Lifestyle Inflation
Posted by Gail | Filed under Balance, Smart Shopper
Very often the shift from “poor student” to “working full time” brings with it a certain amount of spending. Sure you used to consider a burger and fries “eating out”, but now you want a restaurant with ambiance. And while you were happy to hunt through Value Village for that $10 pair of jeans, you think spending $160 now is just fine. You figure that because you’re earning a steady and substantially higher income, you can now afford a snazzy car, better duds, and an annually vacation. If you’ve been given a little credit along the way, you no doubt believe that whatever you spend now you can pay off later.
This is called “lifestyle inflation” and it is the proof that it doesn’t matter how much we make we can find a way to spend it and more. Take the people who have just bought their first home as an example. Happy to have done with second-hand everything in their apartments, they now believe that a houseful of new is their due. Or the people who have just been promoted and can’t imagine how they’ll spend all the extra money they are earning, so they set out to try.
Lifestyle inflation is something that happens naturally. If you move into a nice neighbourhood and everyone is driving new-model cars, you feel the pressure to upgrade your clunker. If you start work in a cool new office where all the other folk look like they just stepped off the pages of Vogue, you feel the pressure to drop some money on new threads. And if you’ve just had a baby and all your mommy-friends are sipping Starbucks while they jiggle baby on their laps, you might just want to sip Starbucks too.
I have no problem with lifestyle inflation when people know it’s happening to them, and are using money (as opposed to credit) to pay for it. As long as they’re not cutting into their savings.
It’s fine to want a nice car that isn’t held together with chewing gum. And looking stylish can be an image builder at work. But when everyone rushes out to get the newest cell phone because “the very cool He” has one, lifestyle inflation has taken on an ugly demeanor.
Problems become particularly pronounced when your lifestyle inflation exceeds your growth in income. It’s quite natural when you go through significant events in life to want to celebrate a milestone or reward yourself for your accomplishments. But if you’re going to be left with a debt hangover, letting lifestyle inflation get the better of you is just dumb.
Perhaps the biggest problem with lifestyle inflation is that you develop a spending momentum that’s pretty tough to reverse. If you go on holiday every year for three years in a row, always upgrading as you go, the idea of a staycation feels like punishment. And if you’ve gotten used to dropping $600 for a pair of shoes, why would you give a second thought to spending $300 on that pair of sandals. Relatively speaking, they’re cheap.
There is nothing wrong with giving your quality of life a boost when you start making more money. You should enjoy the lifestyle that you’re working so hard for. But it’s just as important that you give your goals a nod by reviewing them, and perhaps setting some new ones. And make sure you keep a piece of all the new money you’re making by upping your auto-savings so you are socking away more for the future.
Spending more money consciously to have a more satisfying life is fine. Simply reacting to the fact that we’re feeling richer by blowing gobs of dough on crap is stupid. If you let lifestyle inflation drive your spending, you’ll rue it the next time you have a set-back. Those $600 shoes will look like a pretty dumb move when you’re staring into your empty fridge.
September 30, 2009 at 6:06 am
Great article, Gail! I remember when I finished college and bought a year old car which was quite expensive at the time. I thought I was on top of the world. That car for lasted me 11 years. When it was time to replace the car last year, I bought one well below my budget which was paid for in four months. If only I knew what I know today back then, I’d be in my dream house and further ahead. But despite that early setback, I’m doing quite well for myself now.
Keep up the great work!
Regards,
Dean
September 30, 2009 at 6:12 am
Wow Gail, It’s as if you singled my wife and I out today! I remember what college life was like, I remember making $500 last 2 months. Recently my wife and I have been making some conscience efforts to try and introduce some lifestyle deflation into our lives. It’s working so far. but getting lifestyle deflation to work takes way more effort then lifestyle inflation. 2 months ago I bought my wife a nice leather jacket because I thought she deserved it. $600 later and I’m wishing we hadn’t. She would have been happy with something alot cheaper.
Great article today.
Regards,
Jason
September 30, 2009 at 7:12 am
I think I am the opposite. After graduating I had to pay my student loans. Ya, that kinda takes any ‘fun money’ that I would be able to spend. Talk to me in four more years when I suddenly have $500 more to spend
j/k
Vacation? What is that? I’m still waiting for the day when I get to go somewhere warm and sunny and drink mojitos at the beach. I remember in 4th year everyone going away that lived with me. Me, I stayed behind and worked. I have never dropped anything more than 100 dollars for a pair of shoes, and those were winter boots.
