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Avoiding Lifestyle Creep

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Tim McAlpine
Tim McAlpine

It’s a Money Thing is a collection of effective and affordable financial education content designed to engage and teach young adults while setting your credit union apart. These presentations and other elements are all customizable with your credit union's logo. Check out Currency Marketing at currencymarketing.ca/money-thing for more information.

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“Your logo could be here instead!” CREDIT UNION YOUR BROUGHT TO YOU BY Avoiding LIFESTYLE CREEP
Lifestyle creep is the tendency to increase your spending as your income increases
The spending increase can happen so gradually that you don’t even notice it
Things you once considered to be luxuries start getting treated as needs...
...and all of your “extra” income seems to suddenly disappear
What Does Lifestyle Creep LOOK LIKE?
Lifestyle creep can reveal itself in many different ways within your budget
You tend to buy only brand-name items— never generic You tend to upgrade or replace items sooner than necessary You’re subscribed to more services than you have time for LIFESTYLE CREEP WARNING SIGNS
The Dangers of LIFESTYLE CREEP
More money spent on insignificant lifestyle upgrades means less money going toward your savings goals and financial priorities SAVINGS SABOTAGE Lifestyle creep makes it more difficult to adjust to future decreases in pay from unemployment or retirement LACK OF RESOURCES DANGERS OF LIFESTYLE CREEP
How to Stop LIFESTYLE CREEP
1. Raise Your Savings 2. Choose Value Over Luxury 3. Resist the Pressure Stop lifestyle creep with three simple rules:
Raise Your Savings When your income increases, fund your savings goals before considering lifestyle improvements 1
Choose Value Over Luxury Resist costly, meaningless upgrades by appreciating the value of what you already have 2
SPEND! Resist the Pressure Stay true to your own priorities and resist spending pressure from family, friends, neighbors and media 3BUY THAT! DO THIS!
Sources: BusinessInsider.com, Forbes, Investopedia “Your logo could be here instead!” CREDIT UNION YOUR BROUGHT TO YOU BY

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Avoiding Lifestyle Creep

  • 1. “Your logo could be here instead!” CREDIT UNION YOUR BROUGHT TO YOU BY Avoiding LIFESTYLE CREEP
  • 2. Lifestyle creep is the tendency to increase your spending as your income increases
  • 3. The spending increase can happen so gradually that you don’t even notice it
  • 4. Things you once considered to be luxuries start getting treated as needs...
  • 5. ...and all of your “extra” income seems to suddenly disappear
  • 6. What Does Lifestyle Creep LOOK LIKE?
  • 7. Lifestyle creep can reveal itself in many different ways within your budget
  • 8. You tend to buy only brand-name items— never generic You tend to upgrade or replace items sooner than necessary You’re subscribed to more services than you have time for LIFESTYLE CREEP WARNING SIGNS
  • 10. More money spent on insignificant lifestyle upgrades means less money going toward your savings goals and financial priorities SAVINGS SABOTAGE Lifestyle creep makes it more difficult to adjust to future decreases in pay from unemployment or retirement LACK OF RESOURCES DANGERS OF LIFESTYLE CREEP
  • 12. 1. Raise Your Savings 2. Choose Value Over Luxury 3. Resist the Pressure Stop lifestyle creep with three simple rules:
  • 13. Raise Your Savings When your income increases, fund your savings goals before considering lifestyle improvements 1
  • 14. Choose Value Over Luxury Resist costly, meaningless upgrades by appreciating the value of what you already have 2
  • 15. SPEND! Resist the Pressure Stay true to your own priorities and resist spending pressure from family, friends, neighbors and media 3BUY THAT! DO THIS!
  • 16. Sources: BusinessInsider.com, Forbes, Investopedia “Your logo could be here instead!” CREDIT UNION YOUR BROUGHT TO YOU BY