Lifestyle creep occurs when an individual’s standard of living improves as their discretionary income rises, leading to increased spending on non-essential items.
Since our brains are wired to seek pleasure and avoid pain, when we get a little extra money we often chase that luxury high without asking ourselves if it’s really necessary.
Like anything, how you spend and save your money is your choice.
The first step in avoiding lifestyle creep is recognizing that changing your spending habits always starts with a mindset shift.
By reframing your mindset around money, evaluating your financial goals, and establish a budget, you can prevent lifestyle creep before it steals your future.