Ep. 382: Let’s Talk About Lifestyle Creep!

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On this episode of the Pete the Planner Show, Peter and Damian ask, “Should a person buy a home right now?” And they answer it!

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No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Mailbag Question 1:

    • As my means has grown, so has my budget. My wife and I used to make $25K, now we are both at about $85-90K. Over the years, we’ve purchased a home and pay for daycare now. We both contribute over 15% to our retirements accounts, and we have no debt other than our mortgage. At what point is a growing budget lifestyle creep and what are key indicators to watch out for?
      • Damian: Find a way to measure yourself year-over-year. Make sure your goals are covered up front, and appropriate for your situation.
      • Pete: Their income has increased significantly. Their metrics are indicative of people who can responsibly increase their lifestyle. Ask, “what can you remove if times get tough?”

Mailbag Question 2:

    • “Is now a good time to refinance my house? … If I am a renter right now, who has a down payment and an emergency fund, is now a good time to buy a house?
      • Damian: …No.

This is only the highlight reel! Get the full answers to this more — click PLAY below for the full show.


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