How To Avoid Lifestyle Creep And Invest In Your Future

avoid lifestyle creep

You’ve done it. You’ve secured a better paying job, you’re earning bonuses, or maybe you just got an increase in your income. And yet, when you look at your bank account, you still don’t see the rewards of your hard work and efforts to earn more money. That means that you, my friend, are experiencing the dreaded lifestyle creep. It’s time to learn how to avoid lifestyle creep…and by doing so, become wealthy.

How to Avoid Lifestyle Creep and Invest in Your Future

This post has been written by our staff writer, Kimberly Studdard.

What is lifestyle creep? The simple definition is when an individual changes their standard of living due to their income rising. So, something that was once a former luxury now becomes a necessity. Examples may be getting a bigger apartment or house because you can “afford” higher payments, joining an expensive gym, or even something as . . . → Read More: How To Avoid Lifestyle Creep And Invest In Your Future

What is Lifestyle Creep? Are You Guilty of This?

pay off your mortgage early

Lifestyle Creep. Lifestyle Inflation. Keeping up with the Joneses. Whatever you want to call it, those of us that are careful with our money know that as we make more money, we need to resist the temptation to spend the extra cash. But when the money comes, what can you do to resist lifestyle inflation? And is a little bit of lifestyle creep OK?

My husband recently graduated with his Ph.D., and we’re moving to a new city so he can start a great job with a nice paycheck. We’re going to have more money coming in than we’ve ever had before. We know we want to ramp up our savings big time. But we’ve been living the frugal graduate student lifestyle, so a little bit of lifestyle creep feels acceptable, right?

Conscious Life Design

I’m carefully considering our new lifestyle because a move like this can reset both our . . . → Read More: What is Lifestyle Creep? Are You Guilty of This?