The Trinket Acquiring Syndrome (TAS)

Lifestyle inflation comes about when people increase their standard of living as their incomes rise. While this sounds like a normal thing to do, most people get the balance wrong by increasing the living expenses at a higher rate than the perceived income increase.

TAS is about buying things you think you will need but they end up adding little to your life. The most common ones are exercise machines, electronics and fancy cars. You have to be aware of which trinkets (shiny objects) get to you, so you can instinctively know when you are at your weakest point and put up your defences.

If you truly want to get on a sound footing or pay off your debts more quickly, retire earlier than you thought you could, or reach whatever other financial goals that you have, then being more frugal is one path that may help you realize that. I believe earning more income is great, and it can help you reach your goals but what you have most control about is your expenditure.

And, even if you are a high earner focusing on making more money, spending less will still help you on your path to financial freedom. This is because earning more money will not solve all of your financial problems. If you solely focus on earning more money, then you may never realize that you have a spending problem that you need to work on.