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

<a href="https://theconversation.com/profiles/ama-samarasinghe-1386754">Ama Samarasinghe</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> As our wallets feel the strain from the cost-of-living crisis, many of us are looking for ways to soften the blow. 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. Here are three practical tips to reduce the impact of the cost-of-living increases, and stretch every hard-earned dollar. <h2>1. Hunt for a better loan rate</h2> For many households, the biggest hit comes from the mortgage, so start there. 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. 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. 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. If you find a lender offering a better rate, you might consider calling the competing bank to ask about switching your mortgage to them. 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). 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. 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. 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. 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. <h2>2. Trim your expenses and uncover hidden savings</h2> It’s time to become a budget detective, identifying and cutting down on non-essential costs that might be quietly draining your wallet. Take a close look at those recurring memberships and subscriptions. How often do you actually use that gym membership or streaming service? Many banking apps have handy spending tracking features to help you set realistic budget goals for each spending category. 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. 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. 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. 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. If you’re renting, ask yourself whether moving to a cheaper suburb or a cheaper home is an option. Many people use cashback sites like Cashrewards and ShopBack to accrue cashback incentives. <h2>3. Maximise returns and tackle high-interest debts</h2> While rising interest rates might make your mortgage climb, it also means high interest on your savings. 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. 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>. 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>. 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" /> <a href="https://theconversation.com/profiles/ama-samarasinghe-1386754">Ama Samarasinghe</a>, Lecturer, Financial Planning and Tax, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT 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/the-cost-of-living-crisis-is-hitting-hard-here-are-3-ways-to-soften-the-blow-218118">original article</a>.

Money & Banking

DIY fabric-covered notebooks

This DIY fabric-covered notebook makes a lovely gift idea for friends and family. Using scraps of fabric (or even old items of clothing) and cheap plain notebooks, these customised notebooks cost next to nothing and will take you no time to make. What you will need: <ul> <li>Notebook</li> <li>Fabric of your choice </li> <li>Scissors</li> <li>Sharpie and ruler</li> <li>Mod podge</li> <li>Paint brush</li> </ul> How to: 1. Open your notebook flat over the fabric. Trace around notebook leaving a three centimetre border. Cut fabric. 2. Paint the outside of notebook with a layer of mod podge. Carefully press fabric onto notebook and smooth so there are no wrinkles. 3. Glue overhanging fabric edges on inside of the cover. Stick the first and last pages of notebook to covers so the fabric won’t show. Let dry. Top tip: Embellish your notebook with ribbons or twine. You can even use a few different materials to create a pattern on your notebook. Your imagination is your only limit! Images: Shutterstock

