Increasing Income and the Temptation of Lifestyle Creep

When you get a big raise or a significant promotion, you naturally want to celebrate. This may include treating you and your spouse to dinner out or a vacation you have been talking about for years. It might also mean you are going to increase your spending to coincide with your new income growth. Lifestyle creep is something that impacts people in different stages of life. It is particularly important to recognize and avoid before it affects your financial goals.

BlogAndrew Comstock, CFASeptember 15, 2020lifestyle creep, keeping up with the jones, overspending, debt, lifestyle, increasing income, increased income, raise in income, financial planning, financial advisor, wealth management, personal finance, finances, finance, checking, savings