Lifestyle Creep - Episode 364

Crushing Debt Podcast

What is lifestyle creep?

Do you feel the need to keep up with the Joneses? Do your expenses increase as your income increases?

Years ago, Shawn's father taught him that your expenses do not have to grow proportionately to your income. In other words, just because you make more money doesn't mean you have to spend less money.

Unfortunately, it seems like some people spend more as they make more. Their lifestyle creeps to the more expensive as they get more income.

More disturbing, some people are using their credit cards as de facto savings accounts. See the article here: Millennials may be using credit cards as a 'de facto emergency fund' (cnbc.com)

In today's episode, George and Shawn talk about lifestyle creep, plus the negatives (and positives) of using credit cards in lieu of savings accounts. For example, it might be necessary for a high-ticket emergency.

What do you think? Let us know if you've experienced lifestyle creep or what you did to avoid it.

Also, f you enjoyed this episode, please share it with your friends!

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To contact George Curbelo, you can email him at [e-mail] or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach

To contact Shawn Yesner, you can email him at [e-mail] or visit www.YesnerLaw.com.