experience. It also begs the question what “boy maths” - set up as something opposing and different - might connote.</p> <p>Second, the #GirlMaths trend reminds us of the power of “<a href="https://theconversation.com/fintok-and-finfluencers-are-on-the-rise-3-tips-to-assess-if-their-advice-has-value-161406">finfluencers</a>” – social media content creators amassing huge online followings by sharing advice on anything from budgeting to buying a house, to investing.</p> <p>These online gurus appeal to Gen Z and millennials, simplifying complex financial concepts into digestible nuggets, much like #GirlMaths simplifies purchases based on cost-per-wear or cash-as-free.</p> <p>Just as regulators such as <a href="https://moneysmart.gov.au/other-ways-to-borrow/buy-now-pay-later-services">ASIC</a> repeatedly warn us of the dangers of buy-now-pay-later services, we must caution the #GirlMaths trend as a dangerous cocktail for young women who are susceptible to the “advice” of finfluencers.</p> <p>The trend resembles BNPL by breaking down expenses into smaller, more palatable portions, making purchases seem justifiable and affordable at the moment.</p> <p>Denomination bias describes this tendency to spend more money when it is denominated in small amounts rather than large amounts. We find it much easier to spend $50 four times than $200 all at once.</p> <p>However, the convenience of these shortcuts in our thinking can obscure the hidden financial risks. You may overlook the bigger picture of your financial health, and spend more than what you can afford. That’s why a large number of BNPL users find themselves ending up in a <a href="https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/bnpl-submission-to-treasury">modern debt trap</a>.</p> <h2>The perils of #GirlMaths</h2> <p>The danger of #GirlMaths to young women lies in the cocktail of feeling oddly familiar and reinforced in this biased thinking, the problematic stereotypes that shape identities, and the power of finfluencers, who wield increasing influence over the financial choices and decision-making of young women.</p> <p>While the term may initially come across as innocent fun, it’s crucial not to underestimate its potential harms. Instead, let’s champion the use of inclusive language in finance that doesn’t perpetuate gender biases.</p> <p>And if you’re a staunch supporter of #GirlMaths, we strongly urge you to take into account the possible adverse financial consequences of these quick-fix spending habits.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211903/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, Senior Lecturer in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, Associate Professor of Finance, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, Associate Professor in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girlmaths-a-seemingly-innocent-and-fun-way-to-justify-expenses-that-can-have-serious-financial-consequences-211903">original article</a>.</em></p>

Money & Banking

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How your favourite things can boost your financial wellbeing

