5 Ways I Tackle Wanting Nicer Things (Lifestyle Creep)
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What is the sponsor message and why does Sim mention protecting evenings?
Before we get back into today's episode, I want to thank today's sponsor, Fitnexer. One habit I've been trying to prioritize lately is protecting my evenings. We spend so much time talking about productive mornings, but the truth is, good mornings usually start with a good night's sleep. That's why I wanted to share Fitnexer's Somnipods 3. They're ultra light sleep earbuds designed specifically for overnight comfort, so they put Less pressure on your ears than regular earbuds, especially if you're a side sleeper. With hybrid active noise cancellation, they help tune out the little distractions that can keep you awake, like snoring or street noise while you wind down with sleep sounds or your favorite podcast.
Check them out through the link in our show notes for $10 off automatically, or use code FRIENS10 at checkout. Hello and welcome to Friends That Invest. You're joined today by your host, Sim. I am a financial author and investor, and I'm here to help you learn about all things investing and personal finance. Now, as you can see, if you are watching this on YouTube or you have the video podcast option on, I am in a little bit of a mess and I think this is just gonna be the reality of the next couple of episodes as I transition into New York. However, I'm very excited. To talk to you today about a topic that I have been asked and also I have had on my mind, which is the fear and the worry of lifestyle creep.
Now, if you are new to the concept, I don't think a lot of us are, but just for those that haven't heard, Lifestyle Creep is this idea that when you're younger, you don't have as much money, and so it's very easy to save and live like a student. It was so much easier for me to be like I love my Suzuki Swift when I literally could only afford a Suzuki Swift. But as the InvestiBesties continue to grow older, I mean some of you have been listening to the podcast for six years now. Life is slowly starting to change. We're starting to get older. We're starting to have pay rises. And It gets a little bit harder because you start meeting people that are in their 30s and their 40s who have much nicer lifestyles.
And if you're like me and you're moving to an area where the lifestyle is a little bit more bougie, a little bit more expensive, how do you stick to keeping your lifestyle the way you have had it? How do you not fall into lifestyle creep? Where do you draw the line? And do you just Like continue to be the frugal person, and everyone's like, wow, like Zim will just not quit it. So I'm gonna explain all of that today in this episode. It's gonna be fun, it's gonna be enjoyable, and hopefully by the end of this episode, you'll be able to walk away with some actual fundamental, like tangible tips because there are four to five things that I do that I'm gonna take with me into New York, and hopefully you find them helpful as well.
Whether it's like changing your workplace or moving into a place as well where things are a little bit more fancy and you're just trying to trying to keep to your financial goals. Now step number one that I employ when it comes to making sure that I am not overspending and not allowing lifestyle creep to get in my own way. is I have found it is so much easier to have a separate bank account for my short term goals, a separate bank account for my long term goals, and an investment account, obviously which is not in my bank account, but it's like, you know, my online investing broker. And so let's say I like for example, the other day I got a nine thousand dollar tax refund because I overpaid my taxes.
I'd honestly just rather overpay than underpay. That is my way of doing things and I just I'm so scared of tax guys. Like I just wanna pay all of it and just not go to like tax jail. I just I don't want to deal with any of that. So I paid my taxes, I overpaid, that's fine. Happens. I got nine thousand dollars back. Now, nine thousand dollars when you're moving is a lot of money. That is like I was gonna say two months of rent in New York, but it's not even that anymore.
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Chapters
3 chaptersSpeakers
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