Is FOMO Hurting Your Bank Account?

The concept of FOMO (fear of missing out) has gained a lot of traction over the past few years as a phenomena known to induce emotions of anxiety. No, it’s not just another fad. It’s real. You know that feeling when your phone rings and you suddenly stop everything, and you run (or sprint) to pick it up? That right there stems from the fear of missing out. If you don’t pick up the phone you’re likely to miss out on something, and once the moment has passed you may never get a chance to experience it again. We respond to these experiences by vowing to never miss out on anything because surely that will mean we’re living our lives to the fullest, right?

Not exactly, as a consequence of our endless endeavor to “live life” and ultimately avoid FOMO we can be left with a bank account yearning for sustenance. You know that weekly budget you set for yourself? Well, come the weekend, that’s usually out the window… and now you’re nursing a hangover. Not only do we want you to be physically fit, but being financially fit is just as important. Millennials are sometimes plagued with a bad reputation. You know, we’re told we carry too much debt and live way beyond our means. What’s one more drink? YOLO. Not really. We want to let you know it’s OK to say no if you’re fearful of your finances. So, if you struggle with FOMO here are a few hints on how to keep yourself in check, and hence, your bank account!

Find Contentment In Yourself
There’s nothing better than some good old fashioned ‘me time’. Sometimes we can be a little bit addicted to the busy lifestyle and committing ourselves to every social event under the sun. Your daily dose of ‘me time’ is essential in having a balanced lifestyle so don’t let FOMO get in the way of this. Did we mention ‘me time’ is totally free? Don’t compare your life to the ones you see on social media, thinking you should be doing what they’re doing – they are just filtered realities after all… find contentment in yourself first.

Practice Active Gratitude
Every night before you go to bed, name 3 things you are thankful for and 3 things you liked about yourself for that day… better yet, write them down. You could be grateful for the coffee your co-worker bought you this morning; or you really liked the outfit you wore to work. This is a great habit to start building, as it will allow you to finish the day with complete positivity. Be grateful for the time you do have and spend it how YOU choose; not how social media portrays you should. Practicing gratitude will put you in touch with your wants, your needs, as well as how and when you incorporate these wants and needs into your life. You’ll begin to see that your hard earned dollars will go towards things that greatly benefit you (and quite possibly your health), and not someone else or something that doesn’t yield a future benefit.

Identify What You Can Afford
Set yourself a weekly budget, a realistic one. If you fib on it you’re only hurting yourself. Allocate an amount out of your paycheck each week to say ‘this is how much I can afford to spend on social activities’. It’ll take a bit of self-control and discipline to start with if you’re used to being a social butterfly, but your bank account will be reaping the rewards. Don’t live in a mantra that you’ll make more money in the future so it’s okay to spend heaps now.

One Final Note

If you’re questioning whether or not you have fallen victim to FOMO or not… take this quiz here.

Now is the time to start thinking about your finances this year and what goals you want to achieve! If you need a little extra motivation, be sure to head on over to our article Your Ultimate Guide on How to Plan for the New Year.

For both of us, uni was the place where we saw our bank accounts dwindle a little because of events we didn’t want to miss out on. Yes, the networking side is extremely important but you don’t need to hit the uni tavern every week to do so. FOMO can be a product of our environment, but only if you let it! Stay motivated and disciplined, and know that you have the power to say no!

Do you have any stories where FOMO has affected your bank account? We’d love for you to share, and if you have any other tips on how you dealt with it! Just leave us a comment 🙂

4 thoughts on “Is FOMO Hurting Your Bank Account?

  1. MustardSeedMoney says:

    I have to admit when I was younger that I had a big fear of missing out. Now that I’m older while I’m envious of some of the things my friends post on facebook, but I also remember how happy I am with what I have in life. Great post and thanks for sharing!!!


  2. George says:

    I can relate to the post but honestly, you only live once, so why not take a chance? With that said, you should always have some money set aside in case an emergency arises, just like Amber mentioned. But don’t forget to live too 😉


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