In this episode of Money and Taxes from Bb to XYZ, Jason Speciner, CFP®, EA, and Regina Neenan, CFP®, ABFP®, dive into the subtle but powerful impact of lifestyle creep and inflation on your financial plan. They explore how rising income, combined finances, or even small “reward” spending habits can gradually increase your cost of living, often without you noticing. Jason and Regina highlight the importance of tracking expenses, recognizing spending patterns, and making intentional adjustments before lifestyle creep begins to derail long-term goals. They also discuss the difference between lifestyle inflation (which you can control) and economic inflation (which you can’t), and how keeping your dollars productive through smart saving and investing can help protect your purchasing power over time.

Takeaways

1. Lifestyle creep happens quietly, so tracking your spending is the first step toward identifying and correcting it.
2. You can’t control inflation, but you can combat it by keeping your money productive in high-yield savings and investments.
3. Intentional spending matters: If income increases, plan one mindful “treat” instead of letting expenses gradually expand across the board.

Have a tax question for the show?

Email podcast@fpfoco.com, and Jason or Regina might answer it in a future episode! New episodes drop every other Thursday, and they’re always ad-free with no subscription required. Learn more about FPFoCo at fpfoco.com and connect with us on social media @fpfoco.

Disclosures

Jason Speciner and Regina Neenan are investment advisor representatives of FPFoCo, a registered investment advisor. The information in this podcast is for general educational and entertainment purposes only. It may not apply to your individual circumstances and should not be considered financial, investment, or tax advice.

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