Lifestyle inflation 2014.debtcc

Lifestyle Inflation Show

The “what”, the “why”, the “when” and the “how” of lifestyle inflation!

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The lifestyle dilemma

It's addictive

It's cancerous

It's flattering

It's showy

Ultimately it's

DEPRESSING!!!

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What is lifestyle inflation?

Spending more money just because you have more

Monthly costs rises in correspondence to more profits made at work

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An Example:

You had a fine, cozy apartment when you started out with your first job right after graduating from college and then moved up to higher positions in your organization.

Now, you seek to own a larger accommodation just to satisfy your increased authority and social status, even though your current apartment is just as comfortable for you like any other one. This is Lifestyle Inflation.

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Causative agents of lifestyle inflation

Unnecessary, excessive perception of self-worth

Having financial frenemies (a combo of financial

friends+enemies) in your circle

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Causative agents of lifestyle inflation

Keeping-up-with-the joneses attitude

An “ extreme entitlement” mindset towards money

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When is it OK to splurge? When upgrading your wardrobe

When your family size grows

When your family and professional obligations evolve

When you want to improve your work-life balance

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How to get rid of lifestyle inflation

Avoid financial frenemies

Spend after saving money

Learn to cook food at home at affordable costs

Buy car with cash

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How to get rid of lifestyle inflation Downsize your

accommodation space

Pay off monthly bills

Develop a habit of paying back your debts on time

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