Why Lifestyle Creep Happens: 7 Ways It Shows Up

[@hawk5183]

I made that mistake when I first graduated and had a high paying engineering career. Blew a bunch on clothes that went out of style in a few months. Learned that I did not need to get a Corvette, boat, house, etc. Once I realized I did not need to impress people i don't care about the bleeding stopped and the bank account started to improve. My first house was one I could still afford even if the economy went south. I could make the payment working a minimum wage job if needed. It was all I needed at the time. Since I already had the down payment, that was not such a stretch. Best advice I got came from a lady who seemed to have different outfit every day. She told me she never bought anything that did not coordinate with everything else she had. After a few years she had a solid selection of basic clothes she could mix & match without having spent a minor fortune.

[@MindMoneyBalance]

Would love to know the location/year that allowed you a house on minimum wage, that's basically impossible these days 🤯 And YES to the person who told you about coordinating outfits--I basically have a "uniform." Saves money and time!

[@hawk5183]

@@MindMoneyBalance The year was 1985 in Houston. The house was a 3 bedroom, 1100 square foot built in 1954. Total monthly payments were about $410/month. My wife and I did the calculations because even though she was a geologist working for an oil company, I had gone back to Graduate School to get out of engineering and get into health care. The oil field industry was in a decline period. Interest rates were higher then but we only financed $48,500 (the house sold for $58,500) on a 30 year mortgage. If she lost her job we would barely get by, but you could do it with both of us working.

[@MindMoneyBalance]

@@hawk5183 Thanks for sharing!! I had a feeling this was a different time than we're currently in!

[@danaemcburney4160]

I think the tip about keeping treats as treats is big for me. I definitely have a "treat yo'self" mindset even at a low budget (small treats), and struggle to "deprive" myself by putting off a treat to a later time. Just because I CAN spend an extra $5 or $10 on a fancy drink or some little item doesn't mean I should do it anytime I think of it.

[@MindMoneyBalance]

TOTALLY! I have "fun money" I take out in cash at the start of each month (kind of like an adult allowance), and I use that for treats. Once it's gone, I'm out of treats for the month!

[@Fernando-li4uv]

This video is even more relevant now as we approach the holidays.

[@MindMoneyBalance]

Glad you found it just in time!

[@theuzers]

when i worked 2 jobs i tightened my spending i lived off of 40% of 1 income and paid off my car loan and big chunk of my mortgage with the second job income saved about the next 50% of 1st job income second job paid off car and chunk of mortgage i got ahead

[@kaylawoods101]

Wow I took so much away from this video...thank you Lindsay! I will figuring out how to automatically put money into another savings account. Also I like the let the treats be treats.

[@MindMoneyBalance]

YAY! So glad you found this helpful. I autosave for EVERYTHING otherwise, that money just disappears!

[@curefansc]

Glamping is the way to go! 😂

[@MindMoneyBalance]

You are in my head!!! I'm testing out glamping this fall: running water and a mattress with bedding? YES PLEASE!

[@curefansc]

@@MindMoneyBalance it's so much more enjoyable that way! Have fun! 😊

[@solarmax0072]

Hedonic treadmill

[@MindMoneyBalance]

Yup! That's what I talk about at 1:11 in the video

[@BB-bx4dp]

Must be nice to be that rich that you can afford to stay at a Holiday Inn, get a blowout a few times a year, and have a car in working condition while you're "not making a lot."

[@MindMoneyBalance]

You are so correct that we can experience financial distress at various income levels