<p><em><a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a></em></p> <p>The cost of living crisis has left many people struggling to afford basic necessities such as food and heating for their homes. On the other hand, the top ten richest men in the world <a href="https://www.weforum.org/agenda/2022/04/economic-inequality-wealth-gap-pandemic/">doubled their wealth</a> during the COVID pandemic while 99% of people became worse off.</p> <p>While this is a comparison of two extremes, many people attempt to “keep up with the Joneses” – looking at what the people around them own and striving to afford the same things. Comparing material wealth and resources to those around you is even more common when others are better off. It’s hard not to wonder why someone else has a nicer car or better clothes.</p> <p>Lots of <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/jasp.12631">research supports</a> this tendency, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">including our own</a>. For example, when we asked American people to watch a video about research on income inequality in their own country, unsurprisingly, it made them think about their own wealth and how it compares to those around them.</p> <p>And we found that it doesn’t matter how wealthy a person is. Relatively well-off people still tend to look upwards in this way. There is nearly always someone who has more money or owns a better car, a bigger house or the latest gadgets.</p> <p>But while money may not buy you happiness, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">our research shows</a> that a favourite possession can actually help to make you feel happier when facing income inequality. Thinking about a single treasured possession – even something small like a favourite book gifted by a friend or a keepsake from a trip – can help prevent these feelings of deprivation and actually boost your wellbeing.</p> <p>We used the <a href="https://www.investopedia.com/terms/g/gini-index.asp">Gini coefficient</a> – a common measure of income inequality – to analyse more than 31,000 Instagram posts from 138 countries. We found that posts tend to convey less happiness in places with more income inequality (i.e., when the Gini coefficient of the location of the post increases).</p> <p>We focused on posts that were about favourite possessions (that used hashtags such as #favouritething, #favthing), comparing these with posts about favourite things in general, that is things that aren’t “owned”. The latter posts used hashtags such as #fashion or #favoritepeople.</p> <p>Posts that used hashtags about general consumption and favourite things that aren’t “owned”, such as music or friends, were typically less happy and posted in areas with more income inequality. But when we looked at posts that used hashtags about favourite possessions, such as #favouritething or #favthing, we found there was a weaker relationship with income inequality.</p> <p>So whether a post was happy or not wasn’t linked to the equality of the area it was posted in. These posts about favourite possessions were therefore less affected by income inequality.</p> <p>This means that encouraging people to think differently about things they already own could help some cope better with inequality. Rather than focusing on how much you own, which tends to exacerbate social comparison and undermine happiness, focus instead on your favourite possessions. Our research indicates that people who do this tend to make fewer material comparisons, and are happier as a result.</p> <h2>Simply remember your favourite things</h2> <p>A treasured possession doesn’t even have to be particularly expensive. From a memento purchased on a trip abroad, to your grandmother’s embroidered cushion, a football jersey that reminds you of your old school teammates, or even that tattered t-shirt of your favourite band, such items can feel priceless to their owners because they are unique and their value transcends any kind of price.</p> <p>In a separate multi-country study using an online questionnaire, we asked 1,370 participants from China, India, Pakistan, the UK, Spain, Russia, Chile and Mexico to describe either every item of clothing they had recently purchased, or a single favourite item of clothing. After participants described these things, we asked them about their wellbeing, as well as their perception of income inequality in their country.</p> <p>Those who thought about recent clothing purchases reported lower wellbeing when thinking about income inequality in their country. In comparison, those who talked about a single favourite piece of clothing were not as affected by the income inequality they perceived around them.</p> <p>Three more online experiments with over 2,000 participants <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">revealed that</a> when people are reminded of their favourite possessions they feel less affected by income inequality because they are making fewer material comparisons.