4nursebee wrote: ↑
Sat Sep 23, 2017 6:00 pm
Thanks in advance for anything you share here!
I have renewed interest in learning about and increasing my own awareness of lifestyle creep. I am hoping others will share personal situations where they experienced or resisted this issue. What have you dealt with? What creep came into your life that you later regretted? What did you avoid and what benefit did you get?
I like this saying...
http://www.businessinsider.com/lifestyl ... lth-2017-6
Another nice definition...
“A situation where people's lifestyle or standard of living improves as their discretionary income rises either through an increase in income or decrease in costs. As lifestyle creep occurs, and more money is spent on lifestyle, former luxuries are now considered necessities.”
https://www.bustle.com/p/what-is-lifest ... trap-73854
We, like many others, experienced it over the years. Dual careers, dual income, annual raises, and thoughts of "time is money" led to hiring a house cleaner, lawn service, insect/pest protection service, etc... for a few years until we wised up and realized what was going on. It was part of a series of lifestyle inflations that were entering our routine.
So we got rid of those services - and went back to the old fashioned cost saving way: doing it ourselves. Some of that lifestyle inflation had also led to eating out too often, paying for online services for this and for that, and overspending on luxuries
we had incorrectly deemed as necessities
. We saw it happening in our children as well. Just as it had taken a few years to create the lifestyle inflation, it took a few years as a family to remove it and develop a cognitive plan to keep it at bay.
By no means can we claim that we are now perfect by avoiding 100% of the creep, but we are as a couple (and family) well aware of it now which helps us make much better, informed decisions. Luckily, the one constant has remained the past 15 years no matter what - the savings rate was never compromised.
Creep we are trying to - or still need to - deal with:
• We're foodies, and love quality meats, booze, breads, produce for our home cooking.
• We're cyclists, and love quality bikes which has led to owning too many.
• We love to travel, and save in a special fun fund for that with automatic deposits out of every paycheck.
• We are trying to keep our charitable giving at a constant percentage, even though we'd love to give much more.
• Home maintenance/repairs/upgrades - always fighting the battle of DIY vs. Contractors
Those are the main creep issues we face.
In the meantime, to deal with it, it's...
Same house, same spouse, and same car!
Upped savings rate to 25% last year, and to 64% this year (that certainly helps avoid the creep!!!)