How ‘Lifestyle Creep’ Can Drain Your Bank Account

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 2 January 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Financial professionals suggest Americans who’ve set a goal to rein in spending in 2024 should track their spending more carefully, especially as their income rises. WSJ personal finance reporter Julia Carpenter joins host J.R. Whalen to discuss “lifestyle creep.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Oracle. AI may be important, but it needs a lot of processing speed, and that gets expensive fast.
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0:28.6	slash enhance.
0:29.4	Here's your money briefing for Tuesday January 2nd. I'm J.R. Whelan for the Wall Street Journal.
0:38.0	It may be a new year, but old spending habits can put many people in a cash crunch.
0:46.0	If you want to keep more money in your pocket, some financial professionals point to what they call
0:51.0	lifestyle creep.
0:53.0	You couldn't tell me how much you spend on that lunch out,
0:55.9	or you couldn't tell me how much you have allocated to travel
0:59.4	or how much you have set aside for certain expenses.
1:01.9	That's when things have gotten maybe a little
1:04.1	bit beyond our scope. That's when you sort of have to rein things in and understand what is
1:08.1	this that I can control and what is this that I can't control.
1:11.2	W.S.J. Personal Finance reporter will join us.
1:15.2	After the break. What is dedication?
1:25.0	What is dedication?
1:27.0	People ask, how your children learn how to ride a bike and you didn't?
1:30.0	I just created an environment where they taught themselves
1:32.0	and all I had to do is be there.
1:33.6	That's dedication. Visit fatherhood.gov to hear more brought to you by the US Department of Health and Human Services and the
1:39.4	Ad Council. If not overspending is one of your goals for 2024, how would you go about cutting back?
	...

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