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Bold idea sees hotel offer thousands in cash back if it rains

In a move that's making waves in the travel industry, a posh hotel in the heart of Singapore has rolled out a revolutionary offer: rain insurance. Yes, you heard it right – rain insurance! InterContinental Singapore, a sanctuary for jet-setters seeking respite from both the humidity and the occasional tropical deluge, has unleashed a game-changer for travellers. Dubbed the "Rain Resist Bliss Package", this offer promises to keep your spirits high even when the rain gods decide to throw a dampener on your plans. Picture this: you've booked your suite at this 5-star haven, eagerly anticipating your Singapore escapade. But lo and behold, the forecast takes a turn for the soggy, threatening to rain on your parade – quite literally. Fear not, dear traveller, for with the Rain Resist Bliss Package, you can breathe easy knowing that if your plans get drenched, your wallet won't. Now, you might be wondering, how does this rain insurance work? Well, it's as simple as Singapore Sling on a sunny day. If the heavens decide to open up and rain on your parade for a cumulative 120 minutes within any four-hour block of daylight hours (that's 8am to 7pm for those not on island time), you're entitled to a refund equivalent to your single-night room rate. The package is available exclusively for suite room bookings starting from $SGD850 per night – so that’s around $965 rain-soaked dollars back in your pocket, no questions asked. No need to jump through hoops or perform a rain dance – just sit back, relax, and let the rain do its thing. And fret not about having to keep an eye on the sky – the clever folks at InterContinental Singapore have got you covered. They're tapping into the data from the National Environmental Agency Weather Station to automatically trigger those rain refunds. It's like having your own personal meteorologist ensuring that your plans stay as dry as your martini. But hey, if the rain does decide to crash your party, fear not! The hotel has an array of dining options to keep your tastebuds entertained while you wait for the clouds to part. And let's not forget, Singapore isn't just about sunshine and rainbows – there are plenty of indoor activities to keep you occupied, from feasting at Lau Pa Sat for an authentic hawker experience to retail therapy at Takashimaya. And here's a silver lining to those rain clouds: fewer tourists! That's right, while others might be scrambling for cover, you could be enjoying shorter lines, less crowded attractions, and even snagging better deals on accommodations. Plus, let's not overlook the fact that the rain brings a welcome respite from the tropical heat, making outdoor adventures all the more enjoyable once the showers subside. So, pack your umbrella and leave your worries behind. With InterContinental Singapore's Rain Resist Bliss Package, you can embrace the unpredictable and turn even the rainiest of days into a memorable adventure. After all, as they say, when life gives you lemons, make Singapore Slings and dance in the rain! Images: InterContinental Singapore / Getty Images

International Travel

Millions of Aussies to get cash boost in weeks

Millions of Australians are set to receive more money when payments are indexed. On March 20, those on the age pension, disability support pension and carer payment will be pocketing extra money. Single people on the pension and carer payment can expect an extra $19.60, with maximum amount increasing to $1116.30. For couples, the rate will go up $29.40 per fortnight, with the maximum being $1682.80. People on rent assistance, JobSeeker, single parenting payments and ABSTUDY will also benefit from payment increases, with single parenting payment going up by $17.50 a fortnight. Single JobSeeker recipients with no kids, and people over 22 on ABSTUDY, will get an extra $13.50 per fortnight, while each member of a couple will get an additional $12.30 per fortnight. The government has also changed the eligibility criteria for parents seeking welfare payments, with the last budget revealing that 77,000 parents will receive benefits for the youngest child up to the age of 14 instead of eight. The income and assets limits will also be increased in line with indexation in March. Social Services Minister Amanda Rishworth said that these changes will be implemented to ensure that Centrelink recipients would be able to have more money in their accounts, with the rise in cost-of-living. “Our number one priority is addressing inflation and cost of living pressures,” Rishworth said. Image: Getty

Money & Banking

Labor Senator dies following health battle

Labor Senator Linda White has passed away following a health battle. Just last month, the ALP Senator for Victoria announced that she would be taking leave from the senate to "deal with some health issues". "For the next while I will be focusing on getting well again so I can return to my full duties representing the people of Victoria," the statement read. However, today Prime Minister Anthony Albanese confirmed her death and led a wave of tributes for the senator. "All of our hearts in the Labor family are broken at the passing of Senator Linda White last evening," Albanese said. "Linda was formidable. A beloved friend, a valued colleague, a dedicated parliamentarian and, through all her efforts in the wider labour movement, a devout supporter of working Australians." "Linda believed in a better, fairer and more compassionate Australia," Albanese added "A belief that was always backed by her energy and action." <blockquote class="twitter-tweet"> Vale Senator Linda White. <a href="https://t.co/b70CTMWMJU">pic.twitter.com/b70CTMWMJU</a> — Anthony Albanese (@AlboMP) <a href="https://twitter.com/AlboMP/status/1763340992403681721?ref_src=twsrc%5Etfw">February 29, 2024</a></blockquote> Labor MP Tony Burke also paid tribute to White and praised her achievements. "Linda campaigned for years in the union movement for paid family and domestic violence leave. As a senator she helped make it law so no one would have to choose between safety and pay. RIP," he wrote. <blockquote class="twitter-tweet"> Linda White leaves an extraordinary legacy for working people in Australia. Linda campaigned for years in the union movement for paid family and domestic violence leave. As a Senator she helped make it law so no one would have to choose between safety and pay. RIP — Tony Burke (@Tony_Burke) <a href="https://twitter.com/Tony_Burke/status/1763331902856155521?ref_src=twsrc%5Etfw">February 29, 2024</a></blockquote> Fellow senator and Foreign Minister Penny Wong praised White for modelling "integrity, persistence, and skill". "Linda fought the illness that has now claimed her life privately, but with all the tenacity and determination that has marked not just her short time in the Senate, but her decades of commitment to the Labor movement and Australian workers," she said. The leader of the opposition in the Senate, Liberal Simon Birmingham also offered his condolences and praised her work. "The Senate has lost a determined and passionate sitting senator far too soon," Birmingham said in a statement. "A senator who clearly had much more to contribute, but who will be remembered with respect by those who had the privilege to serve with her." White was elected the ALP Senator for Victoria in 2022. Prior to this she had a long career in law as a trade union official. She served as vice president of the Australian Council of Trade Unions for 10 years, and was assistant national secretary of the Australian Services Union (ASU) from 1995 to 2020. The ASU also shared their condolences after the loss of "one of our great warriors". "We wish Linda could have taken up this fight for longer. However, we are so fortunate to have had Linda in our lives for as long as we did, and that she dedicated so much of her life to building up the next generation of activists and change makers," the statement read. "Her strength, smarts, and determination for equality will live on through them." Image: X

