The idea of writing this article came into my mind when I saw my brother graduating out of high school and he was showing a great interest towards upgrading his personal lifestyle. He felt right to have that kind of approach because he was working as a professional engineer in a multi billion dollar firm. Most of the boys or girls of his age have similar feelings, but I am watching my brother more closely, that’s why I am able to observe his attitude over an extended time frame. This brings me to write this article to point out something for the young generation.
Anyways, the idea of having inflation in lifestyle starts growing when there is a significant positive event in your personal life. It can start when you have graduated out of school and got a handsome paying job, getting married or after purchasing a new home or car.
According to me, it’s not bad to have lifestyle inflation. It is an essential part of life provided; you don’t go beyond your reasonable limits. You should have a proper check on your earning / spending habits. As long as your spending habit is less than earning, your lifestyle inflation is absolutely normal.
The problem arises when your lifestyle inflation exceeds your income inflation. If your spending is more than your earning, you are increasing your debt to income ratio and this is certainly not the right direction to your inflation lifestyle.
I have done some observations on the common people and noticed that people tend to spend at an increased rate when they attend to some parties, marriage, or are out to buy something attractive. If an item is attractive, it is going to cost more. You need to have a control on your temptations. And if you don’t have the money in your pocket, it is not the right move to achieve lifestyle inflation. Before you come out of the deep hole, you have already become habituated of spending more than required and it gets tough to come back to the normal rate of spending. One should be careful at such events because lifestyle inflation will start nibbling at your pockets when you are in such occasions.
It’s no harm if you want to spend more during the significant events, but you should have a good control over yourself so that you can return back to normal life on the very next day after the event is over. You can’t remain in a fancy world all the time otherwise; you will never realize when you have lost your ground. I understand that it’s easier said than done, but it has to be done like this only and it needs a lot of self control and determination to maintain inflation in lifestyle.
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