Poging GOUD - Vrij
Lid on lifestyle creep
The Citizen
|April 07, 2025
INCOME: TEMPTATION 'TO INCREASE COSTS CAN UNDERMINE STABILITY'
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Why is it that as soon as you get a new job and a higher salary you seem to have more money going out and less money coming in? It is called lifestyle creep, but the good news is that there is something you can do to stop it in its tracks.
Landing that new position with a higher salary, receiving a long-awaited promotion, or celebrating a well-deserved bonus are exciting career milestones for any working professional — especially when it provides an opportunity to build wealth.
However, Twanji Kalula, communications manager at Allan Gray, points out that it also introduces a common temptation: the urge to upgrade your lifestyle.
"While a salary boost can lead to more disposable income and fund necessary lifestyle upgrades as your personal circumstances change, the temptation to increase your lifestyle costs can undermine long-term financial stability," says Kalula.
Dit verhaal komt uit de April 07, 2025-editie van The Citizen.
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