So this is where all our hard-earned cash is going…
started school and there are no more nursery bills to pay, but wait – where’s all that extrayou’re supposed to have now? You can check your payslips and standing orders all you like – you’ve probably fallen victim to lifestyle creep.
Lifestyle creep is what happens when your brain adjusts quickly to having more income at its disposal, and your decision-making process is affected. You start to opt for the slightly more expensive, upgrade your car, increase the number of takeaways your ordering and, poof! Before you know it, your extra disposable income is gone and what’s more, once you’ve adjusted to your new lifestyle, it can be really hard to pare it back again.
Growing your income without seeing the material benefit, or still struggling to save and pay off debt can be really frustrating, but it’s happened to most of us at some point.Save on pay day Transferring money to your savings as soon as your salary hits your account is a great policy at any time, but it can be particularly effective at warding off lifestyle creep. If you’re already in a saving habit, adjust your payments to account for your new salary or disposable income, leaving a little for enjoyment, of course.
If you’ve never felt confident enough to save before, now’s the perfect time to start building a nest egg – simply set up a savings account with a standing order that goes out on or just after your payday. You might also want to look at automating your savings via an app like
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