Salary increased, but pockets still empty? Caught in the ‘Lifestyle Creep’!
The phenomenon of expenses increasing along with income is called ‘lifestyle creep’. When salaries increase, buying luxury items and developing expensive habits reduces savings. The money that should be saved for the future is spent on luxuries. This change distances a person from wealth. It is important to control unnecessary expenses and invest the increased income. Only then can one achieve financial freedom.
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