Consider this: You’ve just received a promotion and a pay rise at work. But what plans do you have for that extra money? Will you save it – or will you spend it? For some, saving is the obvious way forward because they are happy to live within their means on their old salary and anything extra is a bonus to secure their financial future.
But for many others, the temptation is too great and they see the extra money as an excuse to pay for items they couldn't afford before. Examples could be taking out a loan to buy a fancy new car that you don’t need or upgrading to a larger, more expensive apartment.
This is known as lifestyle creep – or lifestyle inflation. As the phrase suggests, it can creep up on you before you realise that you’re living beyond your means and constantly need more promotions and pay rises just to keep up with your rising financial responsibilities.
But how do you avoid lifestyle creep and keep your financial goals on track?
Host Felicity Glover is joined by Carol Glynn, the founder of Conscious Finance Coaching, who offers her advice on the best ways to prevent lifestyle inflation creeping up on you.
Listen to last week's episode on the pros and cons of living a cashless life:
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