I think that I have more ‘money envy’ than inflation. I see everyone else going shopping, going on vacation, going out for dinner, getting their hair done. I’m stuck until my loan is paid off. Even working fulltime last year I still didn’t have loads of money after housing/loans were paid off. Now that I am back on the supply list with no guaranteed income, its even tighter (although no more housing costs). I’m not saying I want to spend loads of money, I just wish I could spend even $100 at the mall once in awhile.
September 30, 2009 at 7:19 am
After being a single mother for 12 yrs I remarried and suddenly had almost my entire wage available for consumption.
I was swept up in a new found sense of financial freedom that I had never experienced.
But I couldn’t figure out howcome I didn’t have bags of cash in the bank…dopey me. A new home required new furniture, a new wife of a professional deserved q2weekly manicures or lunch out with girlfriends on my days off……
I didn’t go into debt, but I spent every $$ I made with no thought of planned spending or EF. I didn’t have more money, just more stuff.
Since becoming a Gail fan, I am devoted to the jars and have a become rabid saver. My husband finds it most amusing, and I suppose I do as well.
A sense of entitlement or lifestyle expectation can really skew your financial picture. I suppose that’s why Gail’s show has people from all income levels. Good money sense needs to be learned regardless of your wage.
September 30, 2009 at 8:53 am
You’ve described me to a T Gail. I’ve never had it put into words before but this is me. I got very tired of living like a student and have spent my way through 10+ years of “I deserve it” because I’ve worked hard for it without ever really acknowledging the true consequences of what I was doing. I have things somewhat in line now – although I have a long way to go with savings but debt is going down due to the jars. Its hard to save and wait but now I think it is so much more worth it because I’ve planned for it instead of fulfilling some perceived need. Thanks.
September 30, 2009 at 8:55 am
Like Rebecca, sometimes I look around me and wonder where people get the money to spend on all these toys, clothes, cars and vacations. Even when I was working full-time and my then-partner was also working full-time (and we had good jobs) we both still had to be careful with our money because after paying for things like rent, car repairs, car & renters insurance, dental and vet bills, transportation costs, utilities and food, and of course, taxes, there wasn’t a whole heap left over. Are these people just using credit, or do they know something I don’t?
September 30, 2009 at 9:07 am
like the above comment, i look around at people and wonder how they do it?
they have nice cars, houses furnished from pottery barn, they look like model homes, wardrobes to die for, the internet on their new phones and money to eat out and spend impulsively. I don’t get it… or rather, i didn’t get it, untill i became closer with a few of them, and then it slowly started comming out… the loans, the debt, the credit cards, the collection agencies, the 2nd and 3rd mortgages, the crazy monthly payments and the empty fridge at home…
i make an effort to focus on my family, and not pay attention to what “they” have. over the years, i have learned that every family has dirt, some just hide it better.
September 30, 2009 at 9:09 am
SQ, I often wonder the same thing myself. How come I never seem to be able to afford what everyone else can, and I am by no means poor? I just don’t get it. Surely not everyone can be living on credit.
September 30, 2009 at 9:15 am
Wow Gail, you are so right on. I really wish I had found you in my 20’s, but no time for regrets…I have to move forward and we have made the changes now in the past few years, and that is something to be proud of. I know we will continue to improve because we can see that the old ways were not working for us.
September 30, 2009 at 9:39 am
SQ, my husband and I also wonder how in the world others around us can afford all these things too.. we both make decent money but we certainly can’t afford all new everything, vacations and upgrades galore that we see so many around us getting. I think there are still alot of people living on credit. More and more I hear others around me talking about how much debt they have. We may not have the latest whatever but I wouldn’t trade it for the peace of mind that we have found in being debt free and in control of our future. Having said that, it would be nice to get those stainless steel appliance I so want! lol.. but that’s in next years budget
Has anyone watched the documentaries – “Maxed out” or “In debt we trust”? They are from an American perspective but still very interesting.
September 30, 2009 at 9:45 am
@SQ and Tessa
I wonder all the time. There have been a few people I know that I actually question on how they can afford to go on vacations given they make about the same as I do and have relatively the same expenses….
