Lifestyle creep can directly influence the amount of unsecured debt we carry and cause us to have little to no margin in our personal finances. Has your discretionary income increased therefore, increasing what you consider to be your basic needs? Well you’re not alone, today we are looking at 10 components that might be telling as to whether you are experiencing lifestyle creep. Daily decisions have a tendency of adding up quickly without necessarily realizing the impact that they are having on your financial margin. It’s easy to feel the pressure of media, marketing campaigns, family, friends, or even neighbors in influencing decisions, but the decision to make these purchases is on you.

In part 2 of downsizing your lifestyle, I will begin to discuss a systematic plan for scaling-down your lifestyle without others seemingly noticing. Sometimes we just need a systematic plan like this to rewind our lifestyles to gain back margin. Oftentimes people can have a tough time slowing their spending, due to the life they are trying to uphold. Surprisingly, many times due simply to external pressures. This episode focuses on the quick wins to create margin.

Part 1: In part 1 of downsizing your lifestyle, I will begin to discuss a systematic plan for scaling-down your lifestyle without others seemingly noticing. Sometimes we just need a systematic plan like this to rewind our lifestyles to gain back margin. Oftentimes people can have a tough time slowing their spending, due to the life they are trying to uphold. Surprisingly, many times due simply to external pressures. This episode focuses on the quick wins to create margin.

Some of the biggest new news of the last year that we’ve heard has been around a form of the Great Resignation. This meaning people pursuing better work environments, more flexible schedules, better perks, or those who parent young children, as well as entrepreneurs galore seeking a respite. Looking for another option than returning to the post-pandemic corporate America.

It’s easy for our lifestyles to expand as we get that raise or have an additional income source, but it is a lot more difficult to reverse course and downsize. Our society is used to immediate results and instant gratification but oftentimes when we have inflated our lifestyles beyond our means, we cannot take the easy way out. When we have to slow down or even backup, we easily lose momentum in reaching our financial goals. So being watchful that our lifestyles are manageable is key. As people increase their quality of life, they can inadvertently negatively impact this by the stress in maintaining the lifestyle you have expanded to.

Lifestyle creep is seemingly acceptable in our culture today. However, whether it’s our addiction to debt, our overconsumption, or our need to keep up with the proverbial Jones’, it is difficult to avoid the trap. Our lack of margin has caused this situation to become untenable. Although everything has a lifespan and a cycle, we seem to think that our finances and lifestyles are insulated from that. I will discuss what external pressures and needs are either non-essential or even frivolous and whether your lifestyle inflation is actually sustainable.

In part 2 of the 10 steps to build your credit, I will discuss the importance of reviewing your credit on an annual basis, preferably going into a new year. This will ensure you are aware of what is being reported and prepared to act on any errors that may exist. It will be important to have this information in order to assist in building a Plan to Spend to pay down and off your debt in the proper order. This credit report looks at past behaviors, but your Plan to Spend is intended to look forward and assist in improving your decision-making.

In part 1 of the 10 steps to build your credit, I will discuss the importance of reviewing your credit on an annual basis, preferably going into a new year. This will ensure you are aware of what is being reported and prepared to act on any errors that may exist. It will be important to have this information in order to assist in building a Plan to Spend to pay down and off your debt in the proper order. This credit report looks at past behaviors, but your Plan to Spend is intended to look forward and assist in improving your decision-making.

The credit scoring industry has two main players that have built scoring models in order to deem what types of credit and how much credit is good. It’s important to know the makeup of your own credit score, so in this episode we will look at when this industry emerged and how the three main credit reporting agencies look at your creditworthiness. I explain what a healthy credit score looks like and what options this score can open up if maintained.

Some of the biggest new news of the last year that we’ve heard has been around a form of the Great Resignation. This meaning people pursuing better work environments, more flexible schedules, better perks, or those who parent young children, as well as entrepreneurs galore seeking a respite. Looking for another option than returning to the post-pandemic corporate America.