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BUDG040 Strategies to Avoid Lifestyle Inflation (598 words)
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Description
Are you tempted to spend more when you get a pay rise, or if you feel that the value of your home has increased? If so, you could be the victim of lifestyle inflation, which can put your financial security at risk. Discover our 6 tips for avoiding this lifestyle creep, and keep your financial future on track.
Introduction
If you’ve had a few pay rises in recent years, you may have unintentionally succumbed to lifestyle inflation. Also known as lifestyle creep, it’s a mindset that can affect anyone who suddenly has more money in their pocket and, as a result, feels able to spend more freely.
Left unchecked, lifestyle inflation can make it difficult to achieve your long-term financial goals, and could even see you going into debt. Here are the 6 top tips to help you avoid the insidious wealth erosion of lifestyle creep:
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