Caring

12 super simple ways to save some cash

Saving money is a lot easier said than done. Whether you’ve got a holiday you’re thinking about taking, or you just want to make day to day life a little less stressful, there is a range of strategies you can employ to put a couple of dimes together. Here are 12 tips to cut costs: 1. Don't buy luxury, sometimes the budget brands are just as good and save you heaps. 2. Read the junk mail and compare offers because you can get a better deal where you didn't think you could. 3. Cut unnecessary expenses and reduce, if possible, the necessary expenses as well. 4. Buy used goods, it's cheaper and you can haggle. 5. See if you can switch power companies. I'm aware of several people who are saving $250 a year. 6. Borrow books and movies from the library or movie store - it's free or low cost compared to buying new and it's fast. 7. Barter with family and friends, it's free and everyone wins. 8. Take advantage of specials, sales and deals including buying in bulk, it can save you more than you realise. 9. Walk, bike or car pool or use other public transport, it's good for the environment and saves you money. 10. Shop around for the best deal, it might be better elsewhere. 11. Follow insurance company advice: Don't smoke, do have alarms and do get multi policies - it protects you and saves cash. 12. Have a savings account with all the savings from this and don't touch it, you will be amazed at what you have saved in a short time. Written by John Murphy. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>. Image credits: Getty Images

Money & Banking

AusPost customer faces extra charge for using cash

As conversations continue about moving to a cashless society, an Australia Post customer was outraged after being slapped with a charge for using cash. Brisbane resident Gerrie Hoogland shared her outrage after hearing about the supposed cash charge through a friend, who claims they were charged $2.20 for wanting to use cash to pay a bill. Hoogland recounted the story on X, formerly known as Twitter, to share the story, while asking if anyone else had encountered anything similar. She wrote, “A friend of my husband’s went to pay a bill at the Post Office last week. He gave them $82.00 in cash and they said they would have to charge him $2.20 for using cash.” “He refused to pay it after telling them cash is legal tender, and then he left without paying the bill at all. Is anyone else hearing more of this?” A number of Aussies took to the comments to call out Australia Post for being “shady”, with some calling the fee a “scam” and a “disgrace”. However the outrage towards Australia Post may be misplaced. <a href="https://au.finance.yahoo.com/news/australia-post-customer-charged-220-for-using-cash---but-is-the-outrage-warranted-025519571.html">Yahoo Finance</a> has contacted the national postal service and understands the fee is set by individual billers, rather than Australia Post themselves. The fee relates to bills paid in person at an Australia Post outlet via Post Billpay and can apply to both cash and card transactions, and whether or not the fee is passed onto the customer will depend on the individual biller. In recent years, a number of billers charge an additional payment fee for bills paid in person, with some notable examples include telcos Telstra, Optus and Vodafone. Image credits: Shutterstock

Money & Banking

"Like the cash cow had come out": Commuters puzzled by money bundles on motorway

Motorists in Perth have been left puzzled after bundles of cash were spotted flying across a motorway. On Monday evening, several members of the public called Western Australia police after up to $40,000 in cold hard cash was seen flying across the Mitchell Fwy in Connolly, in the city’s northern suburbs. According to Commissioner Col Blanch, honest civilians bundled up some of the mysterious money and “came forward with large wads of cash”. “We believe that up to $40,000 has been recovered,” he said. Police believe that the money came from an alleged drug deal gone wrong, but the incident is still under investigation. "It looks like it was a total fiasco by the person involved and probably not one of our smartest (alleged) offenders," Mr Blanch said. "It's like the cash cow had come out, and there was cash flying everywhere." "There's no more money on the freeway … let's not go there." After police attended the scene, they arrested a man close by who had another $8,000 in his possession, along with 51g of cocaine. Despite some people stopping to retrieve the money to hand over to police, the free money prompted some motorists to stop their cars to retrieve a share for themselves. Talk on social media suggested one commuter even pocketed about $10,000. Image credits: WA Police

Travel Trouble

Flower tycoon pays $76 million in CASH for epic mansion

A Sydney businessman and flower mogul has expanded his real estate portfolio, snapping up one of NSW's most prestigious properties. Leo Lynch and his wife Christina have bought a Federation mansion in Sydney's Bellevue Hill, with the eight-bedroom eight-bathroom property boasting impressive views of Sydney Harbour. The mansion, which was built in the 1890s, also showcases a pool, tennis court, and endless luxury amenities for the well-off buyers. "Designed by architect Walter Vernon," read the listing for the property, "the home is considered his most significant residence. Other heritage buildings designed by Vernon include the Australian Museum, the Art Gallery of New South Wales and Central Railway Station. A truly rare offering to earn a piece of Australian history." While securing the house seems like a huge feat in itself, the Lynch's decided to take the purchase to the next level, buying the home for $76 million in cold hard cash. Despite paying the whopping eight-figure for the mansion, the home needs work and is set to undergo renovations. The purchase of the property, named Leura, comes just after the Lynch's sold their former home for $52.4million more than he bought it. The same night he made the enormous purchase for the Leura estate, he sold his mystery home, just blocks away, for $61.5 million after rebuilding the property he had bought for just $9.05 million in 2014. Leo Lynch, 60, is a third generation of the wholesale flower family's company, founded in 1915 and for which private equity group Next Capital took a majority interest in 2015, before it was publicly listed in 2021. Image credits: Domain

Real Estate

“This is their money”: Aussies to receive cash boost in days

The Australian government appears to be on a mission to play Santa, as it attempts to return a whopping $234 million in unclaimed Medicare benefits to one million of its hard-working citizens. Move over, jolly old Saint Nick; it's time for Bill "Santa" Shorten to shine. It turns out that Australians have been missing out on an average of $240 each in Medicare rebates, akin to losing a crisp, green note between the couch cushions – but on a national scale. Apparently, the government has been holding onto this financial treasure trove because some Aussies forgot to update their bank details with Medicare. Who knew that keeping your bank info up-to-date could be more rewarding than finding a forgotten $20 in last winter's coat? Government Services Minister Bill Shorten is riding the sleigh of generosity, announcing that, "We know Australians are doing it tough, and I want to reunite people with millions in unpaid Medicare benefits before the holidays." In the grand spirit of giving, Shorten has a plan. Australians can reclaim their lost loot within three days by undertaking the Herculean task of updating their bank account details on the myGov website. It's like a high-stakes version of changing your password but with a much more tangible reward – immediate funds in time for holiday shopping sprees. According to Shorten, the age group with the most to gain from this unexpected Christmas bonus is 18 to 24-year-olds, collectively owed a jaw-dropping $49 million. It seems like Santa Shorten is making a list and checking it twice, ensuring even the Millennials and Gen Zs get their fair share of financial cheer. While nearly 700,000 lucky Aussies are set to receive a notification about their long-lost financial windfall, there's a Grinchy catch: 300,000 individuals without a myGov account may remain out of reach. It's a modern-day Christmas tragedy – the equivalent of getting coal in your stocking because you forgot to sign up for the "nice" list. Opposition spokesman Paul Fletcher is urging Australians to create a myGov account, stating, "Two minutes on the app, three days later money in your account, good news for Christmas." It's like a financial magic trick - poof, and the money appears! In the midst of this Yuletide monetary magic, opposition spokesman Paul Fletcher throws some shade, claiming the coalition exposed these unclaimed benefits figures in October. "Families are struggling with cost-of-living pressures, and this is their money, not the government's," he declared, sounding like a fiscal superhero fighting for the rights of the underpaid and overtaxed. So, as Aussies rush to create myGov accounts and update their banking details, it's beginning to feel a lot like Christmas. Santa Shorten and his merry band of government officials are on a mission to spread holiday cheer, one direct deposit at a time. Who needs mistletoe when you can kiss your financial worries goodbye, thanks to the jingling sound of unclaimed Medicare benefits? It's the season of giving, after all, and in Australia, Santa Shorten is coming to town. Image: Getty

