After you’ve worked hard and finally landed that raise you’ve been hoping for, you may be tempted to inflate your lifestyle. Since lifestyle inflation can ruin your financial situation or prevent you from reaching financial goals such as retiring early or paying off high-interest debt, you should make every effort to avoid it. Here are some tips that can help you resist the temptation to inflate your lifestyle:

Refrain From Comparing Yourself

When people compare themselves to their friends, family members, neighbors, and acquaintances, they are more likely to succumb to lifestyle inflation. Rather than trying to keep up with the Joneses, you should focus on your own life and financial goals. Keep in mind that often times, people who live in large homes, drive luxury vehicles, and dine out at fancy restaurants regularly are living a borrowed lifestyle thanks to personal loans and credit cards.

Save Your Raises

Rather than viewing your raises as extra money, you should think of them as a way to achieve your savings goals quicker and a way to strengthen to your financial independence. By getting overly comfortable with your money and not preparing for the future, you can find yourself in debt and financial hardships down the road.

Disregard Ads

Advertising can convince people that they need that new a facelift, BMW SUV, tablet, $200 pair of jeans, and other goods and services. It’s important to keep in mind that advertising is designed to sell products and help businesses make money. By simply disregarding ads, you can save thousands of dollars each year.

Review Your Financial Goals Often

Reviewing your financial goals on a regular basis can help you resist the temptation to splurge on weekly fancy dinners or frequent massages. Ask yourself whether you’d rather retire early or eat a steak dinner every week. Reviewing your goals is a great way to avoid the desire to inflate your lifestyle.

Reward Yourself Wisely

It is possible to reward yourself without taking a toll on your long-term financial goals. Rather than going on a shopping spree and buying anything peaks your interest, write down everything you like. After 30 days, if you still want some of the items on your list, you can reward yourself and buy them. This way, you can reduce impulse spending and reward yourself wisely.

Apply for Simplified Issue Term Life Insurance

If you have received a raise and do not have life insurance, investing in it now can save your family in the event of your unexpected passing. Get access to term life insurance rates from leading carriers without the need for a medical exam or blood work. Apply today through Simplified Life.