Lifestyle Deflation – Boost Your Finances & Your Life
What is lifestyle deflation? How can you use lifestyle deflation to boost your finances and your life?
We are often talking about lifestyle inflation
– people spending more money throughout their lives. Lifestyle creep is something to be aware of when you’re working towards financial independence.
So let’s talk about the opposite – lifestyle deflation? It is basically the idea that people want to decrease the amount of money they spend every month compared to their income.
If you are committed to deflating your lifestyle, you will succeed for sure. Let’s get to the details of how to deflate your lifestyle!
How To Deflate
If you want to change your life around financially, you should know exactly what you’re spending.
Track Your Expenses
Budgeting will show you where your money goes, what you spend it on, and where you need to adjust.
Make A Budget
When you’ve tracked your expenses and made a budget, it is time to actually lower your costs. Look for places with a major impact on your spending and start there.
Lower Your Costs
At least 20% of your after-tax income should go to repaying various debts and saving or investing.
Declutter For Happiness
FOR MORE ABOUT THIS POST, VISIT RADICAL FIRE
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