Money & Banking

New commemorative Queen coin worth serious cash

The Royal Australian Mint has confirmed that it will be releasing a commemorative 50c coin to celebrate the life of Queen Elizabeth II, on Thursday. The coin will feature all six effigies which have been featured on Australian coins during the late monarch’s reign, with two versions up for sale. One is an uncirculated version which will cost $15 and, the other is silver proof edition for $135. “With limited mintage, this coin is expected to be a highly prized addition to any coin collection,” the Mint said. Australian coin expert Joel Kandia said that online marketplaces are already selling the coin at “seven times the RRP”. Royal Australian Mint CEO Leigh Gordon added that this latest release is the perfect tribute to the late Queen. “Historically, coins bear witness to a Monarch’s reign with their royal effigies appearing on the obverse. In keeping with that tradition, this exceptional coin showcases the Queen Elizabeth II Memorial Effigy by Jody Clark on the obverse,” he said. “The Mint’s trademark storytelling is strongly represented on the coin’s reverse, which features a central design depicting the first six effigies, fanned above the Queen’s royal cypher.” This surprise release will be in high demand, with a “frenzy” expected for coin collectors, according to the Perth coin and bank note expert. “It is essentially the last coin commemorating the Queen,” Kandiah said in an interview with 7News. “It is extremely special because it features all six effigies of the Queen that have appeared on Australian coinage since 1954, so it unique in that respect. “There will definitely be a frenzy, which is why the RAM have reduced the allocation to just one per person through their physical store, through the phone and their authorised distributors. “There have been murmurings about the coin for a while, so collectors are really excited to see it confirmed and able for purchase.” The uncirculated coin itself will have a mintage of 25,000 and the silver proof version has an even lower mintage of 7,500. The coins will be for sale at the Royal Australian Mint in Canberra from 8.30am on Thursday November 23, through the Mint’s Contact Centre on 1300 352 020, or through the Mint’s authorised distributors. Image: Royal Australian Mint

Money & Banking

"That's cheap": Tim Minchin attacked by former senator over emotional moment

In the wake of tragedy, renowned Australian musician and comedian Tim Minchin faced an unexpected wave of criticism from former government minister Amanda Vanstone. Minchin, who recently <a href="https://www.oversixty.com.au/lifestyle/family-pets/tim-minchin-s-tragic-mid-show-announcement" target="_blank" rel="noopener">shared the heartbreaking news</a> of his mother's death during a concert in Sydney, was accused by Vanstone of "cheapening" the experience by making it public. The public response to Vanstone's comments was swift and overwhelmingly negative. During last Friday night's concert, Minchin bared his soul to the audience, disclosing that his beloved mother, Ros, had been battling terminal blood cancer for three years. The emotionally charged performance included anecdotes about his mother's life, interspersed with songs he had composed in her honour. The devastating climax came when Minchin revealed that his mother had passed away just a day before, at the age of 74. In a late-night tweet following the performance, former Senator Amanda Vanstone criticised Minchin for sharing such a personal and private moment with the public. "Losing a parent is hard," Vanstone wrote. "Whatever age and however expected. But to me it’s a private grief. Making it public seems to cheapen it, make it marketable." The comments struck a nerve with many, igniting a firestorm of backlash on social media. <blockquote class="twitter-tweet"> Losing a parent is hard. Whatever age and however expected. But to me it’s a private grief. Making it public seems to cheapen it, make it marketable : Tim Minchin stuns audience with sad announcement <a href="https://t.co/tSK3LhhvlX">https://t.co/tSK3LhhvlX</a> via <a href="https://twitter.com/newscomauHQ?ref_src=twsrc%5Etfw">@newscomauHQ</a> — Amanda Vanstone (@amandavanstone) <a href="https://twitter.com/amandavanstone/status/1724032047511916677?ref_src=twsrc%5Etfw">November 13, 2023</a></blockquote> Readers expressed their indignation at Vanstone's perceived lack of empathy, with many arguing that everyone processes grief differently and that Minchin's decision to share his pain was a personal choice. Some accused Vanstone of disrespecting Minchin's right to grieve in his own way, and others called for her to retract her statement. "Shut down your account you heartless crone - but then you've always been that. However, you've never been cheap - with our money," read one angry post. "It brings those who have lost their parent together to share their grief. As someone who lost their mum to cancer at a young age, this sharing is what gets me and many others through. You’re entitled to privacy. He’s entitled to share and not be labeled as opportunistic," read a second comment. "Imagine disrespecting someone’s right to grieve in a way of their choosing. That’s cheap," another said. Among the many voices condemning Vanstone's comments, an overwhelming outpouring of support for Tim Minchin also emerged. Fans commended the artist for his courage in continuing with the show despite the family tragedy. Many emphasised that sharing grief in a public space can be a source of solace and connection for those who have experienced similar losses. The consensus among Minchin's supporters was that his decision to proceed with the concert demonstrated strength and resilience. Minchin, undeterred by the controversy, has continued his nationwide tour, receiving rave reviews for his performances. On Instagram, he shared a glowing tribute from a concertgoer, underscoring the beauty of his show and its impact on the audience. The positive response to his performances served as a powerful rebuttal to those who criticised him for sharing his grief publicly. Images: Instagram / X

Caring

Aussies to receive $395 million cash boost just before Christmas

Health insurer Bupa has announced a massive increase to their Covid-19 savings scheme, giving eligible Aussies a cash injection right before Christmas. Bupa shared that their cash back scheme will increase by a hefty $75 million, taking the total amount handed back to Aussies to $395 million. The payments are part of Bupa's cost of living support and Covid-19 related savings. The insurer previously committed to $320 million in June, before announcing the extra $75 million earlier this week. Payments for the 1.8 million eligible policy-holders will range from $47 to $344, depending on their policy and level of cover. The first of the payments will be paid to recipients in November, with most eligible customers receiving their financial boost before Christmas. Bupa Health Insurance managing director Chris Carroll said he hoped the payments would help members deal with the inevitable extra spending around the holiday season. "The money will go directly into our members' bank accounts, giving them more choice to use the money in a way that is most valuable to them," he said. Bupa customers are urged to make sure their bank details with the insurer are up to date so they can get their payments with no issues, and start spending for the festive season. Image credits: Getty Images

