Eric Dostal, J.D., CFP®

Lifestyle creep, or lifestyle inflation – when expenses rapidly rise to match newfound income – ensnares countless newly minted partners. Often there are underlying social pressures from peers or colleagues to keep up with new levels of conspicuous consumption. New indulgences and one-time splurges quickly become everyday necessities. It may begin innocently enough with a new car, a small remodel to an existing home, or a generous contribution to one’s alma mater, but it can quickly snowball into completely spending bonus checks before they’ve even been deposited. So, who cares? After all, you’ve sacrificed a lot to get where you…

My wife and I purchased our first home five years ago, which was not nearly as fun as an episode of HGTV’s House Hunters makes it out to be. After actively searching for months and putting offers in and losing out on six different houses, we finally grabbed the brass ring with our new home. To do that, we had to beat out seven competing offers after seeing the home for only 20 minutes during an open house on its first day on the market. Overall, it was a stressful experience, but we ended up with a beautiful home that…