{ "media_type": "text", "post_content": "Just got a new job with a great raise. Was underpaid before, so I had to monitor spending. I spent $2k on “stuff” this month and I know I should’ve saved it. Any tips to avoid lifestyle creep?", "post_id": "5d3b06312bb4d00021041b27", "reply_count": 9, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Just got a new job with a great raise. Was underpaid before, so I had to monitor spending. I spent $2k on “stuff” this month and I know I should’ve saved it. Any tips to avoid lifestyle creep?

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Invest it first so that it's not in your checking account for you to spend

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Lifestyle creep is really hard to manage. I would suggest as it keeps growing, don’t treat yourself right away with an expensive item. Up your 401k/IRA contributions, and if they’re maxed already, put it into an index fund so you’re not really “seeing” all the money in your account. Make a nice item a goal to save for by x date regardless of pay increases so when you get there it’s planned and you won’t have regret after. Also, congrats on the new job!! All the best

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Lifestyle creep is OK to a large extent. Give yourself a pat on the head - you deserve some treats after all that work!

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Don't date in NYC

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Wait 24-48 hours before you make any non-essential purchases, such as clothing, electronics and etc.

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I setup investments to go right off my paycheque. I don't see them at all. Its great because the income I budget for is what I'm used to seeing deposited. My lifestyle doesn't have the opportunity to creep into those dollars.

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Automatic deposit into a brokerage account

Try the Qapital app. They have a guilt spending function that will “charge” you an extra amount of money when you spend at vendors you designate. This extra dough goes to a savings account but depending on how much you set it for, it could “check” you.

Open a separate checking account and have the original amount you used to live on (plus a little to treat yo self) deposited in your original and the rest in your new checking account

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