Whether you’ve just landed a new, higher paying job or you recently received a big bonus at work, earning more money often leads to spending more money.
It’s not always intentional. In fact, a gradual increase in spending often happens over a period of months or years. You start eating out more, and at better restaurants. You get your hair styled every three months instead of once a year. You ditch your used (but paid-off) car for a new one with a large monthly payment.
Before you know it you’ve fallen victim to lifestyle creep, and if left unchecked, this behavior can unravel your retirement and investing plans.
In this article, we’ll explain lifestyle creep, life events that can trigger it and how to stay on-track for your future.
Need expert guidance when it comes to managing your investments or planning for retirement?
Bankrate’s AdvisorMatch can connect you to a…