Lifestyle Creep [What It Is And How To Stop It]
Lifestyle creep is a typical pattern of spending more money than what you earn, getting used to different luxuries and conveniences as the new life norm.
What Causes Lifestyle Creep?
The causes of lifestyle creep may vary from person to person. For some reason, most people find that after they get a significant raise in salary, they want to buy bigger homes, nicer cars, better furniture, etc.
Here Are Some Of The Common Causes Of Lifestyle Creep
1. Financial Debt 2. Hitting Your Limit 3. Over-the-Top Spending
Why Is Lifestyle Creep Destructive?
1. It Makes Us Feel Bad About Ourselves 2. Leads To Financial Stress And Dissatisfaction
Examples Of Lifestyle Creep
1. Overspending On Vacations 2. Overspending On Gifts 3. Buying Too Much Stuff 4. Spending Beyond One’s Means
How To Prevent Lifestyle Creep
1. Keep Your Expenses Low 2. Learn About Your Spending 3. Reduce Temptation 4. Avoid Impulse Shopping 5. Track Your Progress
Tips For When You Start Making More Money
1. Save Some Of Your Earnings 2. Reduce Spending On Unnecessary Things 3. Set Up Monthly Goals 4. Pay Off Debt 5. Invest Instead Of Saving Every Cent
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