</p> <p>In one of these studies, we found that merely describing a favourite possession made people less likely to compare their wealth to that of others. When people stopped making these comparisons they were happier – even those living in places with more income inequality.</p> <h2>#FavouriteThing</h2> <p>Our research shows the benefits of focusing on a few favourite things that we own, rather than thinking about the amount of possessions we have and what else we need to “keep up with the Joneses”.</p> <p>Hashtag trends like #ThrowbackThursday encourage people to post photos on certain themes. In a similar vein, encouraging more people to post photos of their favourite possessions using hashtags like #FavouriteThing could do a lot to help boost happiness during the cost of living crisis.</p> <p>Income inequality is rampant and the cost of living crisis has only made its effects worse. But we all possess something dear to us that can keep us from comparing ourselves to others and help protect our wellbeing in this difficult economic environment.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/201997/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, Lecturer in Marketing, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, Lifestyle International Professor of Business and Chair Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a></em></p> <p><em>Image credits: Getty </em><em>Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-your-favourite-things-can-boost-your-financial-wellbeing-201997">original article</a>.</em></p>

Money & Banking

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Holidays you’d be happy to spend your life savings on

<p>There’s nothing better than an amazing travel adventure that makes you stop, look at the world around and you have life-altering “ah-ha” moments. These are the holidays that dreams are made of. You’ve worked hard your whole life – go on, you deserve it.</p> <p><strong>Swim with sea turtles in the Galapagos Islands</strong></p> <p>Step right into your own nature documentary with a visit to the home of Darwin’s evolution theory. Get up close to wildlife that simply doesn’t exist anywhere else- Blue-footed boobies, giant tortoises and marine iguanas to name just a few.</p> <p>You can choose to live on board a cruise, or join an island-hopping cruise where you sleep in small hotels and hostels on different islands.</p> <p>Swim or snorkel with sea turtles and sea lions, hike volcanic craters or just kick back and snap away on your camera.</p> <p>If you really want to push the boat out (pun intended!) you could add another adventure. Explore Ecuador, where cruises to the Galapagos Islands depart from, or hop over to Peru and see the Machu Picchu. If trekking isn’t your thing, take a guided tour where you stay in a lodge each night, or board the Orient Express at Cusco to tick off another bucket list item!</p> <p><strong>Expedition cruise to Antarctica</strong></p> <p>It might be the coldest, windiest, emptiest, driest continent on earth, but an expedition cruise to Antarctica is one of the hottest destinations for a once-in-a-lifetime adventure.</p> <p>If spectacular iceberg formations and abundant wildlife such as whales, seals and penguins appeal to you, then this has to go on your bucket list.</p> <p>You can choose a cruise that retraces the footsteps of Scott and Shackleton, or one that offers activities for keen kayakers, photographers or wildlife enthusiasts.</p> <p>Most cruises depart from South America, so why not extend your holiday while you’re there and travel around South America too? We’re sold.</p> <p><strong>Track the ‘Big Five’ in Africa</strong></p> <p>Tanzania is well-established as one of the best wildlife-viewing destinations in the world, but when you head out on a private jeep safari at dawn from your luxury lodge, you’ll feel like there are just the incredible animals, and you.</p> <p>Tick off the big five: lions, elephants, buffalo, leopards and rhinos as you watch the sun come up over the Serengeti plain, one of the 10 natural travel wonders of the world.</p> <p>Include a stop-over at Kenya and visit a Masai village, or for the extremely adventurous, Mount Kilimanjaro isn’t far away. Finish your trip with some R&R time on Zanzibar, an island full of Arabian influence and stunning beaches just off the coast of Tanzania.</p> <p><strong>Grand Canyon and the Rockies</strong></p> <p>One of the seven natural wonders of the world, the Grand Canyon is North America’s must-see destination. Zoom over the parched red rock formations in a light aircraft or helicopter, or trek down to the bottom on horseback or on foot.</p> <p>Then fly to Colorado to start a tour of the incredible Rocky Mountains. Stay on a ranch in cowboy country and pretend you’re in a spaghetti western, spot bears, elk and bison in Yellowstone National Park and get a taste of what the pioneers first discovered when they started moving westwards. Keep heading north on one of the most spectacular journeys in the world through Glacier, Banff and Jasper National Parks, and finish your trip in stunning Vancouver.</p> <p>Prices vary depending on the level of luxury and length of trip.</p> <p><em>Image credit: Getty / Shutterstock</em></p>

