When reading an important passage, your eyes may become misty.
“Important” means articles and columns that contain knowledge and opinions about issues that the public believes an educated citizenry should learn about and ponder. Sometimes I get lost in the details, and frankly, I don’t really care about the topic. Maybe I’m losing my passion for important issues. Maybe I’m just getting lazy.
Anyway, I was reading an article that looked at the mess of the current inflation situation. Is it getting worse? ” — as my almost misty eyes focused on the expression “lifestyle creep.” Well, this made me sit up and realize. I wasn’t familiar with this phrase, but it sounded like a concept I’d been thinking about for a while. I made a guess about the definition and went to Google and my friends for opinions on it.
First, Wikipedia defines the term as: “Lifestyle creep, also known as lifestyle inflation, is a phenomenon that occurs when once luxuries are perceived as necessities as more resources are spent raising living standards.”
Business Insider says: “Lifestyle creep, or lifestyle inflation, is the overspending after an increase in income. Typically, lifestyle abnormalities are associated with getting a higher income through a new job or a raise, or paying off debt and making monthly payments.” It happens when people start making more money, such as by freeing up money that had been earmarked for cash. When lifestyle inflation sets in, new cash comes in just as much or more than it does. is also consumed quickly.
This is how radio host, author, and personal finance consultant Dave Ramsey explains it on his website. You don’t even realize it. ”
My definition guesses were very close to these. When I first saw this, I thought it might have something to do with the expression “keeping up with the Joneses.” I went to Merriam-Webster to define this idiom. “Prove that you are just as good as everyone else by taking what you have and doing what you have to do.”
It seems to me that all definitions are closely related. I think the Merriam-Webster definition has an added whiff of moral disapproval that the other definitions don’t, but maybe that’s just me. Again, at least two of his first three suggest that saving for the future is better than new income from the pleasures of the here and now. This seems like a judgment call to me. I agree, but still.
I think the concept of delayed gratification is relevant here. One of the adult traits instilled in me from an early age was that sometimes you have to wait for what you want. Waiting is a quality of self-discipline and patience is a virtue. I may sound like an old idiot here, but these days I don’t think patience is a particularly respected or coveted discipline in modern life. Perhaps this is the result of excessive economic success in modern society.
There’s a lot more to come, so I’m looking forward to more. This situation often leads to selfishness and greed. As the saying goes, economic success can be the root of all kinds of evil. I don’t know if this is a problem that can be completely resolved outside of myself.
But here we are at the start of another new year, marking a time on the calendar when some people evaluate their financial situation and decide to make changes. There are several books, sites, and people that offer suggestions for combating lifestyle creep. These practical guides can include planning for the future, how to budget, cut spending, learn how to think about money, and practice generosity. All are good ideas that can be implemented.
Being mindful of lifestyle creep in our lives is worth pondering. The new year is the perfect time to do just that.
Norman Knight, a former Clark Pleasant Middle School teacher, writes this weekly column for the Daily Journal.Where to send your comments [email protected].
