In a U.S. News Report, lifestyle inflation was tracked from when we first started working. People didn't make a lot of money but still had enough to pay the bills. A portion remained to enjoy life. In the USA, people aged, made more money, and spent more and more. Saving and investing were forgotten as people worked harder to pay for luxuries. U.S. News Report defines this state of affairs as lifestyle inflation.
Here are four ways to minimize lifestyle inflation:
1. Housing. Resist the mansion syndrome. A smaller home will cost less to purchase, furnish, maintain, heat, and cool.
2. Car. Avoid financing your car by buying cash. Paying cash will restrict the vehicle selection to what you can really bankroll.
3. Food. Learning to cook means a big savings and more nutritious food than from restaurants.
4. Save first. Save before you spend. Emergency medical and car insurance can save a lot of money in the long runs. People with small paychecks can start small and give more when their positions have improved.
Hold lifestyle in check before it gets ahold of you.