Lifestyle creep, often referred to as lifestyle inflation, is a phenomena that happens as more money is allocated to raising the standard of living and as previously seen luxuries turn into needs. Luxury items and discretionary expenditures are viewed as entitlements rather than as choices – needs rather than wants. The issue with lifestyle creep is that it can trump more important financial objectives like setting up an emergency fund or making contributions to retirement accounts since your newfound lifestyle may come before your financial security.
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