Art

Bringing art into public spaces can improve the social fabric of a city

You don’t need to look far to see the impact of art in public spaces. Art can connect us to place and record history as it unfolds. Throughout the COVID-19 pandemic, stories on the <a href="https://www.publicartarchive.org/public-art-covid19/">importance of public art</a> are being <a href="https://www.nytimes.com/2020/05/01/travel/coronavirus-street-art.html">told globally</a>. And this isn’t new. Times of crisis have often inspired some of the most influential artistic movements. Displaying visual symbols of resistance publicly, like the face of George Floyd, can connect <a href="https://www.thisiscolossal.com/2020/06/george-floyd-global-murals/">social movements across the world</a>. And in Canada, the display of statues like Egerton Ryerson have been <a href="https://theconversation.com/egerton-ryerson-racist-philosophy-of-residential-schools-also-shaped-public-education-143039">deemed unacceptable</a> as we reckon with our ongoing colonial history. Public art <a href="https://www.routledge.com/The-Everyday-Practice-of-Public-Art-Art-Space-and-Social-Inclusion/Cartiere-Zebracki/p/book/9781138829213">can be defined</a> as art that is available to the general public outside of museums and galleries; publicly funded; and related to the interests or concerns of, and used by a public community. Public art is referred to by some as <a href="https://www.deeproot.com/blog/blog-entries/creative-placemaking-using-the-arts-as-a-tool-for-community-development">creative placemaking</a>: a process of artistic creation and collaboration that helps to shape the surrounding built, natural and social environments. For French philosopher <a href="https://www.versobooks.com/books/1029-the-emancipated-spectator">Jacques Rancière</a>, art is disruptive. Done right, he says, it can make the spectator rethink their understanding of politics and society by calling to attention previously hidden inequalities. For many, the power of public art rests in its ability to turn artistic practice into a <a href="https://www.artnews.com/art-news/news/art-of-social-practice-is-changing-the-world-one-row-house-at-a-time-2415/">social practice</a>. It challenges the viewer to confront social issues that affect the very place they stand. <h2>Art in times of crisis</h2> COVID-19 is just one example of a period of shared adversity when our connection to the arts has flourished. <a href="https://time.com/5827561/1918-flu-art/">The Dadaists’ commentary on the 1918 flu</a> reflected an intense and collectively frustrated desire for meaning in a world filled with chaos. During the Great Depression, the arts became increasingly experimental. In the United States, President Franklin D. Roosevelt’s New Deal saw the largest public art <a href="https://www.smithsonianmag.com/arts-culture/1934-the-art-of-the-new-deal-132242698/">funding initiative</a>the country had seen. A few decades later, in the 1980s, provinces and municipalities in Canada followed suit and began <a href="https://canadianart.ca/features/art-in-condoland/">significantly investing in public art</a>. <a href="https://theconversation.com/the-soundtrack-of-the-sixties-demanded-respect-justice-and-equality-105640">Protest music</a> during the civil rights movement and Vietnam War expressed anger, despair and hope. Gay artists and writers <a href="https://www.cairn.info/revue-etudes-anglaises-2008-3-page-350.htm">during the AIDS crisis memorialized a collective grief</a> that was being either ignored or vilified. The art from both eras came at an immense cost, and has been profoundly culturally and socially influential. Today, the pandemic has highlighted and exacerbated inequalities that were already present. But there has also been engagement and social solidarity: from <a href="https://www.thestar.com/news/gta/2021/05/23/19-black-canadians-on-what-has-changed-one-year-since-george-floyds-murder-and-what-next-steps-we-need-to-take.html">Black Lives Matter</a>, to the Indigenous <a href="https://www.macleans.ca/opinion/what-were-seeing-in-2020-is-idle-no-more-2-0/">Land Back movement</a> and <a href="https://podcasts.apple.com/ca/podcast/we-are-not-the-virus/id1530051155">support for unhoused people</a>. Those who have the privilege not to pay attention are finding this option less viable. This engagement arguably comes with its own <a href="https://theconversation.com/what-is-solidarity-during-coronavirus-and-always-its-more-than-were-all-in-this-together-135002">set of problems</a>, but it is a momentum that can be built upon to imagine and do the work needed to create better futures for society. Artists are well positioned to do this creative imagining. <h2>Art beyond the gallery</h2> As we each search for meaning throughout our intensely local and geographically limited lives during the pandemic, public art finds, creates and shares the beauty, joy and solidarity that can be found in public spaces. Galleries are often isolated from the communities in geographical proximity. They have often been <a href="https://doi.org/10.1080/00043249.2017.1367190">places of exclusion</a>, and have historically served to uphold a dominant, European <a href="https://jps.library.utoronto.ca/index.php/des/article/view/20250">settler-centred narrative</a>. They have played a role in perpetuating colonial and racist attitudes towards Indigenous communities, their art and histories. Indigenous artists have long been <a href="https://www.rebeccabelmore.com/artifact-671b/">challenging these narratives</a>. Mainstream art is catching on, and there has been an unprecedented level of Indigenous <a href="https://www.tandfonline.com/doi/abs/10.1080/00043249.2017.1367191">representation and leadership</a> within gallery spaces in recent decades. This leadership should shape public art in Canada. Public spaces, like art galleries, have also <a href="https://theconversation.com/6-ways-to-approach-urban-green-spaces-in-the-push-for-racial-justice-and-health-equity-160227">privileged some</a> more than others. Bringing art outside of the gallery space is not a catch-all solution. What matters more is how it’s done. <h2>Toronto’s year of public art</h2> In Toronto, the municipal government has announced that its “<a href="https://www.toronto.ca/explore-enjoy/history-art-culture/public-art/year-of-public-art/">Year of Public Art</a>” will begin in the fall with a total budget of $4.5 million in 2021. This is the inauguration of a 10-year public art plan. It responds to calls for an improved public art strategy, with a greater commitment to equity in the location of installations, the level of engagement with communities and the artists who create works. Toronto has promised a strong commitment to Indigenous self-determination, leadership and placemaking within its public art strategy. The city’s public art installations have <a href="http://www.theartfulcity.org/home/2017/3/9/50-years-of-public-art-in-toronto-where-do-we-go-from-here">increased in the past 50 years</a>, with over 700 installations added between 1967 and 2015. Toronto’s <a href="https://www.toronto.ca/city-government/planning-development/official-plan-guidelines/design-guidelines/percent-for-public-art-inventory/">Percent for Public Art program</a>, a commonly used strategy in cities in North America and Europe, encourages developers to donate one per cent of their gross construction costs towards public art in their development’s direct vicinity. The program is <a href="https://www2.ocadu.ca/sites/www2.ocadu.ca/files/project/Pt1%20-%20Redefining%20Public%20Art%20Toronto%202017.pdf">voluntary</a> though. And because most development is happening in the downtown core, this is where public art has been concentrated, meaning neighbourhoods with less development have received less investment in public art. Nonetheless, the city is home to a multiplicity of adept communities and talented artists who continue to use public art to build community capacity and foster social inclusion. Listening to artists of diverse backgrounds and elevating communities to participate meaningfully will support important conversations that determine our collective future. And that makes the investment in public art worthwhile for us all. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/bringing-art-into-public-spaces-can-improve-the-social-fabric-of-a-city-162991" target="_blank" rel="noopener">The Conversation</a>.

