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Lifestyle creep, also called lifestyle inflation, is when your income increases, leading to a proportional increase in living expenses and discretionary spending. It can happen when you get a pay rise, inheritance payment or another sizeable increase in funds.

While you may intend to save this extra money for a rainy day, it is easy to start spending a little more each month until it is all gone. You might go to a more expensive supermarket for your weekly food shop or treat yourself to an artisanal coffee every day before work.