On the other hand, if the first thought that popped into your head was something you could buy – like a new car or granite counters – chances are you might be teetering on the tight rope called lifestyle inflation!
By exact definition, lifestyle inflation is increasing one's spending due to the increase in their income.
Most are not able to retire comfortably & suffer from multitude of financial issues such as financial stress & hardships. Here are ways to help curb lifestyle inflation.
Call it reverse budgeting, pay yourself first, or just saving money – at the end of the day if you want to stop lifestyle inflation, save at least 15% of your income.
It is a natural human tendency to compare ourselves to others. We find ourselves saying things like, “I wish I was as,” and insert whatever comes next.