Yup, fear of missing out isn’t just about parties and Instagram holidays; it can also rear its head in the world of money. But fear not: we’ve got the lowdown on how to conquer financial FOMO and make smart money moves in 2024.
What is financial FOMO?
It’s that nagging feeling that everyone else is making big bucks, scoring deals and living their best lives while you're somehow lagging behind. It's that itch to keep up with the Joneses, even if it means blowing your budget or making impulsive decisions.
It’s sneaky because it plays on our primal instincts. We’re wired to seek social connection and validation, and nothing triggers those instincts like seeing others flaunt their financial wins. Plus, in our hyper-connected world, it's easier than ever to compare ourselves to others and feel like we're falling short. We’re also constantly bombarded by online advertisements urging us to buy stuff at discounted rates for a limited time only.
What happens if I give in?
Sheesh. It’s not good. Think overspending and unnecessary debt, not to mention a whole tonne of regret when you realise you can’t actually afford that shiny new TV. It's not a recipe for financial success.
But don’t worry, you can beat financial FOMO. Here’s how:
- Know your money goals. Whether it’s saving for a down payment, paying off debt or building an emergency fund, knowing what you're working towards can help you stay focused. Having clear goals also helps you weigh up every spending temptation that comes your way.
- Stick to your budget. This is your secret weapon against financial FOMO. Use 22seven to create a budget that reflects your income, expenses and financial goals, and stick to it like glue. Your budget is the roadmap that will lead to success and any deviations will cost you precious time. That impulse buy might seem right in the moment, but plug it into your budget first to see if it will compromise your long-term financial success.
- Practice gratitude. When Financial FOMO strikes, it's easy to focus on what you don’t have instead of what you do have. Pause for a moment and think about the good things in your life – whether it’s a roof over your head, food on the table or the support of friends and family.
- Stop scrolling. Social media is a breeding ground for financial FOMO. Unfollow accounts that trigger feelings of inadequacy and rather fill your feed with content that uplifts, educates and inspires you.
The wise Theodore Roosevelt once said, ‘Comparison is the thief of joy.’ Remember that everyone’s financial journey is unique, and what works for your bestie might not work for you. Focus on your progress and celebrate your wins – no matter how small they may seem.
Stay true to your goals, stick to your budget and don’t let financial FOMO derail your progress. With a little mindfulness and a lot of determination, you’ll be well on your way to financial success – no FOMO required!
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