Transcript for Beware of ‘lifestyle creep’: why you shouldn’t suddenly spend more once you earn more
If you start to see the categories of dying out apparel purchases footwear purchases. Even home delivery services going up you know that lifestyle creep is impacting you lice creep happens when you make a little bit more money and you start spending a lot war it is free it creeps into your lifestyle. Two or three more dinners out and given week more delivery services coming to your whole. Thing and husband feel like a little patter. You can have lifestyle creep as a sugar rush. You feel good when you get that extra cocktail or you go out to dinner warning splurge on new out and all these things in and of themselves aren't problematic. The problem is when lifestyle creep becomes a habit and one that you're dependent on. You need that sugar rush every day and you're spending is out of control. You're not setting aside money for the future suddenly whenever extra income or money that you coming to you and gotten. And you're nowhere happy. What are the things that really happens a lot now is we spend all of this time on social media and social media is programmed in a way to learn what were interest and learn what makes us tech and oftentimes. If buying in one area XS tech. Wean might be willing to buy in other areas as long as there served up to us and if you think about that. It means spending in areas you didn't even think of how. You didn't even anticipate spending and but their meals served up directly to you because the algorithms the technology knows where they can hook. The worst outcome with lifestyle creep is that your finances changed and you haven't been diligently setting aside. An emergency savings account and as a result not only can not afford to act stringent here but you can't afford to fix things like right. And groceries and electricity I. And that's why. When you do make more money you wanna start setting aside warm one of the best things you can do for yourself is to get a clear picture of how your spending. And the first thing you want to do is put together a budget. Half an idea of what you're saving for. If you have an objective in mind whether it's saving for retirement home in new car or something substantial. As long as you have that idea and mind every purchase you make you have knowledge that that money could be coming out of your bigger goal. How much joy you get out of that extra from exiting in your refrigerator. Not a lot. So if you're if you're splurge on things if you're buying more groceries that what you need if you're buying an outfit that you have a clear that fits in your closet you have to start asking yourself is this really the thing that I any. Or am I trying to fill something else am I trying to fill a different boy. And I think what's most important is that there is no feeling matter financially. And financial freedom. If you're training off long term security for short term happiness what you're really doing is supporting your big chill. Your long term happiness at risk. To just have a momentary. And chewing.
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