Managing "Lifestyle-creep"

Blaine Bowers |

No matter what your level of income may be, nearly everyone has had some experience with 'Lifestyle-creep', where your expenses just seem to keep creeping up right along with any increases in your income.

Working closely with your CFP® can help you have plans in place and systems to help your hard-earned dollars do their most for you and keep 'Lifestyle-creep' in check.  Here are a few tips:

(1)  Set financial goals, and monitor your progress

(2)  Make a plan for dealing with your cash flow

(3)  Follow your plan!

(4)  Prioritize your ongoing spending according to your plan

(5)  Keep a significant emergency savings account that is based on your individual situation and not a 'rule of thumb'

(6)  Keep your emergency savings account out of reach

(7)  And….always limit your credit card use

Working closely with Bowers Private Wealth Management can help you implement these tips, and help you stay on track.  Your success is all about managing the things that can be controlled through a disciplined approach.