Social media helps you stay connected, but it can also dramatically increase your feeling of FOMO. Here are three financial wellness tips.
Fear of Missing Out, also known as FOMO is something that we’ve all experienced – job FOMO, Instagram FOMO, vacation FOMO, and social gatherings FOMO. But, what about financial FOMO? This is the belief you’re missing out on both savings and spending opportunities, triggering most to “keep up with the Joneses”.
Overspending caused by comparing yourself to others is an easy way to end up with debt that’s hard to manage. Not sure how to cope? Try these solutions to avoid financial FOMO.
Avoid Financial FOMO
Don’t Try To Keep Up With The Joneses
This may sound like old-fashioned advice, but it still applies to today. Everyone has a different financial situation. People also have different financial priorities, perhaps choosing to spend lavishly without keeping much of a savings account.
No matter the reason, try to be comfortable with how much money you have, and stick to your financial goals. If you learn to embrace your lifestyle, you won’t feel jealous of how your friends choose to spend their money.
Make Friends Who You’re Comfortable Around
Another smart tactic is to hang out with friends who don’t make you feel bad about how much money you have. If you only go out to eat once a week or buy clothes when they’re on sale, your friends should accept you on these terms, even if they have more money. If your so-called friends pressure you to spend often even when they know you’re on a budget, then it might be time to find new friends.
Reduce Your Social Media Diet
If you have an unshakeable problem with financial FOMO, you might try unfollowing friends or celebrity accounts that make you feel bad. Ditching people online may lead to some awkward situations IRL (In Real Life); a simpler solution may be to spend less time using social media overall.
Financial FOMO is hard to avoid, but not impossible. With the right attitude about your finances and friends who appreciate you for who you are, you can learn to overcome it.