Infographic: Lifestyle creep and how to avoid it
Monday, August 05, 2019
Getting a promotion or raise when you’ve been hard at work on your career is one of the most rewarding feelings. The extra income can even feel like you’ve finally reached the light at the end of the tunnel: now you can finally afford that long vacation, eat out a little more often, or invest in a new car.
For all the potential good that comes with increased earnings, there’s also danger in upping your spending to match your additional income. This phenomenon, called lifestyle creep, begins to happen more and more until expenses that were once considered to be luxuries or splurges suddenly feel as if they’re necessary.
Between retail therapy and trying to keep up with peers, that extra income can quickly go out the window. To avoid the pitfalls of lifestyle creep, setting long-term financial goals, automatically saving your raise (so that you’re not tempted to spend it), and learning to treat yourself wisely can help.
Image: Intuit Turbo
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