15/03/2022
As an economics student a couple years back, there was this theory I didn't quite understand, the theory of "Lifestyle Inflation" the higher your income, the higher your expenditure, amusing right?
In a logical sense, increase in income should mean you will be able to save more but sadly that is not the case especially when said income is fixed.
You are a student and your bank account is blinking red! You are waiting for your 10k monthly allowance from your parents/guardian, there are textbooks to buy and term-papers to complete, so obviously little or nothing will be left to sustain you till the next month, unexpectedly, an uncle wires you 10k just two days after you received your allowee and you are over the moon with excitement, of course the right thing to do would be to keep the money for emergencies until next allowee right? If I hear😂, that is when you remember that beautiful handbag with matching sandal or the vintage shirt you could not take your eyes off, you rush to get them before someone else beats you to it, after all you have been surviving with 10k allowee, if I perish, I perish😂.
As a worker, you earn 30k living paycheck to paycheck for the past year, then your boss gives you a raise in the new year, you now earn 50k. You just received your first salary for the year, at night while trying to fall asleep, that human hair you admired comes to mind, you suddenly can't seem to forget how soft it felt against your fingers, nor can you forget the sleek wristwatch you were pricing, you make a mental note to get it the next day, after all next month salary go still enter, that next month, something similar will happen and you will find yourself still living paycheck to paycheck, despite the raise.
This dosnt necessarily mean you are extravagant or irresponsible, we are human and we all want the good things of life, but in order to live that desired lifestyle, you must have another source or other sources of income that can afford you certain luxury, especially one where income is not fixed.
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