Money & Banking

"We cannot judge": Nat Barr's frank question on war crimes for Army veteran

Sunrise host Natalie Barr surprised viewers when she confronted a war veteran after he referred senior Australian Defence Force leaders to the International Criminal Court over alleged war crimes committed in Afghanistan. Glenn Kolomeitz, a military lawyer and army veteran, signed the referral alongside Senator Jacqui Lambie. The referral to The Hague had the criminal court examine the country’s high commanders “through the lens of command responsibility”. Kolomeitz and Lambie claimed senior commanders have avoided investigation over alleged war crimes in Afghanistan. “I've got to ask you. This is a question I get asked every time we discuss this general issue,” she said. “We trained these people to kill, and we trained them to operate in a war setting. None of us as civilians have any idea what that's like and we cannot judge them for when they go over there to war. What do you say to that?” Kolomeitz insisted that defence force personnel, regardless of rank, must be investigated if they’ve committed or covered up a criminal act. “I worked with these guys on a couple of rotations, and quite frankly, they are amazing advocates for our country, but if they've done the wrong thing, they must be properly investigated, and they must be vigorously prosecuted. That's the reality,” he said. “You can't ignore the commanders. You vigorously investigate and prosecute those who have done the wrong thing, including those with command responsibility.” The TV presenter then asked if an investigation was necessary for the chief of the defence force, Angus Campbell. Kolomeitz replied, “Every joint task force 633 commanders in that job during the period of the enquiry.” The army veteran drafted the letter that would be sent to the International Criminal Court. “If Australia does nothing about it, the ICC can potentially assume jurisdiction over the higher command and excise the higher command investigation from the ongoing investigation of junior soldiers,” he said. The 2020 Brereton report found “credible” evidence that 25 current or former Australian SAS soldiers unlawfully killed 39 Afghan civilians and prisoners between 2005 and 2016. The report strongly recommended administrative action be taken against ADF personnel where there is credible evidence of misconduct, but not enough for a criminal conviction. It ruled that senior commanders were not criminally to blame for the alleged crimes. Senator Lambie noted leadership had not been held to account for their actions. “The government is no doubt hoping this will all just go away,” she told the Senate. “They're hoping Australians will forget that when alleged war crimes in Afghanistan were investigated, our senior commanders got a free pass while our diggers were thrown under the bus. "Well, we don't forget. I won't forget. Lest we forget. “There is a culture of cover-up at the highest levels of the Australian Defence Force. It is the ultimate boys' club.” Image credit: Instagram/LinkedIn

Cash could be almost gone in Australia in a decade – but like cheques, who’ll miss it?

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Late last year, the Reserve Bank gave 1,000 Australians diaries and asked them to record every payment they made over the course of a week. Of the 13,000 payments, only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">17</a> were with cheques. It’s been an astounding collapse. Back in 1980 at the start of the credit card era, <a href="https://www.rba.gov.au/publications/bulletin/1996/oct/pdf/bu-1096-2.pdf">85%</a> of non-cash payments were made with cheques. Today it’s less than <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">0.1%</a>. Earlier this month, the government announced it was following <a href="https://www.justice.govt.nz/about/news-and-media/news/the-ministry-is-phasing-out-payment-by-cheque/">New Zealand</a>, Denmark, the Netherlands and <a href="https://www.sbs.com.au/news/article/the-death-of-the-cheque-book-australia-to-phase-out-cheques/qu0e4xf55">others</a>, closing our cheque system down by <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques">2030</a>. Meanwhile, New Zealand is already on to the next thing. Having <a href="https://www.stuff.co.nz/business/300011579/bnz-anz-westpac-to-phase-out-cheque-use">phased out cheques</a>, it’s now looking at winding down the use of <a href="https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/research/future-of-cash-issues-paper.pdf">cash</a>. So how close is Australia now to becoming a cash-free nation? <h2>The hidden costs of cheques and cash</h2> Cheques are horrendously expensive to process. The average cost of everything that had to happen to process a cheque exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">$5</a> per payment, mostly borne by banks. But cash is expensive in its own way. The average cost of creating, sorting and trucking all those sheets of plastic and coins exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">50 cents</a> per payment, mostly passed on to banks and retailers, and it is soaring as the number of payments plummets. As recently as 2007, the vast bulk of consumer payments – 69% – were in cash. By 2019 only 27% were in cash. By 2022, after two years of COVID, it was only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">13%</a>. At this rate, it’s hard to be certain how long cash will last. <h2>What made cheques so slow and costly</h2> For those who’ve never had to write one, cheques are bank-issued pieces of paper on which the owner writes the name of the person they want the bank to pay and the amount. They they hand it to that person, who then hands it to their bank, which then tries to get the money from the payer’s bank. <figure class="align-right "><figcaption></figcaption></figure> Behind the scenes, until recently when the electronic transmission of digital images changed things, each bank would collect all the cheques that had been presented to its branches each day and sort them into bags, one for each originating bank. Then, late at night, its “bag man” would travel to a nondescript city location with a bag for each bank, hand the correct one to each of the other bagmen, and be given bags in return, which the bagman would take back to the bank for signature checking. When each bank worked out what it owed the other bank, they would usually discover the flows largely cancelled each other out, and then make net payments which would be reflected in the cheque-writer’s account, up to five business days later. Always expensive, the cost per cheque grew and grew as the number of Australians paying with cheques dwindled to a fraction of what it had been. <h2>How moving cash became a loss-making business</h2> It’s the same sort of story with cash. Although we don’t often think about it, cash costs an awful lot to move, sort and restock. Printing the notes still makes money – it costs about 32 cents to make each note, whether it’s worth $5 or $100, although making some coins now <a href="https://theconversation.com/the-mint-and-note-printing-australia-make-billions-for-australia-but-it-could-be-at-risk-190901">loses money</a>. The real expense is in moving notes and coins around, keeping them nearby and restocking banks and cash registers. Aside from payments the Reserve Bank makes to banks for returning damaged notes, the banks (and, through them, the retailers) are expected to pay for the lot. Until recently that gave the two firms that dominate the business (Linfox Armaguard, and Prosegur, which owns Chubb Security) a pretty good deal. Except that the volume of cash they’ve carried has dived <a href="https://www.accc.gov.au/system/files/public-registers/documents/Application%20for%20merger%20authorisation%20-%2027.09.22%20-%20PR%20VERSION%20-%20MA1000022%20Armaguard%20Prosegur.pdf">47%</a> over the past ten years, 30% of it during COVID. Both firms say their money-moving arms are incurring “heavy financial losses” and that if they increase their prices much more, retailers might move even <a href="https://images.theconversation.com/files/532829/original/file-20230620-48940-4a5amn.PNG">further away from cash</a>, pushing their costs even higher. <figure class="align-right zoomable"><figcaption></figcaption></figure> Last week, the Competition and Consumer Commission allowed them to <a href="https://www.accc.gov.au/public-registers/mergers-registers/merger-authorisations-register/linfox-armaguard-pty-ltd-and-prosegur-australia-holdings-pty-ltd-proposed-merger">merge</a> on the condition that they limit their price increases to the consumer index plus 7.5% per year. That increase is so steep as to suggest a <a href="https://www.energynetworks.com.au/news/energy-insider/the-death-spiral/">death spiral</a>: the more they charge, the less retailers will use cash, the more they’ll have to charge. The only way out, unless they can make really big efficiencies, or unless the decline in the use of cash stops, would be for the government to return to subsidising the use of cash. It’s hard to see how it could make the case to do that when there are cheaper emerging technologies. Bank transfers cost a <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">mere fraction</a> of using cash, and pretty soon we’ll be able to use them for everything, via things such as <a href="https://www.mobiletransaction.org/qr-code-payment-works/">QR codes</a>. <h2>So when will cash go the way of cheques?</h2> A previous federal government has already tried to eliminate the use of cash for transactions worth more than $10,000, as part of its attack on the black economy. Announced in 2016 by the Turnbull Coalition government, the ban was due to come into force in <a href="https://ministers.treasury.gov.au/ministers/kelly-odwyer-2016/media-releases/tackling-illegal-behaviour-black-economy">2019</a>. But, after delays, in 2020 the Morrison-led Coalition government <a href="https://www.abc.net.au/news/2020-12-07/cash-ban-law-10000-dollars-abandoned-amid-covid-crisis/12951720">backed down</a>. If Australia wants to ban cash (and ban it for small transactions too – cash is now used less than cards for transactions <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/cash-use-and-attitudes-in-australia.html">of all sizes</a>) the easiest solution might be simply to wait. <hr /> <iframe id="HykMF" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/HykMF/10/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Cards are now the dominant means of exchanging money, and electronic transfers are growing from a small base. Pure extrapolation would suggest cash has less than a decade to go, but it will probably hang around for longer as an (expensive, little-used) backup that maintains privacy. Like cheques, cash will probably die <a href="https://quoteinvestigator.com/2018/08/06/bankrupt/">gradually, then suddenly</a>. By the time it does, there will be few users left who care.<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/208020/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images 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/cash-could-be-almost-gone-in-australia-in-a-decade-but-like-cheques-wholl-miss-it-208020">original article</a>.

