Tips to Avoid Lifestyle Creep

Whether you realize it or not, at some point in your life you might be guilty of a concept called lifestyle creep. It’s an entirely common financial trap that can sneak up without you even noticing. 

What is Lifestyle Creep?

Lifestyle creep refers to the situation where someone gradually increases their spending on unnecessary items as their income and wealth increases. Now, your higher standard of living becomes the norm and feels like a necessity.

How the financial trap starts

For example, you may normally always stick to a certain grocery budget, but now you worry less, and each time you shop your spending maybe $50-$100 more. Or maybe, you don’t worry about what items are on sale while shopping like you used to.

Tips to Avoid Lifestyle Creep

You must understand what is important to you and realize that you can’t always have it all, otherwise that’s when financial trouble can sneak in. 

1. Make smarter financial spending choices

Tips to Avoid Lifestyle Creep

By paying yourself first, you are putting money towards retirement or savings before touching that money for anything else. 

2. Practice paying yourself first

Tips to Avoid Lifestyle Creep

It can help you catch where you overspend, what you need to cutback, and keep on a much better track with your money. This can add some extra accountability to your finances. 

3. Create a spreadsheet of your expenses

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