Three Ways to Fight Financial FOMO

Nov 07, 2018 Personal Finances

Jealously got you down? Feel like you can’t keep up with the latest and greatest? Learn how to cope with the Fear Of Missing Out with these three financial wellness tips.

Woman staring at a computer screen and writing in a notebook. She appears to be stressed or overwhelmed.

Social media helps you stay connected with family and friends, but it can also dramatically increase your feeling of FOMO (Fear Of Missing Out). For example, if you see photos on Instagram of your friends hanging out without you, you might feel jealous or even afraid that you are missing the fun.

When it comes to social media and finances, FOMO can be dangerous. Whether they are posts by your friends or celebrities, it is easy to see displays of wealth and feel left out if you are struggling to save money.

Not sure how to cope with your financial FOMO? Try these solutions:

1. Don’t try to keep up with 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 will not feel jealous of how your friends choose to spend their money.

2. 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 are 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.

3. 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 you are, you can learn to overcome it.

Copyright BALANCE

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