Over the years my bun and fruit habit evolved into buying $6 to $7 packs of sushi when I’m caught short without a packed lunch. Why? Because I suffer “lifestyle inflation”, where available income is filled with new ‘essential’ expenses. What was once a luxury becomes a regular part of the budget.
This lifestyle inflation is a vortex that sucks up pay rises.
It can be very difficult for people to avoid the lure of sushi, fancy gyms, dinners out, and other trappings of wealth as their income grows – especially if they didn’t get many luxuries as a child.
We all suffer from lifestyle inflation in some way or other. Here are nine principles to get readers who need it started on some lifestyle deflation.
Have your say: Are you wasting money on things you don’t need?
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