Lifestyle inflation is a term that you may have come across in your reading. It refers to the phenomenon of increasing your spending when your income increases.
The end result of this is, all too often, people living beyond their means and ending up in debt. So, it’s a serious matter.
I recently came upon an article titled Understanding and Ultimately Curbing Lifestyle Inflation which got me thinking about a parallel process when it comes to time.
How do you spend your time when you have a lot of it? Is that different from how you spend it when you are on a deadline? Are you aware of how you habitually spend your time? And how do those time habits evolve?
Whether it’s time or lifestyle inflation, observation is key.
One of the first steps in dealing with lifestyle inflation is mindfulness — becoming aware of the choices you are making. This kind of observation is something that helps you curb time inflation, too.
Observe your time behaviors and habits without judgment. Be as specific as you can be, writing down your activities and the time you typically invest in each.
Extrapolation shows you the true impact.
Next, as you survey your daily habits, multiply the time spent by 365 days a year.
For many, this will be an eye-opening experience. And it’s very important because it shows you, concretely and undeniably, the impact of this activity on your time and your life.
And you know what else? It makes it easier for you to make time choices that serve you well.
Here’s something to help you do this:
I’ve recently developed and shared two templates that help you identify and address time inflation issues. One of them is my Five-Column Time Estimation Template.
This easy-to-use template gives you a flexible and practical format for working with time estimates and sharpening your time-planning skills. It will help you
- See where you under or over-estimate your time.
- Notice patterns and start addressing them.
Visit our Time Resources Page and sign up for the Five-Column Time Estimation Template and the bonuses that come with it.
Feel empowered and energized as you take better care of yourself and stop letting time inflation rob you of precious moments.