Why Lifestyle Creep Happens: 7 Ways It Shows Up
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- čas přidán 19. 06. 2024
- WHY LIFESTYLE CREEP HAPPENS: 7 ways lifestyle inflation shows up, plus 4 tips from a financial therapist to stop making this money mistake.
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Chapters
0:00 What is Lifestyle Creep
0:23 Intro
1:11 Hedonic Treadmill & 7 Ways It Shows Up
2:58 Housing
4:50 Clothing
7:53 Grooming
8:54 Timesavers
9:45 Travel
12:53 Transportation
14:14 Generosity
15:48 4 Ways to Cope
16:01 Plan Ahead
18:29 Let Treats Be Treats
20:17 Regularly Review Spending
21:02 Be Aware of Emotional Spending - Jak na to + styl
I made that mistake when I first graduated and had a high paying engineering career. Blew a bunch on clothes that went out of style in a few months. Learned that I did not need to get a Corvette, boat, house, etc. Once I realized I did not need to impress people i don't care about the bleeding stopped and the bank account started to improve. My first house was one I could still afford even if the economy went south. I could make the payment working a minimum wage job if needed. It was all I needed at the time. Since I already had the down payment, that was not such a stretch. Best advice I got came from a lady who seemed to have different outfit every day. She told me she never bought anything that did not coordinate with everything else she had. After a few years she had a solid selection of basic clothes she could mix & match without having spent a minor fortune.
Would love to know the location/year that allowed you a house on minimum wage, that's basically impossible these days 🤯 And YES to the person who told you about coordinating outfits--I basically have a "uniform." Saves money and time!
@@MindMoneyBalance The year was 1985 in Houston. The house was a 3 bedroom, 1100 square foot built in 1954. Total monthly payments were about $410/month. My wife and I did the calculations because even though she was a geologist working for an oil company, I had gone back to Graduate School to get out of engineering and get into health care. The oil field industry was in a decline period. Interest rates were higher then but we only financed $48,500 (the house sold for $58,500) on a 30 year mortgage. If she lost her job we would barely get by, but you could do it with both of us working.
@@hawk5183 Thanks for sharing!! I had a feeling this was a different time than we're currently in!
I think the tip about keeping treats as treats is big for me. I definitely have a "treat yo'self" mindset even at a low budget (small treats), and struggle to "deprive" myself by putting off a treat to a later time. Just because I CAN spend an extra $5 or $10 on a fancy drink or some little item doesn't mean I should do it anytime I think of it.
TOTALLY! I have "fun money" I take out in cash at the start of each month (kind of like an adult allowance), and I use that for treats. Once it's gone, I'm out of treats for the month!
This video is even more relevant now as we approach the holidays.
Glad you found it just in time!
when i worked 2 jobs i tightened my spending i lived off of 40% of 1 income and paid off my car loan and big chunk of my mortgage with the second job income saved about the next 50% of 1st job income second job paid off car and chunk of mortgage i got ahead
Wow I took so much away from this video...thank you Lindsay! I will figuring out how to automatically put money into another savings account. Also I like the let the treats be treats.
YAY! So glad you found this helpful. I autosave for EVERYTHING otherwise, that money just disappears!
Glamping is the way to go! 😂
You are in my head!!! I'm testing out glamping this fall: running water and a mattress with bedding? YES PLEASE!
@@MindMoneyBalance it's so much more enjoyable that way! Have fun! 😊
Hedonic treadmill
Yup! That's what I talk about at 1:11 in the video
Must be nice to be that rich that you can afford to stay at a Holiday Inn, get a blowout a few times a year, and have a car in working condition while you're "not making a lot."
You are so correct that we can experience financial distress at various income levels