International Travel

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Meet the woman preparing to spend three years at sea

<p dir="ltr">When Sharon Lane heard about a once in a lifetime trip offered by a cruising company for a three-year voyage around the world, she began dreaming of her life on board. </p> <p dir="ltr">The 75-year-old cruising fanatic, a retired teacher from California, is no stranger to all-or-nothing travel experiences. </p> <p dir="ltr">She has frequented Europe with her students, taught foreign languages, and in the 1990s, she up and left to spend two years in South Africa. </p> <p dir="ltr">While looking for her next adventure, Sharon discovered an incredible voyage with Life at Sea Cruises. </p> <p dir="ltr">The company is selling places on board the <a href="https://oversixty.co.nz/travel/cruising/world-first-three-year-cruise-revealed">MV Gemini</a>, which sets sail from Istanbul on November 1st 2023 on an epic three-year global journey that will take in most of the planet's prime cruising destinations.</p> <p dir="ltr">The MV Gemini will stop at 375 ports over its three-year voyage, with 208 of these including overnight stays. The ship will stop everywhere from India to China to the Maldives to Australia, with some multi-night stopovers.</p> <p dir="ltr">A recent convert to the world of cruising as she has gotten older, Lane said one of her favourite sensations is the calming feeling of being adrift at sea. </p> <p dir="ltr">"I actually prefer the ocean days, when we're just sailing through or powering through the oceans, it just thrills me," Lane tells <a href="https://edition.cnn.com/travel/article/cruise-ship-three-years-mv-gemini-passenger-perspective/index.html">CNN Travel</a>.</p> <p dir="ltr">After hearing about the voyage from a friend, Sharon immediately started her planning and budgeting. </p> <p dir="ltr">"By midnight that night, I had done enough research that I booked a room," she says.</p> <p dir="ltr">The cheapest rooms on the MV Gemini cost around $US30,000 ($45,000) per year, including a discount for solo travellers. </p> <p dir="ltr">Since booking her ticket, Lane is busy working out the details before her embankment date in November. </p> <p dir="ltr">She is selling most of her possessions, giving up her rental lease and preparing for a long stint at sea.</p> <p dir="ltr">"The logistics are crazy," says Lane. "It's a leap of faith, but I know there will be a place here when I get back. Or maybe I'll end up living in another country. I don't know, the sky's the limit."</p> <p dir="ltr">While she is getting rid of most of her belongings, she is determined to bring along a few family photos for the journey, particularly a favourite picture of her now-adult grandsons back when they were kids and she took them on a whale-watching trip.</p> <p dir="ltr">"I have that laminated and I'll take magnets and I'll stick it to my door for two reasons," says Lane. "One, I get to see their faces every time I go in, which is always fun, and the other reason is it makes it really easy to know which door is yours, because you've got your grandsons smiling back."</p> <p dir="ltr">Lane hopes her epic journey might inspire others to take a risk and push themselves out of their comfort zone, as she still regrets the years she spent in midlife putting off travelling and doesn’t want others to hold the same regrets. </p> <p dir="ltr">"I think I was always waiting for the perfect time to go when everything is right in life, when money is right, when appointments are right, when other people want to go," she says.</p> <p dir="ltr">"Don't stay home," she encourages. "Home may be where the heart is, home may be where you hang your hat – hang your hat, and then get on the boat, get on the plane, get in the car, go somewhere."</p> <p dir="ltr"><em>Image credits: CNN Travel </em></p>

Cruising

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Dad’s horror at six-year-old’s massive bill