September 30, 2009 at 9:46 am
FANTASTIC… they should include this article with every college diploma
September 30, 2009 at 9:50 am
Saver Queen, amanda, Tessa….you hit the nail on the head. While not everyone is living on credit, the fact is that a lot of folks are. If there is one thing that the lastest recession should have taught us all, it is that we rely on credit way to much.
The problem with our consumerism lifestyle is that most of us don’t even realize that we are living on credit. Who spends cash anymore? I am 42 years old and I remember getting my first savings account. This savings account had chequing privileges and I can remember how I learned that you had tor ecord every cheque that you wrote in your cheque register. You had to balance your chequing account – you had to keep track cause heaven forbid that a cheque bounced. That was the worst thing that could happen. This always meant though that I knew exactly how much money I had in the bank.
Introduce modern technology into our lives and who knows how much money we are spending? It’s pull out the credit card for this, debit for that, gotta get the points and rewards so it’s charge, charge, charge. I recently read somewhere that banks make more money on overdraft fees and charges than any other type of fees. No one is using cash anymore – no one is writing cheques anymore. Whether we realize it or not, we have adopted the, “it’s only numbers on paper” mentality for our day-to-day living.
That’s right. We don’t “handle” money anymore. We pay our bills using our credit cards and on-line by moving numbers around. And we have lots of places to get those numbers. Chequing, savings, overdraft, secured LOCs, unsecured LOCs, 2nd mortgages…the list goes on. We mistakenly believe that this is how it is suppose to be. We believe that we have equity somewhere and that we are well-off cause look at our lifestyle.
Our unconscious living today is robbing us of our security tomorrow. Want to see folks who are not living on credit? For most, I would think that it is our parents or grandparents. They live modestly and enjoy a wonderful life. Too bad we didn’t learn from them.
September 30, 2009 at 9:58 am
I would agree with SQ and others. The other thing I thought of is that even if people aren’t living on credit, many don’t sock any money away for inevitable emergencies or retirement. I know that I was shocked to find out how much it costs to be a “responsible adult” (i.e, life insurance, disability insurance, RRSPs, etc.) after years as a student, not thinking about any of this stuff. I think many people spend every last dime (and then some they haven’t earned yet) without considering contingencies. If I didn’t save and have insurance, I could have a lot more fun, but I would be in a pretty precarious position overall.
September 30, 2009 at 10:00 am
The thing that gives me a great sense of contentment is this: If my partner and I were to die suddenly, our kids are not left with any debt from us. Everything we have, all of it, they would get to keep.
September 30, 2009 at 10:03 am
Great post Gail!! I actually just got a raise at work yesterday and blogged about it myself. I asked my readers what I should do with it, and I got some advise from what looks like some of your readers!!
Needless to say, I’m torn between putting money towards my e-fund, student loans, RRSPs, or towards a new wardrobe (which I actually need if i’m going to keep forging ahead at work and I so hate spending money on clothes).
A $2000 raise (4.5% yay me!) is only going to net me about $100/month more (I’m guessing). So I think i’ll go with $50/RRSPs and $50 to a professional wardrobe fund (my mom’s idea). This will also be my way of finding that balance you so often talk about.
Thanks again for the great post!!
September 30, 2009 at 10:12 am
I grew up poor, family allowance checks and a large garden is often what got us through, as a young adult I decided to get an education so that I could have a career where I didn’t feel “poor” (money wise… I have always been rich in spirit). Well I have that career and its a good one that pays me handsomely; yet I still feel “poor”. Life is expensive is all I have to say and I teeter back and forth between resolve and envy. I’m disciplined enough to stay the course but its hard sometimes.
On another note, I also gain weight so easily that if I even look at a chocolate bar I put on two pounds (laugh); so I stay away from window shopping because I’m sure that the same theory applies! Food diet, money diet. When my budget frees up a bit I want to sponser a child and then maybe I’ll get a better perspective of what deprivation really is.
Okay no more whining… I’m going to go and look at how much debt I’ve paid off this year and pat myself on the back. Good budgeting to you all!
September 30, 2009 at 10:14 am
Jessie:
Wait 1-2 month so you can se exatly what the after-tax money is. This is one of the problem with pay increases, some people spend the pre-tax money (although your estimate seems about right). Putting $ in RRSP will offset the taxed amount by year-end.
