STOP lifestyle inflation 🛑

everyone on this app is talking about beating inflation, but have you thought about stopping your own lifestyle inflation?

what is lifestyle inflation, you ask? it's the tendency to spend more money as you make more money, which can lead to a never-ending cycle of always needing more. it's easy to fall into the trap of thinking that because you earn more, you should be able to buy nicer things, live in a nicer place, and do more expensive activities. however, this mindset can have a negative impact on your financial well-being in the long run.

here are some of my personal tips to STOP lifestyle inflation and i hope it helps you 🫶

💰compete with a friend

i'm made it a habit to take a photo of my lunch and send it to my friend, to show how GOOD of a deal my lunch was. this helps me keep track of my spending, and feel a sense of achievement if my lunch was a better deal - cheaper/more value for money.

💰make use of office perks

instead of spending $7 a day on coffee or $100 a month on a gym membership, make use of the free perks in office such as the coffee vending machine or the office gym. this keeps a habit of not spending on the unnecessary treats for yourself and saves you money in the long run.

💰cook your own meals

rather than buying 10 rolls of kimbap for you and your family, it could be cheaper to make your own! it costs $80 for 10 rolls outside, but i spent $30 on ingredients to make it. it made for a fun weekend activity as well :)

💰do NOT buy that luxury bag

luxury bags cost upward of $5k, and that's a singaporean's median monthly salary. before buying it, ask yourself - would you still buy it if you're not allowed to post it on social media? are you buying it for yourself or to show it off to others? i personally do not own a luxury bag, and I find no need to own one because i can buy 50 $100 bags with that money.

💰make use of apps that award you vouchers.

i link my card to Samsung Pay to do contactless payments, and that provides me with points to claim vouchers ON TOP of my card rebates!

💰🚗go car free!

taking public transport or grab is way cheaper than owning a car in singapore. plus, you don't have to drive and can make use of the time to do other productive things.

you can show off your purchases for 5-15 mins, but the money in your bank lasts for months-years!

instead of spending your money on material goods, use it to create meaningful experiences, e.g. experiencing snow for the first time, see the cherry blossoms, going bungee jumping.

let me know whether these tips are helpful in the comments 🫶

#Adulting101 #adultingtips #personalfinance #moneytips