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#MoneyWiseWednesday
LIFESTYLE CREEP
LONG THREAD❗
Lifestyle creep, also known as lifestyle inflation, is a phenomenon that occurs when, as an individual spends more resources on their standard of living, previous luxuries become seen as necessities.
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LIFESTYLE CREEP
LONG THREAD❗
Lifestyle creep, also known as lifestyle inflation, is a phenomenon that occurs when, as an individual spends more resources on their standard of living, previous luxuries become seen as necessities.
>>2
Typically this occurs when someone gets a big promotion causing a boost in income. However, it can also occur when there are decreased costs of living, for example, when a mortgage is paid off. Anything that causes discretionary...
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...income to increase, can lead people to begin to spend frivolously -perhaps buying a second home or joining an exclusive sports club. More insidious, perhaps, is that former one-off treats, like going to an expensive restaurant, or even buying a daily cup of coffee...
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