I remember my first ‘real’ job. “We will pay you x-amount per year.” “I remember asking how much it was per month now that I longer had student status.
September 30, 2009 at 10:18 am
“I teeter back and forth between resolve and envy”. Christy, I agree with you 100%.
September 30, 2009 at 11:12 am
LIfestyle envy gets us all!! I joke to my husband that we need to find some “poorer” friends so that we will remeber to appreciate all that we have instead of feeling we are doing something wrong becuase we don’t have everything everyone around us does.. the majority of our friends/family that we socialize with the most are a combination of older/wealthier than us..so it constantly seems as though we are the one’s who can’t afford things.. I have been getting to know a single mom I work with better and better and all of a sudden I feel like the rich one.. but what strikes me the most is that she is making a rich full life for her and her girls-just not on a huge budget..it just reminds to keep the big picture in mind…
September 30, 2009 at 11:46 am
Hey! That’s the same idea we had… except we didn’t call it lifestyle inflation
We basically live with the budget that we had at a previous stage in life. We forced ourselves to live off one income. It’s amazing what this will do to your level of satisfaction with life.
September 30, 2009 at 11:53 am
Gail, you got it right! I was driving my husband to work this morning and passed by some luxury foreign cars dropping their kids off at a private school. There are so many people out there who buy a lifestyle image…and if they can’t afford it on cash (which most can’t), it’s on credit. Some people are so desperate to portray an image of success by leasing their extravagant lifestyle. It’s incredible the lengths to which people go. My husband and I experienced the pressures of lifestyle inflation when we got our first real jobs, but we quickly squashed the sentiment and know that even though we are making lots more than we were as students, we need to still be responsible with what’s been given to us. Besides, we find that the thrill of the deal is more exciting than getting something expensive. We totally don’t mind second hand stuff as it prevents stuff from piling up in our landfills.
September 30, 2009 at 11:55 am
We all need to stop comparing ourselves to others. There is definitely an illusion of wealth out in your neighbourhood, at your workplace and in society – otherwise most families would be able to weather the financial storm that just occurred – they would have had enough saved in EF to weather a job loss and not have to dig a deeper hole by living on credit to pay bills. Live within your means and decide what life(style) YOU want and as Gail advocates – review your planned spending/budget and trim the fat – or – make more money ~ but don’t forget to have fun (the balance part of the equation).
Cheers everyone!
September 30, 2009 at 12:44 pm
Great Article Gail!
@Amy
I know exactly what you mean about “lifestyle envy”. I recently had a conversation on school ground about houses. One person had a 2300 sq ft home, another joked that although she lived on the street that had the “big” houses, hers was only over 3000 sq ft. Another guy had a home over 4000 sq ft and last but not least somebody owned over 90 acres on an island. We rent a house for a very good price that let’s just say doesn’t compare to the big new builds but is lovely in it’s own right. Another conversation was on what organized activities did everyone have the kids in. Wow, everyone had theirs in music, kumon, sports and not just one sport but at least two. Thankfully my husband knows quite abit about music and plays a couple of instruments (music lesson check) and we both love tennis (sport lesson check) and are “athletic” enough, thank God!
September 30, 2009 at 1:08 pm
Fay, Awesome that you and your hubby are both talented individuals who can pass your knowledge on to your kids. Kudos to you.
Yeah, how people can afford to have their kids in so many activities baffles me. My parents had us in one thing at a time, if that, when we were growing up in the 70s and 80s. When I dropped out of school band and wanted to learn to play the guitar, my parents said I had to pay for the lessons out of my own pocket. Good lesson there. Too bad one of them didn’t already know how to play the guitar.
September 30, 2009 at 1:40 pm
@Frugalistas:
The “luxury foreign cars” cars may make you wonder, but the private schools shouldn’t. A lot of families save for ages, and sacrifice a lot of lifestyle, to have their kids in private school. Appearances aren’t always what they seem.
I know that in my family’s case, my mum made a lot of sacrifices so that my younger sister could go to a private school that accomodated her learning disabilities. In me and my hubby’s case, we want to send our kids to private school for religious reasons, and we have already started saving (heavily!) in order to make that happen [despite not yet having kids].
