So, you’ve just been promoted? This opportunity typically brings with it a new title, more responsibility and an increase to your pay packet.
Having more money every month can help us live more comfortable lifestyles and put our minds a little more at ease – with more cash to put towards things we want and for our rainy-day savings.
But in the months that follow a promotion, it might be that you’re not seeing that extra money materialise in your bank account.
If you’re pondering the reason behind this, it could be that you’ve have fallen victim to ‘lifestyle creep.’
James Andrews, senior personal finance editor at money.co.uk, explains this phenomenon in a little more detail.
He tells Metro.co.uk: ‘“Lifestyle creep”’ describes the process of how an increase in income can bring about a taste for the finer things in life, adding to one’s regular expenses and limiting the amount being added to savings accounts, retirement funds and other long-term plans.
