Have you ever found yourself daydreaming about how you will spend your next pay raise or bonus? Maybe you plan to make repairs on your home, begin saving for your child’s future college expenses, or want to eliminate high-interest credit card debt. However, before you know it, those funds are gone, and your goals remain incomplete. Where did all this new money go? It’s a phenomenon called lifestyle creep. We’re here to help you understand its causes and consequences and how to avoid it. What is Lifestyle Creep? Lifestyle creep, also known as lifestyle inflation, is when your general spending…
Preventing Lifestyle Creep from Overtaking Your Finances
Have you ever found yourself daydreaming about how you will spend your next pay raise or bonus? Maybe you plan to make repairs on your home, begin saving for your child’s future college expenses, or want to eliminate high-interest credit card debt. However, before you know it, those funds are gone, and your goals remain incomplete. Where did all this new money go? It’s a phenomenon called lifestyle creep. We’re here to help you understand its causes and consequences and how to avoid it. What is Lifestyle Creep? Lifestyle creep, also known as lifestyle inflation, is when your general spending…