Money & Banking

Returning and Earning for your community

Charities and community groups across NSW are cashing in empty drink containers to support their important work in the community, all with the added benefit of helping the environment. It’s an easy win-win to fundraise through Return and Earn, and it makes donating to a local charity or community group very easy. Return and Earn is the incredibly successful container deposit scheme in NSW, where 10 cents is refunded for every eligible drink container returned for recycling through the network of 600+ return points across the state. Since launching over five years ago, <a href="https://returnandearn.org.au" target="_blank" rel="noopener">Return and Earn</a> has become an important and well used channel for charities and community groups fundraising to support a range of local and broader causes. Groups such as Rotary and Lions Clubs, animal rescue organisations, and fire and rescue services are just a few of the many different cohorts that have partnered with Return and Earn and relied on the generosity of NSW citizens to help them do vital work in their communities. “We’ve seen many groups really embrace the scheme, showing a humbling passion for giving back to the community – whether it’s to help fund an event for a local club, or to donate to a charity,” said Danielle Smalley, CEO of scheme coordinator, Exchange for Change. “Some of these groups have raised a lot of money from recycling drink containers through Return and Earn. Often local residents and businesses are handing over their containers or donating their refunds to support the cause, proving there is enormous goodwill in the community.” The Gerringong Lions Club recently celebrated one million containers collected, raising $100,000 that was donated to a variety of causes including medical research, local sporting facilities, as well as helping both Australian and oversees Lions Clubs provide relief during catastrophes. <img class="alignnone size-full wp-image-67811" src="https://www.readersdigest.com.au/wp-content/uploads/2023/06/Gerringong-Lions-Club-image-2-for-article-2_RD.jpg" alt="" width="770" height="500" /> The Gerringong Lions Club are now raising around $20,000 each year. The COVID shutdowns and restrictions put a halt to the activities that would normally bring funds to the club. Return and Earn was the only means for the club to generate an income to help the community during this time. As routine users of the scheme, the Gerringong Lions Club are now raising around $20,000 each year, all the while making positive impacts to the environment. Bruce Ray is a past president and active member of the club, and says he gets a sense of satisfaction knowing they are helping the community while also looking out for the environment. “We have the bins at the hotel, the bowling club, and campgrounds. The club also provides the container collection bins for events such as weddings and uses them at local New Years’ Eve events,” said Mr Ray. In Cobar, the local Rotary Club is also using Return and Earn to support the work in their community. They partnered with the local Girl Guides who help the club sort through any drink containers collected. They’ve now raised more than $25,000 since they began in early 2020. Club Secretary Gordon Hill said that one of the benefits for the Girl Guides is the real-world experience in seeing how much locally created waste can be recycled. “It also provides a healthy opportunity for a challenge to see which girls can pack the most containers during a 1.5 to 2 hour session. The record currently stands at 3,080, but the challenge continues,” Gordon added. <img class="alignnone size-full wp-image-67813" src="https://www.readersdigest.com.au/wp-content/uploads/2023/06/Cobar-Rotary-Club-image-for-article-2_RD.jpg" alt="" width="770" height="500" /> In Cobar, the local Rotary Club has partnered with the Girl Guides to help with sorting! Since Return and Earn launched in December 2017, over $42 million has been raised through donations and return point hosting fees. The funds have made a significant difference to individuals and groups who have received the support. “There are a lot more collection drives in the community that we don’t track, so the total fundraising amount is in fact even higher,” Ms Smalley said. “We encourage all our Return and Earn users to consider donating containers to a local charity or community group either at the nearest Return and Earn machine or using the Return and Earn app. “And if you’re a member of a group looking for an easy and effective way to fundraise, consider Return and Earn where you can double the benefit by raising funds while also helping the environment.” Every Return and Earn machine features a local donation partner, to whom users can donate part or all of their refunds to. The charity listed changes every six months to give as many groups as possible the opportunity. Charities and groups can also elect to be listed on the Return and Earn app, allowing anyone using the app at a machine or automated depot to donate direct to their favourite charity. There are currently over 170 charities featured on the app. When using a Return and Earn machine, select donate, then select which of the charities listed you want the funds to go. If you’re using the Return and Earn app, simply select donation as your payout option and then select the charity or group you would like to donate your refund to. “Contributions don’t need to be big to make a difference. It can be as easy as collecting a few eligible drink containers and donating them to a charity, helping local communities thrive while looking after the environment.” said Ms Smalley. For more information on donating through Return and Earn visit <a href="https://returnandearn.org.au/donate/" target="_blank" rel="noopener">returnandearn.org.au/donate/</a> Images: Supplied This is a sponsored article produced in partnership with Return and Earn.