<p>A young boy from Michigan has learned a tasty lesson in money management.</p> <p>Six-year-old Mason Stonehouse had been playing on his dad’s phone when he discovered his soon-to-be favourite app - food delivery service Grubhub. </p> <p>After putting his son to bed, Mason’s father Keith was shocked to find delivery drivers began to frequent their doorstep, one after the other leaving something behind. Keith likened the strange evening to a<em> Saturday Night Live</em> skit, and in doorbell camera footage he could be heard asking one of the drivers “what the hell is going on?” </p> <p>A look at his phone confirmed that Mason had pulled off a parent’s nightmare - the boy had ordered almost $2,000 (AUD) of food from restaurants all across their town. </p> <p>Speaking with <em>TODAY.com</em>, Keith explained that the two were having father and son time in front of the TV when Mason asked to use Keith’s phone. Mason often uses his dad’s phone to play educational games, so Keith thought nothing of it, allowing Mason 30 minutes with the device. </p> <p>Keith recalled how Mason made his way downstairs to play, and went to bed without a fuss when his half hour was up. </p> <p>“A 6-year-old going to bed is not normally an easy thing but he was surprisingly really good,” he said. “There was no fight, no ‘I’m hungry’, or making up stuff to stay up. He just went to bed, and I was like, ‘Wow, this is amazing, I wish Mom was here to witness this’. And all of a sudden I hear the doorbell.”</p> <p>To various news outlets, Keith has mentioned how it was “car after car” that kept “coming and coming” to the family’s home in Chesterfield Township. In his own Facebook post about the incident, he shared Mason’s shopping list, telling his friends “if you’re hungry and you’re in the mood for 5 orders of jumbo shrimp, salad, grape leaves, rice, 3 hanis, several orders of chilli cheese fries, chicken shawarma sandwiches, and plenty of Ice cream - swing on by SMH.”</p> <p>Keith saw Mason’s delectable adventure to an end when his bank declined an order of $635 (AUD) for pepperoni pizza. As he told <em>Good Morning America</em>, this “would’ve been on top of the $1,000 worth of food that was piling in my kitchen.”</p> <p>This wasn’t even Mason’s first order of the evening from the same establishment - Happy’s Pizza for a happy Mason - with a sizable jumbo shrimp delivery already having made it to their doorstep. </p> <p><em>MLive.com </em>heard from Keith that he tried to speak to Mason about what had happened, but soon discovered that their priorities weren’t exactly aligned, “I was trying to explain to him that this wasn’t good and he puts his hand up and stops me and says, ‘Dad, did the pepperoni pizzas come yet?’”</p> <p>“I had to walk out of the room. I didn’t know if I should get mad or laugh,” he admitted. </p> <p>Whether the entire situation prompted more amusement or exasperation from the Stonehouses, they assured everyone that none of Mason’s bouncy went to waste, with the food going to their neighbours, and their phones well away from Mason’s sneaky shopping. </p> <p><em>Images: Facebook </em></p>

Money & Banking

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5 magical destinations to spend Christmas

<p>Here are the five best places to spend Christmas around the world. If you can’t be home for Christmas this year, one of these locations would do nicely!</p> <p><strong>1. Niseko, Japan</strong></p> <p>For a guaranteed white Christmas without the 24-hour flight to get there, Niseko should be on your Christmas list. The resort, on the northern island of Hokkaido, is considered the powder capital of the world and you’ll get fresh snow virtually every day. Even if you’re not a skier, you can soak up the Japanese onsen culture, dine at the Michelin star restaurants and indulge in a little après ski.</p> <p><strong>2. Bruges, Belgium</strong></p> <p>Europe’s best-preserved medieval city oozes charm from every cobblestone. Walk through the snow-dusted streets, inhaling the scent of praline and warm waffles, stopping in at one of the many chocolatiers to warm up with a cup of hot chocolate. A small ice rink and Christmas market take over the central square, creating one of travel’s most snappable moments.</p> <p><strong>3. Rio de Janeiro, Brazil</strong></p> <p>Aussies are so accustomed to a warm holiday season that a trip to the snow might be too much to handle. So head straight across the Pacific to South America and the buzzing beachside beauty of Rio. Brazil is the world’s largest Catholic nation, so Christmas is a big deal. The world’s largest floating Christmas tree sits in the harbour, bedecked with thousands of twinkling lights, and the whole city is in a festive mood.</p> <p style="text-align: center;"> <iframe src="https://www.youtube.com/embed/ahytoTd8vHo" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <p><strong>4. Salzburg, Austria</strong></p> <p>One of Europe’s great Christmas market hubs, the markets here date back to the 15<sup>th</sup> century. The main market runs for the month before Christmas and sits right in front of the grand Cathedral of Salzburg. Other markets are dotted around the city, like the Advent Market in Hellburn that has an oversized advent calendar as the centerpiece.</p> <p><strong>5. Rome, Italy</strong></p> <p>Midnight mass inside St Peter’s Basilica in the Vatican is a one of a kind Christmas experience that you will never forget. An enormous tree is set up in the middle of St Peter’s Square and there’s also a television screen broadcasting the mass inside if you can’t get a seat. The Christmas season lasts for a full month in Italy, so you will be able to participate in a number of religious ceremonies leading up to the day.</p> <p><em>Image: Getty Images</em></p>

