Yusra3
VIP Contributor
If you're a person who's been working hard to get ahead, but still feels like life is getting harder and harder, it might be time to ask yourself: Is my lifestyle inflation really worth it?
Inflation is when your lifestyle keeps getting better and better while your income doesn't. It's like the difference between a salary and a salary plus overtime. the extra money can be helpful in many ways, but if it's not enough to cover all of your basic expenses (and then some), then it's probably time to reconsider what you're doing with your life.
Here are three ways to avoid lifestyle inflation:
If you're looking for ways to avoid lifestyle inflation, look no further. We've got 9 key tips to help you out.
1. Keep track of your spending habits. This is one of the first things i recommend doing when you're trying to avoid lifestyle inflation and it's also one of the most important! The easiest way to do this is by keeping a spreadsheet where you can log everything that goes into your bank account, including all of your expenses (including subscriptions and other recurring payments) and any income sources (including bonuses). This way, if there's ever an issue with your budget, or if something unexpected happens (like losing a job), you'll be able to see where all of your money went right away so that you can adjust accordingly.
2. Don't spend money on things that don't matter (like fancy cars or clothes). If you want something, save up for it! You'd be surprised how much time and effort it takes to save up for something like a car or wardrobe upgrade, so don't let yourself get caught up in the idea that buying something will make your life better. Instead of spending money on things that don't matter, focus on investing in yourself by taking classes or learning new skills--you'll see how valuable those things are when they come time to pay off those loans!
3. Don't buy stuff just because everyone else does. if everyone else has one thing, then maybe it's not worth having at all! Instead of following trends blindly (or blindly following what other people tell us)..
Inflation is when your lifestyle keeps getting better and better while your income doesn't. It's like the difference between a salary and a salary plus overtime. the extra money can be helpful in many ways, but if it's not enough to cover all of your basic expenses (and then some), then it's probably time to reconsider what you're doing with your life.
Here are three ways to avoid lifestyle inflation:
If you're looking for ways to avoid lifestyle inflation, look no further. We've got 9 key tips to help you out.
1. Keep track of your spending habits. This is one of the first things i recommend doing when you're trying to avoid lifestyle inflation and it's also one of the most important! The easiest way to do this is by keeping a spreadsheet where you can log everything that goes into your bank account, including all of your expenses (including subscriptions and other recurring payments) and any income sources (including bonuses). This way, if there's ever an issue with your budget, or if something unexpected happens (like losing a job), you'll be able to see where all of your money went right away so that you can adjust accordingly.
2. Don't spend money on things that don't matter (like fancy cars or clothes). If you want something, save up for it! You'd be surprised how much time and effort it takes to save up for something like a car or wardrobe upgrade, so don't let yourself get caught up in the idea that buying something will make your life better. Instead of spending money on things that don't matter, focus on investing in yourself by taking classes or learning new skills--you'll see how valuable those things are when they come time to pay off those loans!
3. Don't buy stuff just because everyone else does. if everyone else has one thing, then maybe it's not worth having at all! Instead of following trends blindly (or blindly following what other people tell us)..
