Beware of Lifestyle Creep: How to Make the Most of Your Pay Rise Without Breaking the Bank
2025-02-11
The Canadian Press on MSN.com
Getting a big pay increase can be exciting, but it's essential to avoid lifestyle creep, where small, indulgent choices can add up and undermine your long-term financial stability. Experts warn that this phenomenon can hurt your financial resiliency, making it crucial to make smart financial decisions and create a budget that accounts for your new income. By being mindful of your spending habits and prioritising saving and investing, you can make the most of your pay rise and secure your financial future. Consider seeking advice from a financial advisor to create a tailored plan, and explore popular strategies like the 50/30/20 rule to achieve a better work-life balance and financial freedom.