International Travel

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How the royal family will spend their first Christmas without the Queen

<p>A royal insider has revealed how King Charles and his family will spend their first Christmas without the Queen. </p> <p>This festive season will be the first for the family since the death of Queen Elizabeth in September. </p> <p>Buckingham Palace has confirmed that King Charles III will continue the tradition of hosting Christmas at Sandringham, the Queen’s Norfolk estate, with his wife, Queen Consort Camilla.</p> <p>Sandringham is also the location of Prince William and Princess Catherine’s second home, Anmer Hall.</p> <p>Royal expert Emily Nash told <a href="https://www.hellomagazine.com/royalty/20221128158211/inside-royal-family-first-christmas-without-queen/" target="_blank" rel="noopener">HELLO! magazine</a> that some traditions will remain the same for the royals, but other things will feel very different without the Queen's presence. </p> <p>“This is going to be a very poignant Christmas for the King and his family, as their first without the late Queen in their midst,” Nash said.</p> <p>“But it’s also a chance for them to all come together and share their memories and continue family traditions in the place she loved so much.”</p> <p>December is set to be a historic month for King Charles, who will record his first Christmas message for the public as the reigning monarch, to be broadcast on December 15th.</p> <p>“I’m sure he will reflect on his mother’s remarkable reign and the outpouring of love and support for him following her sad death,” Nash said.</p> <p>“I think the royal family will want to honour all the traditions they associate with Christmas at Sandringham - exchanging gifts on Christmas Eve and walking to St Mary Magdalene for the Christmas Day service, but there’s no doubt it will be an emotional time for them without their matriarch.”</p> <p><em>Image credits: Getty Images</em></p>

Family & Pets

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Why you should beware spending rewards and BNPL programs

<p>Malware is software designed to disrupt and destroy, and there are plenty of ‘wolf in sheep’s clothing’ financial programs doing just that to people’s financial futures. Some that come to mind are programs (yes, they’re called ‘programs’) that make it easier to spend and / or reward and incentivise spending, and harder to make good financial decisions. When you get tricked into spending, or spending more than you otherwise would, you transfer your wealth to someone else. The more wealth you consume, the less you have for later on. Let’s consider two marketing malware culprits to avoid wherever possible.</p> <p><strong>Rewards Programs</strong></p> <p>Beware programs that trick you into thinking that spending is good.</p> <p>Consider Flybuys for example. It is a rewards program where you generally receive one Flybuys point for every dollar spend. Therefore, to earn 1 000 000 Flybuys points, you need to spend $1 000 000. What if I told you that the cash value of one Flybuys point is 0.5 cents? That would mean to earn 1 000 000 Flybuys points you’d have to spend $1 000 000, yet that $1 000 000 is really only ‘worth’ $5000. They’ve actually created a system where you think you’re being rewarded on a one-for-one basis (i.e. one dollar spent equals one point) when really you’re being rewarded at the rate of half of one cent for every dollar spent.</p> <p>Additionally, when it comes time to redeem your points, the products you can ‘purchase’ are valued at top dollar, rather than at any discounted price you might be able to find if you shopped around.</p> <p><strong>Buy Now Pay Later (BNPL)</strong></p> <p>Back in the day, department stores offered something called lay-by. This was where you could grab a product off the shelf, take it to the store’s lay-by counter and enter an arrangement with them to pay it off over two or three instalments. Once you’d made the final payment, the product was yours to own and take home. Lay-by was a great option for people who couldn’t access or didn’t want to use credit cards. There were no upfront fees associated with lay-by, and there was certainly no interest charged. </p> <p>Lay-by has been reborn and rebadged as BNPL; you pay by instalments, and you can take the product with you immediately. You won’t pay any fees provided you make the required instalments in full and on time. If you don’t, then you’ll be slugged with establishment fees, late fees, account-keeping fees and payment processing fees.</p> <p>The danger is that BNPL is easier to access than traditional debt options such as credit cards because BNPL is not technically credit since providers don’t charge interest. But BNPL is consumer debt with instant gratification, and that makes it credit in my book.</p> <p>Afterpay is one of the biggest BNPL providers on the planet. It advertises that it is a ‘free service’, provided you pay on time. If you don’t,  their late fee is $10 per missed payment, plus an additional $7 if the payment is still outstanding after a week. It doesn’t sound like a lot, but if you had bought something that only cost $20 and forgot to make a $5 instalment, then the $10 fee is 200 per cent of the missed payment. Ouch! Don’t forget that the fee is per missed payment. If there were other purchases made, then the fee would compound.</p> <p>Late fees, however small, can quickly cascade into a significant sum of money, potentially many times more than the instalment due or even the price of the item purchased. Plus, there are other consequences of missed payments—black marks on credit records, difficulties borrowing for other debt such as a home loan, and the possibility of additional fees as debts are passed over to debt collectors.</p> <p>BNPL organisations profit from users who fail to meet their repayment obligations, and so part and parcel of running a successful business and growing profits would involve them doing well when their customers do poorly. You can’t expect corporate behemoths to do the right thing by you if it’s the wrong thing by them. The best you can do is gain the skills and awareness you need to know when you’re being played. Marketing malware disrupts your ability to accumulate wealth by tricking you into believing you are getting a better deal than is the case. Ideally, you’d avoid using it at all, but if it’s too late for that, then you need to clean up your code as soon as you can.</p> <p>Being rewarded for spending money you haven’t yet earned is a toxic combination that will poison your efforts to attract and keep a fortune that counts.  Make sure you are a good shepherd of your financial flock by being vigilant in keeping an eye out for marketing malware wolves, and not falling for their enticing yet financially disempowering charms. </p> <p><strong>Edited extract from Steve McKnight’s <em>Money Magnet: How to Attract and Keep a Fortune that Counts</em> (Wiley $32.95), now available at all leading retailers. Visit www.moneymagnet.au</strong></p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Spending too much money? Tempted by sales? These ways to ‘hack’ your psychology can help

