How Lifestyle Deflation Can Ensure Your Financial Success
No matter who you are, if you’re employed you’ve dreamed about your next promotion or bonus. It’s not necessarily the additional responsibilities or the hard work that come along with these distinguishments but the promise of more money. Our minds can’t help but to wander as they fantasize about the house, the new car, the vacation, or even the shopping spree of your dreams. These goals and dreams are what set you up for a perpetual cycle of lifestyle inflation where your spending increases along with the with your additional income. This cycle means that, no matter how much more money you make, you always seem to be living paycheck to paycheck.
To ensure that you don’t become a victim of lifestyle inflation, you need to take control over your expenses. Even if your income increases, your objective should be to reduce the money you spend each month as much as possible. This increase in income coupled with a decrease in expenses is the recipe to saving money and investing it versus spending it on consumable goods. Herein lies the keys to your financial freedom.
Here are three ways lifestyle deflation makes your life better:
1.Money you save now can contribute towards your future financial success. For example, retirement isn’t as easy of an accomplishment as it sounds. You will need to save a…