Are You Stuck In Lifestyle Creep?

“By closely examining your spending habits, you can ensure that you’re living within your means — and staying on track with your financial goals!”—  Melissa HoustonWhat’s the most subtle, quiet, and insidious threat to your personal wealth? Lifestyle creep.Lifestyle creep (also known as creeping consumption) refers to a gradual increase in your standard of living. It doesn’t have to be as drastic as moving to a larger house or condo! Lifestyle creep can include going on shopping sprees, eating out more frequently, indulging in more expensive brands, travelling more often, and more. These “small” regular expenses add up over time, and can sabotage your long-term financial goals.People often fall into lifestyle creep after receiving a promotion, scaling up their business, or receiving an inheritance, but just as often it is fuelled by credit. As our income and credit limits grow, it can feel easy to justify these additional expenses — but if you’re spending your money (or, worse, creating more debt) on things that aren’t investments, you’re not building your wealth.There’s nothing wrong with enjoying the fruits of your labour, as long as you’re smart and mindful about it!In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌The financial and psychological effects of lifestyle creep — and how it can become a self-fuelling cycleProven strategies that will help to reduce your risk of lifestyle creepMy personal lifestyle creep story — and what I learned from it  Highlights:‌ ‌00:50  Intro01:40  Welcome Daisy!02:47  Effects of lifestyle creep & my story04:52  Revenue & expenses06:35  Reinvesting v. eroding your savings08:01  Credit card fees & spoiled retirement plans10:07  Strategies for avoiding lifestyle creep11:10  Monitor your spending habits12:03  Save money automatically 12:43  Create a realistic budget13:18  Mindfulness & money mindset15:45  Cash reserves & downturnsLinks:‌5-STEP PROFIT ROADMAP-https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap/She Means Profit - How to Get the Mindset of a MillionaireShe Means Profit - Misconceptions, Manifestation & Money MindsetShe Means Profit - Why Money Mindset Really Matters For Profit And Life GoalsLink to calendar (free 30 min consult call)Main website 🡪 https://shemeansprofit.comOffers 🡪 https://shemeansprofit.com/offersCash Confident Course 🡪 https://melissahoustoncpa.lpages.co/cash-confident-sales-pageWhat’s Your Profit Personality? (quiz) 🡪 https://www.tryinteract.com/share/quiz/62ddb2293d71af001892a3a9Follow me on:IG @melissahoustoncpaLinkedIn @melissahoustoncpa