“Lifestyle changes are inevitable for most people, but understanding and managing them plays a big role in maintaining financial security,” Kennedy says. “Being aware of how your spending habits change based on your income can help you stay on track and avoid overspending.”
One of the best ways to ensure that lifestyle changes don't wreck your finances is to closely track your monthly expenses and pay attention to any changes.
“Looking at your credit card and bank statements can help, as can using a budgeting app,” Palmer said. “Anything that helps you track and reconcile your spending can be a useful tool.”
Determine what your financial goals are and how you are going to achieve them.
“Set clear goals for your finances,” advises Sokunbi. “Know what you want to achieve financially, whether that be saving for a house, retirement, or an emergency fund. Create a budget to track your income and expenses.”
It's ok to enjoy nice things, but make sure you stick to a budget. Sokunbi recommends aiming to live within your means.
“Just because you can afford something doesn't mean it's OK to buy it,” she says, “so before making any big purchases, ask yourself if you really need it and if it aligns with your financial goals.”
Prior to or alongside any lifestyle adjustments, keep long-term financial stability and security in mind by setting aside a portion of your income for savings and investments.
“Automate your savings,” advises Sokunbi. “Set up automatic transfers into your savings and investment accounts to ensure you're saving consistently.”
This article originally appeared on HuffPost.
