It’s Money Monday, and in the latest edition of the series, a new term is introduced: lifestyle creep. Lifestyle creep is an easy thing to fall into, sometimes without even realizing it. Megan Hammann, director of financial planning for WealthQuest, talked about it.
Understanding Lifestyle Creep
Lifestyle creep refers to the gradual increase in spending and consumption as one’s income rises. This can lead to financial difficulties and decreased savings. Hammann discussed the importance of being mindful of one’s spending habits and avoiding lifestyle creep.
Original reporting: WLWT Cincinnati — read the source article.