Money & Banking

"This is absurd": PM mocks bizarre Higgins conspiracy

Prime Minister Anthony Albanese has denied claims Senator Katy Gallagher misled Parliament over what she knew about <a href="https://www.oversixty.com.au/news/news/lisa-wilkinson-denies-turning-to-senior-politicians-over-higgins-rape-allegations" target="_blank" rel="noopener">Brittany Higgins’ rape allegations</a>, dubbing it a “bizarre conspiracy”. Amid the Coalition preparing to target the Finance Minister and Labor during question time, Albanese is backing the Senator completely. He said the real questions were around how the Morrison Government mishandled the issue and not about how Higgins’ boyfriend tipped off Senator Gallagher. “This is absurd,” Albanese declared. “It’s a bizarre conspiracy theory – this concocted issue by what is a desperate Liberal opposition looking for any issue. “Katy Gallagher has been transparent.” The uproar follows the leaking of a six-hour audio tape that hears Higgins’ partner David Sharaz bragging to The Project that he had a connection with Senator Gallagher and in turn, she would drive the story forward in Senate estimates. Network Ten has lodged a police complaint over the leak after a tape of Lisa Wilkinson and Brittany Higgins was seen on a rival channel. Thomson Geer law firm partner Marlia Saunders, who is currently acting for Network Ten in the defamation proceedings, has confirmed she has filed a complaint to Australian Capital Territory Policing. Ten has complained that the material used was obtained via coercive subpoenas for the criminal trial and should have remained under wraps. “Last Wednesday, Ten made a complaint to the AFP requesting they investigate an apparent contempt of court,” Saunders told news.com.au. It relates to material produced under an AFP warrant and a subpoena issued in the ACT Supreme Court which Saunders said “appears to have been disclosed to the media in breach of the implied undertaking.” “The AFP yesterday confirmed the complaint has been received for consideration,” she said. The leaked audio tape first aired on Channel Seven during a televised interview on the Spotlight program, it has since been leaked to The Daily Mail, The Australian and Sky News. The ACT Supreme Court did not release the entire audio at the trial, but parts of it were played to the jury. The audio hears Wilkinson describing former Defence Minister Linda Reynolds as “a nobody” and an “idiot”, and saying “who is this f***king woman”. It also recorded the group war gaming the story and suggested Albanese would “definitely” raise the issue in time. Wilkinson has confirmed she never contacted him to do so. The leaked texts show private discussions with Wilkinson’s husband Peter Fitz-Simons regarding a $325,000 book deal and Sharaz describing then-Prime Minister Scott Morrison as a “c***t”. Higgins’ private text messages were provided to the police and lawyers during the criminal trials, and have since been leaked by sources unknown to media outlets. In the text messages, Sharaz suggested he had forwarded the entire transcript of Higgins’ interview with Lisa Wilkinson to Senator Gallagher before the story aired. Channel 10 were seemingly unaware that Sharaz had forwarded the transcript, which was also a signed statutory declaration, to other parties before the broadcast. In June 2021, Senator Gallagher was in a state of fury when the then-Defence Minister Linda Reynolds proposed she “knew where this started”, adding she had been tipped off by a Labor Senator before the story broke about what the ALP was planning. “No one had any knowledge. How dare you! It’s all about protecting yourself,” Senator Gallagher said at the time. Speaking at an ALP conference in Fremantle, Senator Gallagher was asked if she would stand aside or resign. “Why would I?" she said. “I was responding to an assertion that was being made by the minister Reynolds at the time that we had known about this for weeks and had made a decision to weaponise it,” she continued. “That is not true. It was never true. I explained that to Senator Reynolds that night and she accepted that explanation.” “Mr Sharaz provided me with information, I think we’ve seen that in the paper in the last couple of days,” she said. “I did nothing with that information. And I was clear about that at the time. “There’s absolutely no issue here at all,” she insisted. “I’ve been clear, I’ve been honest. And at all times, I’ve been guided by the bravery and courage of a young woman who chose to speak up about her workplace. And from that we have had massive changes to that workplace because of the problem.” Image credit: Getty

Legal

“Pattern of bigotry”: Pauline Hanson being sued by senator over tweet

Greens deputy leader Mehreen Faruqi has launched legal action against Pauline Hanson over a tweet telling her to "pack your bags and piss off back to Pakistan”. Documents filed in the Federal Court on May 3 allege the One Nation leader breached section 18C of the Racial Discrimination Act with the tweet in 2022. Faruqi is seeking a sum of $150,000 be donated to a not-for-profit or community organisation of her choice. She also wants Hanson to undertake anti-racism training and pay legal fees. Faruqi revealed in a statement that she had “taken on bullies” her whole life and had no choice but to take on Hanson. "I refuse to let Senator Hanson get away with racist bullying and harassment," she said. "Senator Hanson crossed a line when she tweeted those hateful comments and I am hoping the Federal Court puts an end to this pattern of bigotry. "Not just for me, but for the almost 30 per cent of Australians born overseas, and their next generations. "I shouldn't have to take the personal risk and trauma of taking Senator Hanson to court." In 2022, the Greens attempted to reprimand Hanson in the upper house but the motion was amended by the government and opposition to instead condemn all forms of racism. Hanson defended her comments and denied she is racist. Farqui said she decided to launch proceedings following Hanson’s refusal to apologise for her tweet and her rejection of conciliation attempts from the Australian Human Rights Commission. "Senator Hanson has used her decades in the spotlight and immense public platform to spew vicious hate towards people of colour," Faruqi said. "She has caused incalculable harm and gotten away with it for far too long. "It's time that she was held accountable. "Senator Hanson has been contacted for comment on the court action." Image credit: Getty/Instagram

