Overspending has always been somewhat easy, but these days, its even more so.
Although you might attribute that reality to terms likefunflationandmoney dysmorphia,dont overlook another insidious trend: lifestyle creep.
Lifestyle creep might be a natural and expected phenomenon, but its not without its downsides.
What is lifestyle creep?
There are also less extreme examples across the spectrum.
Lifestyle creep is often nefariously gradual.
As your income increases, so does your spending, often on things that dont add value.
What are the upsides and downsides?
You might also feel motivated to go out and achieve more.
When we earn more, we want to enjoy it.
But it can be a slippery slope if were not careful.
Lifestyle creep is particularly sneaky because it can go unnoticed for a long time, Kennedy added.
It can deplete your savings and lead to financial stress, she said.
It can mean you are enjoying the benefits of your hard work, but at what cost?
Its important to keep this under control.
Whats the best way to deal with lifestyle creep?
Reviewing your credit card and bank statements can help, as can using a budgeting app, Palmer said.
Anything that makes it easier for you to track your spending and make adjustments can be a useful tool.
Determine what your financial objectives are and how to achieve them.
Set clear goals for your finances, Sokunbi advised.
Create a budget to track your income and expenses.
Its OK to enjoy nice things, but make a run at stick with your budget.
Sokunbi recommended aiming to live below your means.
Automate your savings, Sokunbi advised.
Set up automatic transfers to your savings and investment accounts to ensure youre saving consistently.This article originally appeared onHuffPost.