September 30, 2009 at 1:47 pm
Lifestyle inflation is easy. Thankfully I’ve done it responsibly. Parts of it are legitimate – I have 2 kids and a house, that costs more. The tricky part, for me, is figuring out which parts aren’t so legitimate.
And the really hard part is lifestyle deflation. Like you said, it’s not easy to cut back and reverse the trend.
September 30, 2009 at 1:47 pm
@Colin – I’m 43 so I also remember getting my first chequing account, and learning how to balance your chequebook – you always had to have money left!! I don’t think I know of too many people who keep track of that these days.
Note: Just to show what kids think about money, I was in our public school today volunteering to count the pizza money. I had the money on the table in piles, and two 5th grade students saw me and asked what I was doing. They saw the money and said, “Wow! How much is there?” I told them around $750. Their response? “Oh my – I’d be rich – I would buy a house with that!!!”
So, that just goes to show that for 10/11 year olds, they have no concept as to what things cost – $750 won’t get you far these days. Just wish their parents would explain it to them before too much longer!
September 30, 2009 at 2:41 pm
As so many before me, I too believe lifestyle inflation happens. I think though it stems from the “sheltered” feeling you get while you are at school. For 4 years your life revolves around school, your friends and what assignment is due. It’s like you are cut off from the world, so when you get your first paying job you’re still programmed to not pay attention to what the dollars actually need to do for you.
I’m glad that I had to work during school to keep up with my life – rent, telephone, internet, food, a little to have a life with. I worked my butt off during my 5 years at post secondary. I’m now working full-time and finishing that degree part-time. (Went to uni and college, have a diploma and want to finish that degree). it was quite the balancing act during school to keep up with all of my costs, and to know I had to return home each summer and back to that summer job I lucked out getting. I knew what I had to put away to keep myself going for 9 months, what I would need when I went back to school (approx.) and how much my rent costs would be with the telephone bills and internet.
I know too many others who got into trouble because they weren’t paying attention and who got into more trouble when they got their first real jobs because of it.
I also agree with Brenda that the children of today – and for the most part all of us, need to be taught about money early, both in school and by our parents. Everything is rosy when you are little – adulthood looks easy, is often glamourized and because the wish of every child. Finances need to become part of the cirriculum across the board, taught as a unit in every grade and become a mandatory course in high school.
September 30, 2009 at 2:47 pm
Lots of interesting points both in the post and the responses. I can honestly say I have fallen prey to life inflation and consumer envy! But thankfully my tightwad (sorry, I mean “sensible”) nature always has kept me from getting carried away–I actually feel ILL when I use credit.
I do not live as frgally as I did in College, but that’s a good thing because it was a very uncomortable time of deprivation just to be fed!
It is sometimes very, very hard for me to see all the pretty cars and gadgets and homes that I am not willing to shell out the money for. And that’s just it, I am not willing to make those pretty, $hiny things my life-priority! I have to remind myself that my life goal is to raise my children to be responsible, contributing members of society, not to have the biggest and best at any cost.
Of course, It is still sometimes very hard… I would very much LIKE to own a brand new, European Import car and send my children to the best private school and have a home with all the latest and greatest in it and a hot tub and acreage and farm….. but not today, my planned spending account isn’t big enough (wink-wink.)
September 30, 2009 at 3:05 pm
*pol says:
September 30, 2009 at 2:47 pm
We feel ill when we use credit also. We’ve only ever had to use a LOC once for house renovations, but we paid it off in less than half a year. Had we been in Canada, we would have paid it off right away but we couldn’t do anything with our finances in Canada easily while we were in the UK.
September 30, 2009 at 4:31 pm
Great post!!
When I was in college for three years I remember being excited if I had a TOONIE!! Yes a toonie! Thankfully I never went hungry or without shelter but from being so strapped for so long once I graduated and landed a full-time job I did spend more than I should of. My clunker that barely got to me to college and back everyday and promptly died within a month of graduating was replaced with a brand new car at $18K. Even though I managed to pay that car off in a year and half due to a real estate investment I know that it was unwise to get something brand new and I should of looked at a good used car with more reasonable pymts.