Legal

“He threw me under the bus”: Lidia Thorpe responds to Dad’s interview

Senator Lidia Thorpe has accused her father of throwing her “under the bus” following his <a href="https://www.oversixty.com.au/entertainment/tv/lidia-thorpe-s-dad-calls-her-racist-in-extraordinary-interview" target="_blank" rel="noopener">TV interview</a>, where he claimed she was “very racist against white people”. Speaking to activist Tom Tanuki in an interview on Youtube, Ms Thorpe covered many of her recent controversies. “When I pay attention to the things you say, I am never left in any doubt as to exactly what your politics are. I always get an extremely firm sense of your perspective,” Mr Tanuki told the senator, who left the Greens in February 2023 following disagreements on the proposed Indigenous Voice to Parliament. “Your actions, even protest actions, marry up with your words. More than most politicians, let’s face it. You are ostensibly bulls*** free, in that you mean what you say and you will take actions to show that you mean it.” “And that’s always got me into trouble,” Ms Thorpe explained. “Because I’m a straight shooter, straight talker, I’ve got nothing to hide, and people struggle with that. And they want me to conform to what? What do you want me to be like? Do you want me to be like Pauline Hanson, do you want me to be like Jacinta Price? You know, what’s a good model politician that you want me to be like? “Obviously being myself is hard for people to understand. I’m a good person. I have a beautiful relationship, I have beautiful children. And my dad’s been texting me all morning, telling me he loves me, even though he threw me under the bus on Andrew Bolt. “So, you know, we all have our own lives and our own complications, but I’m a loving person, and I’m genuinely wanting to bring this country together. Working class conservatives and the left, on a journey towards peace and healing.” Roy Illingworth, Ms Thorpe’s father, took aim at her when speaking to Sky News Australia host Andrew Bolt, explaining he was “disappointed” by her abandoning her English and Irish heritage. “The way I see it, the way she is and the way she's changed over the years, she's a very racist person against white people," he said. “She doesn’t acknowledge any of her white side. I’m a bit disappointed in the way she’s been carrying on lately. “Because after all, she does have English background as well as Irish, the convict side. “She’s never, ever mentioned me in her speeches, never mentioned anything about a white father, which disappointed me a little bit.” Mr Illingowrth revealed he had fallen out with his daughter and had no contact with her children, although she did still call him for his birthday and Father’s Day. “She’s said a lot of bad and evil things to me over the years,” he said. “We still love each other and, at the end of the day, she’s still my daughter.” He claimed Ms Thorpe became politicised in her late teens and “turned racist”, though he did acknowledge her as a “strong woman”. Ms Thorpe has been at the front of several controversies, with the most recent being an intense altercation with a group of men outside a Melbourne strip club at 3am. The footage that emerged from the incident captured Ms Thorpe taunting the group of men, one of whom called her a racist dog, and saying another had a “small penis”.’ She claimed she did not instigate the exchange and was just responding to harassment. Ms Thorpe gave further insight into the altercation with Mr Tanuki. “When I said that person had a little d**k, it was for the reason that you waited for us to walk out of the door and then, you had all your mates around you, and then you had a go at me,” she said. “I mean, don’t call yourself a man or a bigshot standing outside the door if you can basically wait and plan to have a go at a black senator who was spending money in the club, but also having some really beautiful conversations and yarns. “What has been portrayed is blatantly wrong, and it’s also exemplary of how this country deals with people like me, whether I’m a senator or not. I’m a black woman, and look at how black women are treated in this country.” Mr Tanuki later asked her why she thought the “Australian political media establishment” was “so concerned with policing your rudeness?” “I think different elements of the political spectrum have different reasons,” she responded. “If you look at the right-wing media, they’re scared. They’re becoming the minority, and they’ve not had to deal with truth in the way that’s being put in their face every day. “In terms of the progressives, they’ve all got their hands on their heart and they’re feeling really good about the voice, it appeases their white guilt, makes them feel like they’ve done something for us. “Even though they won’t pay the rent, or force the government to stop deaths in custody, or stop child removal, or give us our rights.” Image credit: Getty

Family & Pets

5 super simple ways to save cash for retirement

During the lead-in to retirement, money management becomes more important than ever. And while we often get lost pondering over in the major financial decisions, getting the minor financial decisions right can be just as important. We’re going to run through five simple ways any soon-to-be-retiree can save cash for their golden years. Sometimes the smallest changes make the biggest difference. 1. Set targets Saving can be difficult if you don’t know where the goalposts are placed. But how much do you really need to retire? As <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank" rel="noopener">Equip notes</a>, “According to ASFA (the Association of Superannuation Funds of Australia), a couple needs approximately $640,000 in retirement savings for a comfortable lifestyle. For a single person that number is $545,000.” Setting minor saving targets, even if it’s just a little bit of money here and there every week, can get the ball rolling and start putting yourself in a position to prop up your nest egg. 2. Shop smarter While you don’t want to be living like a miser, smarter shopping choices can add up. Keeping your ear to the ground for discounts, taking advantage of specials and avoiding any discretionary purchases will help keep you in the black. 3. Clear any outstanding debt Debt can be an inconvenient drain on your income in the lead-in to retirement. If you’re set to take the plunge and find yourself in a mire of debt, it’s important to take necessary steps as soon as possible, which might mean finding a financial planner. <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank" rel="noopener">Equip says</a>, “Having outstanding debts as you approach retirement isn’t necessarily a problem, but it does require some planning. For example - do you use your super to pay off your mortgage? There’s no simple answer, but speaking to a financial planner can help you understand your options and what they mean in the long term.” 4. Change spending habits Ultimately, if you’re looking to save some extra cash for retirement you’re going to have to change your spending habits. Little things like drinking coffee at home, or staying in for lunch and dinner can make a big difference in the long run. 5. Explore your options Taking the measures listed above is a good start, but you’re only scratching the surface of what you can do to prop up your retirement income. <a href="https://www.equipsuper.com.au/financial-planning/meet-our-financial-planners" target="_blank" rel="noopener">Qualified financial planners</a> can give you advice and guidance on little things you can do in your day to day life that will ensure you’re in a better position when you’ve reached retirement. Image credits: Getty Images