Art

How to: homemade laundry powder and softener

With all of the cleaning products one needs to buy for the house the bill at the supermarket can add up quickly. One thing we cannot go with out – and that can also be quite pricey – is washing detergent and softener. While this might sound like a small saving, in today’s economic climate saving even a small amount of money each week is worth the effort – and the dollars will add up over a year. What's more is that using these items from around the home to make your washing needs will save the envorinment too. Here's our recipe for homemade washing powder and fabric softener. LAUNDRY POWDER Ingredients <ul> <li>1 bar of grated soap (a homemade laundry bar, Dr Bronner’s, Ivory, ZOTE – try and opt for something natural with no nasties)</li> <li>1 cup Borax</li> <li>1 cup baking soda</li> <li>2 cups washing soda</li> <li>A large bucket</li> <li>An airtight container</li> </ul> Instructions 1. Process (or grate) the bar of soap bar until it is fine. 2. Carefully mix everything together in the large bucket. 3. Transfer to an airtight container and voila you’re done. Use one tablespoon per wash. FABRIC SOFTENER Ingredients <ul> <li>White distilled vinegar</li> <li>A bunch of your favourite fresh herbs of your choice (think lavender, rosemary, chamomile, lemon myrtle)</li> <li>Essential oil of your choice</li> <li>0.5 to 1 litre sealable glass bottle</li> </ul> Instructions: 1. Pour vinegar into glass bottle. 2. Add in the herbs. 3. Pour in about ten drops of your favourite essentials oil – think about a complementary scent to your herbs. Voila, you’re done. You just need to add ¼ cup to your wash.

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

DIY fabric-covered notebooks

Bringing art into public spaces can improve the social fabric of a city

How to: homemade laundry powder and softener