Samantha Motion: How to spot lifestyle creep before it's too late

Are too many of your wants becoming needs? Photo / Getty Images

OPINION

I've been talking about getting a new dining table set for years now, ever since we moved into a new build.

There is nothing disastrously wrong with the current one. It's your standard varnished pine six-seater that I picked up from a seconds furniture store a decade ago.

All items have the right number of legs, though most have chips out of them (bargain alert!) and have been lightly chewed (puppy alert).

I've coloured the scratches in with brown felt pen to good effect and slathered mayonnaise on a heat stain (look it up!) from a hot pizza box to medium effect.

I hate it but it keeps escaping replacement because it fits and it works.

But, as someone raised to value thriftiness, I'm also terrified of succumbing to lifestyle creep.

This is a phenomenon where, as your income rises, your acceptable standard of living - and what you're willing to spend to achieve it - rises too.

As wants become needs, pay rises get chewed up by spending on newly affordable luxuries rather than topping up your savings or investments.

Even with today's low interest rates, splashing that "extra" cash on nice-to-haves and temporary pleasures could cost you big money in the long run.

More insidious than the big purchases, though, are the small, regular lifestyle upgrades.

Budget-conscious people plan meals and fill their trolley with no-name brands and specials. So what if a few name brands and luxury items start to sneak into the trolley?

Then click-and-collect, for a few dollars more, replaces trudging the aisles.

But why leave the house at all when there is delivery? And who needs to shop at all when there are meal kit delivery services and takeaways?

The amount of food you need hasn't changed but the amount spent on it has exploded. Was the time-saving and avoidance of a chore worth it?

TV streaming services are another area ripe for creep. No one strictly needs them. There is plenty of free stuff to watch. People seeking out quality content, however, might find themselves adding one streaming service after another.

Gym memberships that hardly get used, premium gear for hobbies forgotten in six months, flight upgrades, regular luxury holidays, a cleaner, regular wardrobe updates: creep, creep, creep.

And creep isn't cheap: At the extreme end it could see people racking up high-interest debt to maintain a lifestyle they can't afford.

But where is the middle ground?

Must we all live like broke students and chastise ourselves over every poorly spent cent when we've lugged ourselves high enough up the career ladder to finally earn a comfortable wage?

Lifestyle upgrades are not necessarily just indulgent money pits. They can have value beyond financial considerations.

If spending a couple of hours with your kids instead of at the supermarket on a Saturday is worth the $10 delivery fee to you then fair enough.

And if meal kit services keep you out of the drive-thru and less stressed, that investment could add years to your life. Health is wealth.

I'm not up on a high horse here, I've noticed the little luxuries in my life creep up alongside my income, and not all of them are delivering bang for buck, even if I'm still financially comfortable.

Knowing what I'm spending and what I'm getting for my money are going to be vital to keeping lifestyle creep in check, as will keeping sight of the long-term rewards of saving (hello, compound interest) or investing instead of splashing out.

My goal is a balance between future-focused frugality and enjoying my money now without guilt or influence from creeping consumerist forces.

That balance will look different for everyone. For me right now it looks like an honest look at my bank statements to see where there is fat that can be trimmed ... and put towards a new table.