Monthly Archives: December 2023

Lifestyle Inflation – What It Is and Can It Be Avoided?

Leave a reply

It is hard to understand how someone with a high income could be living paycheck to paycheck but it is more common in today’s society than ever before. While there is no denying that high levels of inflation can be a culprit, there is also a phenomenon known as lifestyle inflation which is making it even harder for people to save money. An example of lifestyle inflation could be when a person gets a work bonus or a new job with an increased salary, then this person feels more justified to buy luxury goods or spend more money than ever before. While it is good to treat yourself and spend your hard earned money, it is still really important to prioritize investing and saving as much money as you can because you not only need it for your future but you also might need it for an unexpected emergency.

In your youth, it is very easy to fall into this lifestyle inflation trap because maybe you want to own a fancy car or dress in designer clothing. If you can afford it right now, you might be thinking: Why not? Again, there is nothing wrong with treating yourself but this cannot be an ongoing habit or this is going to lead to a lack of savings and potential debt. The right mindset to have is asking yourself, how do I build my net worth? If you place your focus on building wealth over time, then it will become easier for you to resist overspending on things that you truly do not need. As you get older, it will probably become a more conscious decision to save for retirement or to find investment opportunities rather than overspending. 

The best way to avoid lifestyle inflation is to first shift your mindset as I mentioned previously. For me personally, my mind is more focused on seeing more money in my savings and investment accounts than in my closet because I am a practical person with an understanding that excessive material goods really is not a necessity nor is it really making my life that much better in the long run. Whereas in my youth, I cared very much about having new and stylish clothing including designer labels. Once you have made a mindset change, then the next step is to develop the right habits to support your beliefs. In this case, that would mean to allocate your money towards necessities only and to commit to your financial goals. It can take time to develop the right habits but as long as you start implementing them, then your habits eventually become much more automatic. 

How Long Should You Be in a Relationship Before Getting Engaged?

Leave a reply

Have you ever wondered or had a set time in your mind as to when would be a good time frame to get engaged? The truth of the matter is, there is no one size fits all answer to this because it really depends on many factors. For example, if you have a couple who’s 20 years old, they both might want more time to enjoy life and not rush into a marriage whereas if you have a couple who’s 40 years old, they might be ready to get engaged sooner than later. Everything in life is about being in the right place at the right time and there is no one greater at determining that than YOU. It is up to you to figure out what you want and what’s best for you. That is why it is a good idea to have a general idea of how long you would want to date someone before taking the next step and getting engaged.

Personally, I have always believed that an engagement should happen between 1-2 years. The reason being is that I believe that it takes about a year to really get to know someone. I had been in many relationships where the other person put their best foot forward in the early stages of the courtship to essentially impress me but then eventually their true colors came out later. That is why it is best to invest time into any relationship and to not push for an engagement too soon despite how strongly you might feel for this person. Also keep in mind that if you are dating someone who is ready to get engaged rather quickly, while that might feel good inside up to a point–on the flip side, you need to ask yourself if there is a reason the person is very eager to get married to you. In other words, is it really love or is there an ulterior motive? The road to marriage is a serious life decision that should never be taken too lightly so always proceed with patience and caution.

If you have been in a relationship for a long time and feel that your partner is never going to want to get engaged, you need to decide if this is something that you can accept or not. If the answer is that this is something you cannot deal with, then it is wise to move on. As hard as it is to end a good relationship that you invested a lot of time in, you have to remember that it is never too late to start over in life and trust that the Universe will provide you a partner who has the same life goals as you. I never recommend forcing someone to propose or to create an ultimatum because then this person might just comply to fulfill with your needs but not necessarily is getting engaged to you from the right place in their heart. People need to be more in tune with their desires and have a deep trust with the Universe in order to manifest their dreams into realities. If your dream is to get married to a life partner who equally cannot wait to start their life with you, then it should be a very easy decision to end relationships that you know are not on the same timeline as yours with little guilt and remorse. Do not get discouraged with how long it could take to find your future life partner and know that this person exists and is as interested in being with you as you are! 

5 Ways to Stay Financially Savvy During the Holiday Season

Leave a reply

Most people would agree that it is easy to get carried away and overspend during the holiday season. While it is a time to be generous, it is also important to be mindful of your spending habits so that you do not find yourself getting into major debt once the holidays are over. While it is normal and expected that you are going to spend more money in the month of December, there are definitely savvy ways to allow for your dollars to go further.

Send Digital Holiday Cards (or Make Them) – Everyone nowadays loves to create holiday cards with a family photo. While this is a nice tradition, you can easily create a digital one or even take a photo of a hard copy of one of the cards and then send them to the people you care about via text or email. Personally, I only order maybe 10-15 holiday cards at max to send to close family and then everyone else will receive a digital greeting or a regular card. This will save you a ton of money on the cards itself along with postage. You can also make holiday cards which is a wonderful gesture. Both of these options still show that you care without breaking the bank.

Set a Budget on Gift Giving – When you make a list of everyone you are buying presents for, it is also important to determine a budget for each person and to think about the maximum you are willing to spend all together. This will help you make better spending decisions because you know what your limits are. By taking the time to actually create a budget, this will make you more conscientious of what you are spending. If you happen to go a little over budget, there is nothing wrong with that! Let’s not forget that this happens to be the season of giving after all.

Shop Around and Compare Prices – I know this probably goes without saying but with so many shopping options, it is best to really shop around to get the best deals. You would be amazed at how much you can save from one store to the next. Timing is also everything in which you usually get the best deals on Black Friday and then the weeks leading up to Christmas. While online stopping tends to have the best deals, sometimes going to a store in-person, you can find some good deals as well.

Secret Santa Gift Exchanges – If you have a large family or a big group of people to shop for, it is a good idea to set up a Secret Santa gift exchange where everyone picks a name and shops for one person as opposed to having to buy for every single person. This can be fun as you won’t know who your “Santa” is until the day of the gift exchange. This is not only a fun tradition but allows for you to save a lot of money.

Pot Luck Meals – If you decide to have a holiday gathering, it can easily add up when you write out a list of all the foods and drinks that you need to get along with any other party decor that you might need. That is why making it a pot luck where everyone is assigned a dish to bring is a great way to cut down costs while also allowing for there to be a variety of dishes that you might not have thought to make yourself. Most people are usually okay with this arrangement so you shouldn’t feel bad to ask your guests to bring something.