• FLM Wealth Management

How your lifestyle and costs can quickly creep up

In the sixth episode of the Free Like Me podcast from FLM Wealth Management, Anna Morton, Adviser at FLM, and Will Holden, Associate Adviser, join host Caitlin Lambert, Senior Adviser. In this episode, the three advisers discuss the challenges surrounding lifestyle creep. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.

Caitlin begins this episode with an introduction into lifestyle creep: what does it really mean? Anna and Will share their thoughts along with some of the experiences that they have had with clients. In particular, they talk about how ‘keeping up with the Joneses,’ although certainly influenced by the world of social media, is a much larger societal issue.

The trio then go on to discuss the early signs of lifestyle inflation and how advisers help their clients reflect on their spending habits to head it off. From an increase in the number of takeaways you get to spending on items that may seem frivolous or extravagant, Will and Anna talk about the ways that people first notice lifestyle costs creep up.

From there, the advisers then touch briefly on how the events of this year have impacted the cultural view of finances. With a global pandemic and the financial volatility around that, conversations about money and priorities around spending have shifted.

To turn the conversation toward the positive, Caitlin asks Anna and Will to share their advice on how individuals can prevent the creep or, if it’s already started, turn it around. Although they differ on the particulars of how to achieve it, both advisers agree that approaching your finances mindfully and with full awareness is the first step.

If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.

Intro 0.00 - 0.45

  • An introduction to Anna and Will

  • What is lifestyle creep?

  • The early signs of lifestyle inflation

  • The societal pressure to spend

  • Why earning more doesn’t fix spending issues

  • Overcoming lifestyle creep through awareness and mindful spending

  • What advisers do when they see the signs of lifestyle inflation

  • How 2020 has impacted the cultural view on finances

  • What clients can do to prevent lifestyle inflation

  • Reversing the feeling of lifestyle creep

Outro 20.50


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FLM is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's wealth management products and services, more details of which are set out on the Group's website www.sjp.co.uk/products. The title 'Partner Practice' is the marketing term used to describe St. James's Place representatives. FLM Wealth Management is a trading name of Financial Lifestyle Management Ltd.