Now that I am have been done college for more than four years I still have the same car, a house that is half empty and will remain that way until we have saved enough for furinture and a wedding and honeymoon coming up in 8 months that we have the money set aside for. To me my life and my financial situation is darn good. We have enough cash set aside for 8 months of rainy days and no consumer debt besides a st.loan that I am for very close to having paid off, BUT every now and again I feel we should have more. Most of our friends all have brand new cars whereas ours are a 2001 and 2006. They go on yearly vacations, houses on a acreage, travel trailers, snowmobiles and ride a lawn mowers! Haha. I don’t know how they do it. I know the one couple is very lucky to be mortgage free but I catch myself comparing “us” to “them” all the time and I try my best to remind myself that we are living slightly below our means and hope to retire early and thats whats important to us not the toys.
September 30, 2009 at 4:52 pm
You know as a I read these postings, I notice there’s a real romanticizing of the past trend here in many posterse — grandparents of yesteryear did everything in cash, kids today don’t know the value of the dollar, not like I did when I was younger, etc.
It’s a dangerous thing to start recollecting the past as being better than perhaps it was. Yes, some grandparents I’m sure were frugal savers but many also would have declared bankruptcy or had poor retirements. Same as with ‘kids today’ – I’m fairly certain that a 10 year old today is the same as a 10 year old in 1975 in terms of not really understanding the value of money. In short, it seems a generational rite of passing to dismiss the next generation as not being as worthwhile, though the jury is still out (on both generations).
September 30, 2009 at 6:25 pm
I agree with Geoff’s comments.
Loan shark were present for the previous generations…
Running a tab at the corner bar…
Pay advances via the workplace…
Asking for paying rent the following month…
There were ways to borrow, they were different.
It’s like saying “the new undergraduates get younger every year”. I guess we just all get older every year.
I am not saying that times remain the same but stereotypes might.
September 30, 2009 at 11:57 pm
I grew up poor also. My parents had lived through the depression and the only credit my Dad used for many years was was for gas and an account at the local Co-op store. Other than clothing we rarely had anything that wasn’t second hand, but we owned our own house mortgage free.
When I got my first job I enjoyed buying clothes and the things I’d always wanted. I guess it was a reaction to rarely having new things growing up. However, I also started an RRSP, was never overdrawn and loathed being in debt when I had to buy a car. So some of my parents attitudes toward money did take.
I do admit that I spend too freely. I’m trying hard now to learn to delay gratification. When I went from full-time to part-time (my decision) it was very difficult to adjust to the decrease in income. No more vacations abroad every other year was the hardest part. (Some people spend their money on vehicles, I would rather travel and drive a second hand car for 15 years).
My big regret is not saving a bit more, because if I had I’d probably be able to retire now. On the other hand I have only one loan, for a car to replace my ancient one. When I work extra hours I’m making myself put the money into savings or making an extra loan payment. I’ll never be as frugal as my parents were but I’m learning to discern the difference between needs and wants better. Unfortunately the media and advertising are always trying to convince us that our wants are needs.
October 1, 2009 at 12:31 am
Love this post! In high school I was a bit of a saver but also went out for lunch everyday!!!! EVERYDAY, oh how much money I “wasted.” I had a part-time job and my money was expendable. If I liked something, I would buy it. I was still fairly cautious, I spent my money on clothes and lunches.
I then went to University and my lifestyle depreciated. I learned to live like a student. Going out or buying a lunch was a luxury! I pretty much became a vegetarian (not by choice) because meat was just too expensive! I asked for things like toilet paper and groceries for Christmas!
Now that I have graduated I am still somewhat in that student mindset. I am working (supply teaching part-time) and so I do have some extra money again. I have bought a few toys and a few new items of clothing but nothing extravagent. My main goal is to pay off my OSAP. Once that is done I already have goals for the extra money.
I am slowly inflating my lifestyle, but logically and carefully. I can admit though that I am envious of those friends who travel, and have nice cars and houses. Not so envious of their debts.
October 1, 2009 at 12:54 am
“Luckily,” many of us have been spared this quandary at the moment. Thanks to the current state of things, there are no jobs in my field and I’m making even less than what I did as a student. It’s depressing because I worked my behind off to get through six years of schooling without loans or credit, and the only thing that carried me was the thought of modest luxuries such as my own apartment, some Ikea furniture, and maybe the occasional trip to the movie theatre.
October 1, 2009 at 6:24 am
@Sam/Girl Makes Cents…. Me too!
It’s been 3 years and I am still ‘living like a student’
October 1, 2009 at 7:12 am
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