3 tips on how to avoid FOMO when managing your finances
Social Media occupies an extremely important place in today’s society and that applies to individuals as well as to any private or state institution. Social networks such as Twitter, Facebook, Pinterest, or Instagram, among others, are incredibly attractive and cause addiction in some individuals.
In this context, more and more people suffer from FOMO, which stands for “Fear of Missing Out“. This phenomenon is characterized by the excessive fear of being disconnected from social networks, because if it happens, you “would lose valuable information”. FOMO could be hurting your finances without you even realizing it.
Here are 3 tips on how to avoid FOMO when managing your finances.
1-Avoid comparisons
Social media, especially Instagram and Pinterest, are visually powerful and can lead you to buy things you don’t need. Maybe you see all of your friends wearing luxury bags, which they show off on social media. That encourages you to buy a bag from that luxury brand because the bags you have are too modest.
You finally buy that bag and then have serious problems paying your bills. For that not to happen, never compare yourself with anyone. Everyone experiences their own reality in a certain context. What is useful for others may not be for you.
2-Avoid bad investments
FOMO could encourage you to make bad investments. Nowadays many financial gurus give advice about money, investments and cryptocurrencies. This information may be valuable, but it is too generalized and may not be adapted to your individual context. A bad investment could leave you financially ruined for years.
If you want to invest, it is advisable to get advice from specialists who know how to guide you based on your individual situation. Don’t let FOMO interfere with your finances and then have to pay unexpected debts.
3-Detect unnecessary expenses in time
FOMO may stimulate you to make unnecessary expenses because you want to have fancy devices to stay connected to the internet.
You see that your friends have the iPhone 13 and a high-end notebook, so you feel the “need” to have the same. Before buying any luxury electronic device, take a good look at your context and the devices you already have. Surely you don’t need to buy others, because the devices you have work perfectly.
If you do, you would be spending money on something you don’t need now. It is convenient that you save that money for things you really need.