What is 'lifestyle inflation' and how does it limit wealth?

More money, more problems? Not necessarily.

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As your income grows, it's easy to let your spending grow with it. You dish out a little more here and a little more there — a bigger apartment, more meals out, an additional vacation or two. This is known as "lifestyle inflation," and while it may seem innocuous, it can have major financial implications. It is a major roadblock to building wealth and can keep you living paycheck to paycheck — even when those paychecks are much larger than they used to be.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.