Lifestyle creep: the tendency to continue increasing your spending as your income grows.
A higher income is often accompanied by more spending. Typically, the majority of the increased spending is on non-essential items (eating out, entertainment, activities, shopping, travel, household amenities, etc.). Over time, these luxuries come to be seen as essential to your way of life. If/when income decreases (such as in retirement) it can be very difficult to adjust.
In this episode, we'll talk about how to recognize lifestyle creep, and we'll offer 5 tools to fight the pull of lifestyle creep in your own finances.
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