Lifestyle Inflation: The Ultimate Financial Trap

Flickr/riccotorres

Flickr/riccotorres

Do you remember the first real paycheck you ever got? Not a pouring coffee part-time kind of paycheck, but one from a real, full-time-with-benefits, honest-to-goodness job? I know I remember mine. And while that salary would not have impressed most people, it sure impressed me. Suddenly, I was making more in two weeks than I’d scraped by on over the course of two months while in university. In other words, I was rich!

So, I did what any highly educated, smarty-pants college grad would do — I spent every cent on new clothes. And shoes. And probably some other stuff I can’t remember now. After all, in two weeks, my job would just give me more!

It wasn’t long before I’d accumulated a lot of nice clothes and other things I hadn’t even really thought of buying before. But here’s the thing. Although I was making a lot more money, I still rarely had two quarters to rub together at the end of the month, just like in college. Only this time it wasn’t so much my lack of income that was the problem, it was me. Read more in my new post on WiseBread.

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