Lifestyle creep, otherwise known as lifestyle inflation, is a steady increase in expenses that happens as income goes up over time, explains Ellie Austin-Williams
You've just had a pay rise or a bonus and the prospect of saving more each month or starting that investment account is on the horizon. Until you tap a notification to join the high-end gym around the corner that you've always fancied trying out. Or you get an email and sign up for a new meal subscription that looks delicious and might just save you a bit of time in the week.
Lifestyle creep, otherwise known as lifestyle inflation, is a steady increase in expenses that happens as income goes up over time. The gradual upgrade from the basics range items to the branded items in your weekly shop. An extra dinner out each month after you receive a salary boost. Put simply, lifestyle inflation is the concept that when you earn more, you spend more.
Get an idea of how much you will spend and factor this into your monthly budget. A clear plan for your money isn’t going to ruin your social life; instead, it’ll help you to have fun without the spending stress.As a nation, it's fair to say that we’re not very good at talking about money. So much so that a huge, even though the positive impact of being open about money has been proven.
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