<p>It’s late November, which means the holiday sales period has well and truly begun. If you haven’t already seen your spending go up, the possibility is looming.</p> <p>And you probably have some concerns about spending your money wisely. Furthermore, shopping can be a harrowing experience, and our attitudes towards money are tied up in all kinds of feelings.</p> <p>Based on psychology, here are three tips to improve the way you spend your hard-earned cash this holiday season.</p> <p><strong>Before the purchase – patience is your friend</strong></p> <p>One of the amazing features of the human mind is that we can mentally time travel: we can imagine what the future is going to <em>feel</em> like. Scientists call this “<a href="https://doi.org/10.1016/S0065-2601(03)01006-2" target="_blank" rel="noopener">affective forecasting</a>”.</p> <p>Thinking about a future trip – imagining the warm sun, the sand between your toes, finding yourself smiling – is an example of such mental time travel.</p> <p>However, it turns out <a href="https://www.bauer.uh.edu/vpatrick/docs/Looking%20Through%20the%20Crystal%20Ball.pdf" target="_blank" rel="noopener">we’re not very good at affective forecasting</a>. We get wrong not only the emotions we will experience, but also their intensity and duration. Lottery winners are a classic example – contrary to expectations, <a href="https://doi.org/10.1037//0022-3514.36.8.917" target="_blank" rel="noopener">many are not happy</a>, or not happy for long.</p> <p>More importantly, you can derive happiness from just <em>anticipating</em> future experiences. For example, one study measured the happiness of 974 people going on a trip compared with 556 people not going on a trip. As you might expect, the vacationers were relatively happier – <a href="https://doi.org/10.1007%2Fs11482-009-9091-9" target="_blank" rel="noopener">but only before the trip</a>.</p> <p>So, how can we take advantage of our capacity to mentally time travel?</p> <p><strong>Tip #1: Pay now, consume later.</strong> These days, fuelled by the rise of “buy now, pay later” options, we get to consume what we want immediately. However, this instant gratification deprives us of a key source of happiness: anticipation. A better strategy is to commit to buy something and then wait a little before actually consuming it.</p> <p><strong>At the point of purchase – notice you’re paying</strong></p> <p>An inevitability of every purchase is spending money. This represents a cost, both in terms of the monetary value but also the opportunity to buy other things.</p> <p>Costs are a form of loss, and <a href="https://doi.org/10.1037/0003-066X.39.4.341" target="_blank" rel="noopener">we don’t like losing things</a>. For that reason, it psychologically hurts to spend money. Scientists call this the “<a href="https://doi.org/10.1287/mksc.17.1.4" target="_blank" rel="noopener">pain of paying</a>”.</p> <p>According to <a href="https://doi.org/10.1111/1467-8721.00151" target="_blank" rel="noopener">one theory of shopping</a>, we decide to buy after making a mental calculation: is the anticipated pleasure of consuming higher than the anticipated pain of buying?</p> <p><a href="https://doi.org/10.1016%2Fj.neuron.2006.11.010" target="_blank" rel="noopener">This calculus</a> is even represented in the brain. For example, <a href="http://dx.doi.org/10.2139/ssrn.2901808" target="_blank" rel="noopener">one study</a> looking at people’s brains with fMRI while they purchased food found neural activity in areas linked to higher-order, affective pain processing, which correlated with how high the price was.</p> <p>How did you pay for your last meal? Did you have to dig into your wallet or purse trying to extract the appropriate combination of notes and coins? Maybe you simply pulled out a plastic card and swiped it on the reader? Or perhaps you absentmindedly touched your smartphone to the machine.</p> <figure class="align-center "><em><img src="https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=3 2262w" alt="A person holding up their smartphone to a contactless payment system" /></em><figcaption><em><span class="caption">‘Tapping’ with your phone greatly reduces the pain of paying.</span> <span class="attribution"><a class="source" href="https://unsplash.com/photos/k24rOBJ2D_0" target="_blank" rel="noopener">naipo.de/Unsplash</a></span></em></figcaption></figure> <p>It turns out your method of payment changes how much pain you feel. In <a href="https://doi.org/10.1093/jcr/ucv056" target="_blank" rel="noopener">one study</a>, researchers asked some university employees if they would like to buy a mug at a discounted price. Half were only allowed to pay in cash, whereas the other half had to use a debit or credit card.</p> <p>Those who paid in cash self-reported more pain of paying. So, how can you use this to your advantage?</p> <p><strong>Tip #2: Ramp up the pain.</strong> If you’re worried about overspending this holiday period, ramp up the pain of paying. You can do this by using cash or receiving a notification each time money leaves your account.</p> <p><strong>After the purchase – stop chasing rainbows</strong></p> <p>A fundamental feature of human beings is that we are adaptive – we easily get used to the new normal. This applies to our purchases, too. Scientists call it “<a href="https://www.cmu.edu/dietrich/sds/docs/loewenstein/HedonicAdaptation.pdf" target="_blank" rel="noopener">hedonic adaptation</a>”: over time, consumption of the same thing brings decreasing happiness.</p> <p>Remember the day you got your smartphone? You may have felt joy as you caressed the smooth aluminium back and watched light glint off the unblemished glass. Now look at your phone. What happened to the joy?</p> <p>It’s normal to experience hedonic adaptation. However, one problem is that we don’t anticipate it.</p> <p>Remember affective forecasting? Since <a href="https://doi.org/10.2307/3150499" target="_blank" rel="noopener">satisfaction is a function of expectations relative to performance</a>, when we fail to adjust our expectations in light of the inevitable hedonic adaptation, we end up dissatisfied.</p> <p>The second problem with hedonic adaptation is that the obvious solution appears to be buying something new. Maybe you need a new smartphone to replace your slightly scratched-up old one? If this is your thinking, you’ve just hopped onto the <a href="https://doi.org/10.1037/0003-066X.61.4.305" target="_blank" rel="noopener">hedonic treadmill</a>.</p> <p>Now the only way to maintain your happiness is to spend more and more money to get better and better versions of everything. So, how can you get off this treadmill?</p> <p><strong>Tip #3: Buy experiences, not things</strong>. It turns out <a href="https://doi.org/10.1093/jcr/ucaa047" target="_blank" rel="noopener">people end up happier when they buy experiences rather than things</a>. For example, <a href="https://doi.org/10.1007/s12232-010-0093-6" target="_blank" rel="noopener">a study</a> that tracked how older adults spent their money found that only one category of spending was related to happiness: leisure purchases, such as going on trips, seeing a movie at the cinema, and cheering at sporting events.</p> <p>One reason for this is that <a href="https://doi.org/10.1086/597049" target="_blank" rel="noopener">we adapt to purchases of experiences more slowly</a> than purchases of material things.</p> <p>So, the next time you’re tossing up between buying tickets to a festival or getting the latest gadget, pick up your scratched-up smartphone and pre-purchase some festival tickets for you and your friends.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/194821/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em>Writen by Adrian R. Camilleri. Republished with permission from <a href="https://theconversation.com/spending-too-much-money-tempted-by-sales-these-ways-to-hack-your-psychology-can-help-194821" target="_blank" rel="noopener">The Conversation</a>.</em></p> <p><em>Image: Getty Images</em></p>

