{"id":4716,"date":"2022-09-29T11:28:25","date_gmt":"2022-09-29T09:28:25","guid":{"rendered":"https:\/\/dotnewsconnect.co.za\/fin\/?p=4716"},"modified":"2022-09-29T11:28:28","modified_gmt":"2022-09-29T09:28:28","slug":"loss-aversion-and-lifestyle-creep-how-behaviour-influences-saving","status":"publish","type":"post","link":"https:\/\/dotnewsconnect.co.za\/fin\/2022\/loss-aversion-and-lifestyle-creep-how-behaviour-influences-saving\/","title":{"rendered":"Loss Aversion and Lifestyle Creep \u2013 How Behaviour Influences Saving"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><br>\u201cFor everything you have missed, you have gained something else.\u201d (Ralph Waldo Emerson)<\/p><\/blockquote>\n\n\n\n<h6 class=\"wp-block-heading\">Don\u2019t be biased towards short term loss<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">\u2018Loss aversion\u2019, from an investment perspective, refers to our tendency to avoid losses over acquiring gains. For example, we all know that sinking feeling when the market isn\u2019t performing \u2013&nbsp;it\u2019s so tempting to cash out and limit further losses. But that kind of short-term decision-making is detrimental: If you disinvest, you will lose out big time when the bull starts running again.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The concept of loss aversion also relates to savings. We avoid saving because we place more value (too much value, if we\u2019re being honest) on life\u2019s little luxuries, like dinner out on a Friday night, or your daily latte at that hipster coffee shop outside your office. Loss aversion in this context refers to the perceived sense of missing out if we&nbsp;<em>don\u2019t<\/em>&nbsp;treat ourselves \u2013&nbsp;FOMO, in other words. But if you think long term and have dinner at home on some Fridays, and you bank the money you save, then you\u2019ll be smiling in years to come.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">Watch out for lifestyle creep<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">No, it\u2019s not a Radiohead song\u2026 Lifestyle creep is closely related to loss aversion and it happens when you incrementally increase your standard of living (or simply maintain your standard of living despite inflation) as you earn more and have more discretionary income at your disposal. The deeper the creep, the more your thinking pattern tends to change \u2013 you begin to regard luxuries as your right, not as a privilege. It\u2019s basically self-generated inflation, which does nobody any good!&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Examples of lifestyle creep include flying business instead of economy class, buying a new car unnecessarily, or buying a bigger house in a swanky area and pushing your credit to the limit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Want to hear a secret? Lifestyle creep doesn\u2019t actually improve&nbsp;<em>true<\/em>&nbsp;quality of life, all it does is result in a financially stressful retirement.&nbsp;<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">Automatically increase your debit orders<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">Now that you\u2019re aware of the dangers of loss aversion and lifestyle creep, what&nbsp;<em>must<\/em>&nbsp;you do with your salary increase? First up, you\u2019ll need to cover the increase in essential expenses, such as medical aid, insurance premiums and school fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you\u2019ve accounted for these unavoidable expenses, next on the list is increasing your contribution towards your retirement fund. This happens automatically if you\u2019re contributing towards a company pension or provident fund, but you might have to implement the change yourself if you\u2019re contributing towards a retirement annuity. When you make the change, make sure to also automate the annual increase. That way you won\u2019t forget to increase your contribution again in the future.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another constructive way to use your salary increase is to start an emergency fund, with a monthly contribution to a money market account, for example. Auto-escalation is your friend here again \u2013&nbsp;it\u2019s best to set it at 20%. When the value of your emergency fund reaches an amount equal to six months of your salary, you can start moving the excess into a discretionary investment for better long-term performance.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\">Health is wealth<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\">Last but not least, there\u2019s your health. If anything, this is the aspect of your life most obviously affected by your behaviour. There\u2019s no point planning for retirement if you won\u2019t be able to enjoy your golden years! Life is stressful and we\u2019re all fragile, regardless of our age. Take a good look at your healthcare plan and make sure it\u2019s comprehensive enough. Also consider purchasing gap cover, which is relatively inexpensive and comes into its own if you have to be admitted to hospital. And be sure to exercise both your body and your mind regularly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the end of the day, nobody is entirely rational \u2013&nbsp;and nobody expects you to be. At the same time, however, it\u2019s very helpful to understand your spending and investing behaviour. You don\u2019t need to live like a Trappist monk, but it is worth making sure the money you\u2019re spending on luxuries isn\u2019t impacting your long-term investment goals. To make your life easier, go through all your important debit orders and make sure they automatically escalate each year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you start saving, you\u2019ll discover how easy and rewarding it can be. Remember that our door is always open if you want to chat about how to streamline your expenses and get your investments firing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>It\u00a0<em>is\u00a0<\/em>possible to live a good working life and have a great retirement. Let us show you how.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Disclaimer:<\/strong>&nbsp;The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\">\u00a9 FinDotNews<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cFor everything you have missed, you have gained something else.\u201d (Ralph Waldo Emerson) Don\u2019t be biased towards short term loss \u2018Loss aversion\u2019, from an investment perspective, refers to our tendency to avoid losses over acquiring gains. For example, we all know that sinking feeling when the market isn\u2019t performing \u2013&nbsp;it\u2019s so tempting to cash out [&hellip;]<\/p>\n","protected":false},"author":101019,"featured_media":4717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[34,33],"tags":[],"class_list":["post-4716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-behavioural-finance","category-saving-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Loss Aversion and Lifestyle Creep \u2013 How Behaviour Influences Saving &#8226; FinDotNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dotnewsconnect.co.za\/fin\/2022\/loss-aversion-and-lifestyle-creep-how-behaviour-influences-saving\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loss Aversion and Lifestyle Creep \u2013 How Behaviour Influences Saving &#8226; FinDotNews\" \/>\n<meta property=\"og:description\" content=\"\u201cFor everything you have missed, you have gained something else.\u201d (Ralph Waldo Emerson) Don\u2019t be biased towards short term loss \u2018Loss aversion\u2019, from an investment perspective, refers to our tendency to avoid losses over acquiring gains. 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