FOMO Spending Is a Real Problem, Here’s What You Should Do to Keep the Bad Habit at Bay
Social media has seeped through our lives whether we like it or not, whether we’re aware of it or not. Although it comes as a boon and a bane, we can’t hide that it has taken over our daily undertakings.
On your way to work during a commute, you’ll probably scan Instagram, becoming unconscious of the amount of time you spend, or at night, when you have to update your status for your friends to see.
But did you know that social media has a hand in spending habits? Because of what we see, we tend to compare ourselves with other people, their lives, and way of living. As such, we try to keep up with them not realizing that the process is generally unhealthy, especially in the finance department. This is also true for millennials, who usually face FOMO or the fear of missing out.
As per the Modern Wealth Survey, over one-third of Americans confessed their expenses were influenced by what they see on social media. They also admitted that they spend more than their means just so they could avoid FOMO. However, that doesn’t mean you should miss out on all the fun your peers are experiencing, here’s how to do it responsibly:
Focus on Your Goals
You can easily be derailed if you don’t have goals, which is why it is crucial that you list down your aspirations. This way, you will not easily be swayed by what you see. You have many things to think about, including retirement, student debt, bills, and many others. All these can be overwhelming so you need to sit down and prioritize which one is the most important.
A financial plan can greatly help you achieve your goals because it doesn’t allow any disturbance. According to the survey, 60 percent of the respondents believe they are stable because they have a plan, while only one-third of those without one feel the same way. This involves creating a budget and expenses tracker to know if you’ve been religiously following your plan.
Back Away from Social Media
When FOMO is too real, it’s hard to resist the temptations. We all know that not everything we see on social media reflects reality but we can’t help but make a comparison. Snooze off from your accounts, use a monitoring app, or discover new hobbies. This way, you will get more things done and you can refrain from acting on your urges to splurge on unnecessary things.
Rely on Cash
Credit cards are your worst enemy when you’re trying to deal with FOMO. Before heading out, withdraw the amount that you will use, nothing more, and leave the plastic card at your home. You will be forced to spend only what’s in your wallet. Admit it, swiping is as easy as 1, 2, 3 but the same can’t be said of saving.
See the Bigger Picture
Always think that you’re better than this – again, remind yourself that not everything you see online is real. Remember, others just choose which ones to post and which ones to hide, and you definitely have no idea what they had to sacrifice or do for that one post. Better yet, focus on yourself and your future, and gear toward a more financially stable life.
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