Money & Banking

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How to spend time wisely – what young people can learn from retirees

<p>For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent.</p> <p>Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/" target="_blank" rel="noopener">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work.</p> <p>This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood.</p> <p>For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/" target="_blank" rel="noopener">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time.</p> <p>Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf" target="_blank" rel="noopener">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages.</p> <p>It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys.</p> <h2>Don’t chase money, let money chase you</h2> <p>One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/" target="_blank" rel="noopener">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on.</p> <p>To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow.</p> <h2>Worry about how you feel – not how you look</h2> <p>When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement.</p> <p>Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age.</p> <p>To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false" target="_blank" rel="noopener">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health.</p> <p>While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic.</p> <h2>Make your time count by sharing it with others</h2> <p>We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false" target="_blank" rel="noopener">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others.</p> <p>Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/" target="_blank" rel="noopener">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with.</p> <p>All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/" target="_blank" rel="noopener">greater emotional wellbeing</a> and happiness.</p> <h2>Identify your passions early</h2> <p>While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired.</p> <p>Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi" target="_blank" rel="noopener">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun.</p> <h2>Time is love</h2> <p>Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back.</p> <p>Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time.</p> <p>At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them.</p> <p>My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love.</p> <p><strong>This article originally appeared on <a href="https://theconversation.com/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340" target="_blank" rel="noopener">The Conversation</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

Relationships

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Artist spends two years covering his home in doodles

<p>A UK artist has spent two years covering his multi-million dollar mansion in his distinctive style of drawings. </p> <p>Sam Cox, who is lovingly known as Mr Doodle, worked his way through 900 litres of emulsion, 401 cans of spray paint, 286 bottles of drawing paint, and 2,296 pens to transform his home into a work of art.</p> <p>Sam has spent the last two years plastering the walls of his six-bedroom, neo-Georgian mansion that he bought for $2.3million (AUD) in Kent, England, with the signature black-and-white drawings that earned him his name. </p> <p>The 28-year-old artist said it has always been his lifelong dream to buy a house to transform into a "doodle-verse".</p> <p>Sam's adventurous project began in the main bedroom - which he decorated with "dream" themed drawings - and the 2,000-tile en-suite bathroom, which has a sea theme.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/CjLla7wA0zI/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CjLla7wA0zI/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Mr Doodle (@mrdoodle)</a></p> </div> </blockquote> <p>The first stage took a gruelling two months to complete, but Mr Cox was determined to finish it on his own.</p> <p>He said, "It's the longest project I've done. I wanted to say I'd done it all myself."</p> <p>Sam has left no surface untouched, with every wall and ceiling and all amenities, including the television, stovetop and bath, covered in monochromatic doodles.</p> <p>Despite admitting he did not plan any of his drawings, Mr Cox has given every room its own theme.</p> <p>For example, the hallway is covered with Noah's Ark creations, while the stairs are decorated with Heaven and Hell drawings.</p> <p>He said, "I had a rough idea of the theme but the individual doodles are spontaneous."</p> <p>"My main inspiration still goes back to when I was kid watching Tom and Jerry, Wacky Races and SpongeBob SquarePants, and video games like Crash Bandicoot. I always wanted to draw characters for video games."</p> <p>While already thinking about his next project, Sam said he would be hesitant to let go of the doodle mansion. </p> <p>He said, "I'm unlikely to be persuaded to move, even if it was amazing money."</p> <p>"I'd feel sad leaving this house, because it's my first one."</p> <p><em>Image credits: Instagram </em></p>

Real Estate

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Surprising differences in how we use credit cards and cash

<p>With more credit cards used by Kiwis than ever is definitely seems as though New Zealanders are addicted to the convenience of not having to pay with cash. But what is the impact of this on New Zealand consumer behaviour?</p> <p>Since the late 1990’s researchers have been interested in understanding the psychology behind credit card use, not least because of the proliferation of debt in the consumer market and the concern of the ease with which to gains these cards (and debt) preys on vulnerable consumers.</p> <p>A 1998 study conducted by George Lowenstein and his colleagues that was published in 2001 made the finding that payments with cash elicited quite a different emotional response to payments made with credit cards or any other payment methods where the actual payment is to a certain extent “delayed”. The suggestion is paying by traditional methods with cash requires a physical transaction that can be more painful than paying for something with credit, where you see a figure on the receipt but you’re not actually handing over a physical amount of money in real life.</p> <p>In another experiment as part of the project, Mr Lowenstein observed that people were willing to pay much more for a particular event with credit cards than with cash, with the premium ranging anywhere between 60 and 113 per cent more, which represents quite a significant difference. </p> <p>Similar research has also found people are more likely to spend money when given $50 in cash rather than $50 in a gift voucher, they were more likely to spend a higher proportion of that in the latter rather than the former, which is again probably because of the lack of physical exchange.</p> <p>So what does this mean for you? Well, if you’re looking to tighten your purse strings around the house, opting to make more purchases with cash might just be the best way to do it. By making your purchase with cash you’re statistically likely to be less likely to overspend and more mindful of the items you are actually buying, which could lead to significant savings down the track. Willpower can be hard, especially when shopping, but this is an easier way to make willpower happen.</p> <p><em>Image: Getty Images</em></p>

Money & Banking