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Lifestyle inflation refers to the tendency for people to increase their spending as their income rises, rather than saving or investing the extra money. This can lead to a cycle of spending more and more money on non-essential items, and can make it difficult for people to save for their future financial goals.
The effects of inflation are often not directly felt but are played out over a long time, especially long-term investments are vulnerable to inflation.
At Horizon65, we created a mobile app that enabled you to check the effect of inflation on your savings.