Lifestyle Creep: 7 Ways to Avoid This Financial Trap

Lifestyle creep refers to the situation where someone gradually increases their spending on unnecessary items as their income and wealth increases.

You become so used to having nicer things or more luxuries, that it becomes normalized in your mind. Meaning, you can’t imagine living without your current ways of spending. 

How the financial trap starts

1. Make smarter financial spending choices

7 Tips to Avoid Lifestyle Creep

2. Practice paying yourself first

3. Create a spreadsheet of your expenses

4. Write down your financial goals

7 Tips to Avoid Lifestyle Creep

5. Keep yourself on fixed expenses

6. Material possessions do not define you

7 Tips to Avoid Lifestyle Creep

7. Focus on Maximizing Your Retirement Accounts

7 Tips to Avoid Lifestyle Creep

The important part is to not get discouraged or embarrassed about your finances as it is completely common. Just start looking for the issues and begin to take action! 

Final Thoughts

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