Retirement Income

Carrie Bickmore cops a warning after going rogue on air

Carrie Bickmore has reportedly copped a tense warning after making a big cash offer live on her radio show. The radio presenter, along with her co-host Tommy Little, were partaking in a long-running segment called The Time Game, in which listeners call in and try to guess when a stopwatch reaches exactly 5.00 seconds. The game, which regularly airs on their Hit Network drive show Carrie and Tommy, has never actually been won in the three years that the duo have been inviting listeners to play, with the cash prize rising by $100 each time the game remained unbeaten. During Wednesday's show, the game was commencing when Carrie decided to raise the stakes for listeners, without previously clearing her rogue idea with the radio powers that be. The hosts shared that the cash prize has risen to a whopping $10,000, when Bickmore decided to add another $20,000 to the prize money before listener Nick was invited to play. “Because our show starts at three, I’m timesing it by three: thirty grand on the line today,” Bickmore announced. “I just think it’s what people want.” Tommy Little seemed stunned at this sudden leap in the prize money on offer, asking his co-host, “Have you been hitting the bottle early?” and noting that their boss was “shaking her head.” “I’m not looking at her. If I’m not looking at her, it won’t be a problem,” Bickmore said. Minutes later, with the game still yet to be played, Bickmore revealed that her announcement had sent the show’s bosses into a frenzy. “There’s been a few meetings that’s been happening off-air in the last 10 minutes with bosses going, ‘You can’t just go saying things on-air that we can’t fulfil.’ I will fulfil it. If they can’t, I will.” In a spectacular twist, as Nick began to play the game, he called stop just as the stopwatch hit five seconds exactly. “Oh Nick, I didn’t run this past the bosses at all … I just went rogue and said $30,000 and now I’ve … oh my god, oh my god,” Bickmore said. “I’m so excited by this, but I’m slightly terrified, because I’m not sure if it’s my money or the company’s money that you’re about to take.” Thankfully for Bickmore, the Hit Network covered the $30,000 prize money, according to a statement shared to <a href="https://www.news.com.au/entertainment/tv/radio/tense-meetings-after-carrie-bickmore-goes-rogue-with-big-cash-offer-onair/news-story/462716cd6ad770c7dec38c912f54a2d5" target="_blank" rel="noopener">news.com.au</a>. Image credits: Hit Network <div class="AV62af35d851923c62777207b4" style="box-sizing: inherit; margin: 0px auto; font-family: 'Helvetica Neue', HelveticaNeue, Helvetica, Arial, sans-serif; font-size: 18px; width: 705.202209px;"> <div id="aniBox" style="box-sizing: inherit; overflow: hidden; transition: height 1s ease 0s; opacity: 0; width: 705px; height: 1px;"> <div id="aniplayer_AV62af35d851923c62777207b4-1677109384997" style="box-sizing: inherit;"> <div id="aniplayer_AV62af35d851923c62777207b4-1677109384997gui" style="box-sizing: inherit;"> <div id="av-caption" style="box-sizing: inherit; position: relative; text-align: center; line-height: 18px; width: 705px;"> <div id="av-close-btn-overlay" class="av-pos-top-left" style="box-sizing: inherit; display: inline-block; position: relative; z-index: 9999999; vertical-align: top; padding: 30px; margin: -30px; float: left;"> <div id="av-close-btn" style="box-sizing: inherit; z-index: 9999999; position: static; top: 0px; left: 0px; width: 18px; height: 18px; background-color: rgba(0, 0, 0, 0.4); background-size: 60%; border: none; transition: all 0.15s ease-in-out 0s; background-position: center center; background-repeat: no-repeat no-repeat;"></div> </div> <span id="av-label" style="box-sizing: inherit; display: inline-block; text-transform: uppercase; font-size: 9px; color: #bbbbbb; z-index: 83; vertical-align: top; font-family: Helvetica, Arial, fallback, sans-serif; line-height: 10px; margin: 0px; padding: 4px;"></div> </div> </div> </div> </div>

News

Ways you’re wasting money without knowing it

Airline fees You’re paying extra for almost everything when you fly these days, from your bags to your seat. So be sure to compare not only the prices of flights but what they’re charging in extra fees. You may also want to weigh your bag before you go to avoid any additional charges. Bank fees Not keeping enough money in your bank account could cost you some serious cash. How much? ATM and other maintenance fees can also add up to $1,000 over ten years. To avoid them, look for banks with free ATMs that don’t charge monthly maintenance fees. Buying things new Sure, a shiny new car is tempting. But as soon as you drive it off the lot, the car loses 11 percent of its value. A better option? Opt for a reliable used car and a short-term loan you can pay off quickly. The same goes for electronics and other items. Convenience foods Pre-cut fruit and vegetables can save time, but they can also dent your wallet. Instead, buy food as close to its natural form as possible, and divide it up into portion sizes yourself. The same concept applies for all those fancy lattes. Even if you buy just three $5 drinks each week, that’s $780 per year. Over a decade, it’s $7,800. Credit card interest It’s not uncommon to be charged 20 percent annually, although some people face even steeper rates. If you carry $25,000 in debt, paying 20 percent on it will cost you a whopping $5,000 annually – just in interest. To avoid paying extra money for old debts, try the snowball method. Pay off the card with the lowest balance first, then move on to the next one. Dry cleaning A typical trip to the cleaners for your pants and shirts can cost you more than $10. With a weekly visit, that could add up to more than $500 per year. To save that money, clean your shirts in the delicate cycle in your washer or hand wash them. Eating out Going out to dinner with the family can be a nice treat, but doing it regularly really adds up. Instead of buying your lunch every day, save money by packing it. And before you go out, look for specials like coupons or happy hours or get entrees instead of full meals. Extended warranties Getting an extended warranty on that refrigerator or car you bought sounds like a good idea. But most extended warranties aren’t worth the money. Why? The fine print may not include likely problems, or you may be buying duplicate coverage. A better plan? Open a savings account and sock away money for any repairs that might come up. Impulse buys Spur-of-the-moment buys can cost you more in the long term, because you may not really need them, or you haven’t shopped around for better deals. Really want something? Take a 24-hour breather and see if you still do. Name brands Brand names can be tempting when it comes to consumer products like cereals and soaps. But the generic versions work just as well. And when it comes to medications, generic versions can cost between 30 and 80 percent less than brand-name drugs. Ask your doctor to specify on the prescription that generic medications should be substituted for name brands. Phantom electricity Everyone wants to make sure their electronic devices are charged. But keeping your laptop and phone plugged in once they’re at full power is costing you – especially with high energy prices. To save money, make sure to power down your devices when you’re not using them and use a power strip to easily turn off several electronics at once. Procrastinating You might think it’s a good idea to wait for last-minute deals, but procrastinating can cost you in the long run. Plane tickets and hotel rooms can get more expensive the closer to the date. And procrastinating on saving money will mean less down the road. Speeding Rushing to get somewhere may be tempting, but it can also add up. On the highway, speeding can decrease your fuel mileage by up to 30 percent. That’s not counting what it will cost you if you get stopped for your leadfoot or hit another vehicle. So slow down and save. Subscription boxes The average subscription box costs between $10 and $40 per month, which means you could be spending well over $100 a year – on just one service. Think about whether you’re really using (and enjoying) the majority of the items in the box on a regular basis. If not, it might be time to cancel your subscription. Unused memberships You signed up for that gym membership with the best of intentions, but if you’re part of the 67 percent of people with a membership who never set foot in the gym, you could be wasting more than $700 a year. And if you’re a member of one of the fancier gyms, you’re wasting even more. Tax deductions you're missing Earned income tax credits were designed to help keep money in people’s pockets. But 20 percent of people who qualify for the deductions don’t take advantage of them. To make sure you get the deductions you’re entitled to, use an online tax program or hire a professional. Wasted food A trip to the grocery store may cost you money in more ways than one. Because of lack of planning, impulse buying, and cooking too much food, an average of one in five bags of groceries goes to waste. To save, make a plan before you go shopping, don’t go to the store hungry, and eat/freeze your leftovers. Image credits: Getty Images This article originally appeared on <a href="https://www.readersdigest.com.au/food-home-garden/money/ways-youre-wasting-money-without-knowing-it?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.

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