How to prevent FOMO from ruining your finances
Credit to Author: Ricky Publico| Date: Wed, 27 Nov 2019 16:46:33 +0000
On a scale of one to 10, how relatable is the following scenario: you’re scrolling through your social media feed on a lazy Saturday morning. You decided to stay home because it’s a week before the next payday and your bank account is almost out. Suddenly, you saw one of your friends’ friend posts about an upcoming party later tonight.
You saw the comments and discovered that most of your inner circle will go to the party.
“Why are they going to this party? They’re as broke as me!” you asked yourself. You’re the only one who’s not going and for some reason, you can’t take it. So without giving it a second thought, you head down to the party and enjoy the night, your ailing bank account be damned.
If you answered seven or higher, then FOMO (fear of missing out) is really messing with your finances. It’s not a good idea to push your financial capabilities to the limit just to be part of something that will definitely pass the next morning. If you’re struggling to save money despite having a well-paying job, FOMO may be the culprit and it needs to be stopped.
FOMO is rather easy to eradicate, provided you’re willing to do the work. It’s time to rewire your brain and get you back on the right track with these FOMO-busting tips.
Schedule your fun time
There’s no need to miss anything fun when you schedule your fun in advance. With many happenings to choose from, pick one and assign a day to it. That way, you can focus on saving money for that exact event and you won’t feel bad about missing the other unexpected happenings that may come. Once your fun time begins, you can now safely go all out.
Take a social media break
Social media is usually the culprit for almost all our FOMO moments. Take a break from scrolling through your feed for at least three hours a day. It’s even better if you take a day or a week off from social media and just reconnect with the real world. Instead of looking at your friends’ feeds, why not invite them for coffee and ask them yourself?
Carry around cash
Credit cards are convenient, but they can also be addictive. Mindlessly swiping it just to buy the latest everything can lead to huge amounts of debt. Set aside your credit card and start carrying cash again. This will make you more wary of your purchase because it’s not like you’ll enjoy seeing your money disappear before the day ends, right?
Stick to a solid budget
Another good tip to fight FOMO is to plan your expenses for the month. Allocate a budget for each and stick to it no matter what. When you make an ironclad budget, you are more likely to stick with it. So, no matter what others are currently buying, you should ignore it if it’s outside the budget. This will help you focus on your money goals.
Prioritize needs over wants
To help you create a budget, you should get your priorities straight. Do you need to buy the latest gimmick smartphone or do you need to pay off your rent this month? Do you need to buy a ticket from the latest airline seat sale or do you need new glasses to help you see better? In every financial decision, always choose what you need first before what you want.
Prioritize people over things
You should always prioritize your relationships over anything else. Instead of partying all night, why not spend quality time with your family at home? Instead of following the latest clothing trend, why not treat your parents this weekend? When you value the people around you more than you value your desires, you’ll end up with unforgettable moments money can never buy.
Don’t be afraid to miss out on things that don’t really matter. Instead, work hard to not miss the important moments in your life. We can’t be part of everything cool in this world. Sooner or later, you will have to choose the things you want to dedicate your full attention to. Once you make the ultimate choice, you probably won’t care about the rest. FOMO no mo’.
Ricky Publico is a content writer at Moneymax. Save money on car insurance, credit cards, and loans when you compare and apply at www.moneymax.ph. Visit their website to know more.