Lifestyle creep is something to be aware of when you’re working towards financial independence. Lifestyle inflation can lead to you living paycheck to paycheck or getting into debt despite earning more money each month.
Tracking your expenses can also show you how much your lifestyle is inflating. Perhaps you feel like you’re spending a lot of money but your lifestyle is actually deflating. Everything is possible!
Paying yourself first works great when you are flexible about what you want to spend your money on. It will allow you to reach your goals of lifestyle deflation fast!
– Live in a smaller apartment – for example, I lived with roommates until last month – Save money on your groceries – Downgrade your car – can you work with a cheaper version?
Getting rid of things you don’t need, selling them, and getting money for them.