MT Week - Money Rules: Avoid lifestyle creep

When I talk to friends who make a lot more money than me, I’m always fascinated by what they consider as essentials.

Monthly massages, weekly dinners out and regular sports sessions are all on the list.

But then I think we’ve all been guilty of lifestyle creep, where as your income increases, so does your spending.

It’s only when you have to drastically cut down that you realise how little of your spending is on actual essentials.

On that thread, avoiding lifestyle creep is Taryn Duhig’s money rule.

Duhig, who writes Saving in London City, is no stranger to the phenomenon but has found that keeping it under control has helped her achieve her financial goals faster.

Here, she explains how she actively avoids lifestyle creep, and stays intentional with any salary increases.