Lifestyle inflation refers to an increase in spending when an individual’s income goes up.
People have a strong tendency to spend more if they have more. It creeps into more areas. You can end up spending more money than you need to (or should) on vacations, dining out, entertainment and clothing, just to keep up with the status.
Lifestyle inflation tends to become greater every time an individual gets a raise and can make it difficult to get out of debt, save for retirement, or meet other financial goals.
To know more about Lifestyle inflation and Steps To Overcome Lifestyle Inflation, you must watch our video.
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