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Strategies for Avoiding Lifestyle Inflation
- Location: United States
Lifestyle inflation causes many people to live paycheck to paycheck, struggle to pay their bills, make the minimum payments on their credit cards, and lack the cash resources to fall back on when an unforeseen setback like a medical bill or job loss occurs. People tend to increase their spending when their income increases. This may be because they believe that the additional goods and services they can now buy will make them happier. However, what can happen instead is a feeling they'll never get ahead. Combatting this requires increasing savings instead of spending. 1 U.S. Office of Financial Readiness. "A Tale of Two Choices: Beware of Lifestyle Inflation.
Lifestyle inflation causes many people to live paycheck to paycheck, struggle to pay their bills, make the minimum payments on their credit cards, and lack the cash resources to fall back on when an unforeseen setback like a medical bill or job loss occurs. People tend to increase their spending when their income increases. This may be because they believe that the additional goods and services they can now buy will make them happier. However, what can happen instead is a feeling they'll never get ahead. Combatting this requires increasing savings instead of spending. 1 U.S. Office of Financial Readiness. "A Tale of Two Choices: Beware of Lifestyle Inflation."
Lifestyle inflation causes many people to live paycheck to paycheck, struggle to pay their bills, make the minimum payments on their credit cards, and lack the cash resources to fall back on when an unforeseen setback like a medical bill or job loss occurs. People tend to increase their spending when their income increases. This may be because they believe that the additional goods and services they can now buy will make them happier. However, what can happen instead is a feeling they'll never get ahead. Combatting this requires increasing savings instead of spending. 1 U.S. Office of Financial Readiness. "A Tale of Two Choices: Beware of Lifestyle Inflation."
Lifestyle inflation causes many people to live paycheck to paycheck, struggle to pay their bills, make the minimum payments on their credit cards, and lack the cash resources to fall back on when an unforeseen setback like a medical bill or job loss occurs. People tend to increase their spending when their income increases. This may be because they believe that the additional goods and services they can now buy will make them happier. However, what can happen instead is a feeling they'll never get ahead. Combatting this requires increasing savings instead of spending. 1 U.S. Office of Financial Readiness. "A Tale of Two Choices: Beware of Lifestyle Inflation."
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