Have you ever felt like you were about to miss out on something so unbelievably huge that you just had to drop whatever you were doing to join everyone else? If you have, then you were probably going through something called the Fear Of Missing Out (FOMO). According to RateHub, as ridiculous as this diagnosis sounds, your major case of FOMO is what fuels a lot of your spending.
70 per cent of Canadians blame one quarter of their debt to FOMO. Yeah, we didn’t see that coming either. The infographic below shows that 31 per cent of this debt is because of entertainment, 24 per cent’s for food, 16 per cent’s for travel, 14 per cent’s for technology and 12 per cent’s for clothing.
So you’re spending a lot of money because of your major FOMO, we get that. But in our hearts, we know you’ll be fine, FOMO or no FOMO. So get out there and make us proud.
Just kidding. We would never leave you to fend off your FOMO without at least a few words of wisdom (courtesy of RateHub):
Just because your friends are going to every concert and theme park known to man doesn’t mean that you also have to. Respect the hard work you put into making that money and choose only a few fun things to do instead of choosing all of them. Plus, spacing out the super expensive things will make them all the more enjoyable–a luxury if you will.
BE CRITICAL OF SOCIAL MEDIA:
Remember that cute but earth-shattering infographic up there? Well, it said that 50 per cent of millennials experience FOMO on social media. So pay attention to those well-structured ads that know exactly what to send you (thanks to your browsing history). If you’re going to use social media, you need to accept the fact that FOMO will be everywhere… so instead of spending money on everything you see, learn to brush it aside and say no occasionally.
FALL IN LOVE WITH JOMO:
The Joy Of Missing Out is here to square off against your FOMO. All you need to do is be okay with missing out on things, or rather, loving when you do miss out on things. Get comfortable taking that long-awaited you-time and just take a night (or five) to relax and maybe even take that bubble bath you’ve been longing for.
MAKE A BUDGET:
This one’s kind of a no-brainer, but so many of us still neglect to actually keep track of how much we’re spending and how much we should be able to spend.
BECOME THE EVENT PLANNER:
Start becoming the event planner of your family or group of friends, and instead of waiting for someone else to invite you out to the most expensive restaurant in the city, propose cheaper events everyone can do together. Home barbecues or a home movie night are just scraping along the surface of all the fun, inexpensive things you can do.
You don’t have to say no to going out always, but when you do go out, don’t buy everything. Order just a cocktail instead of dinner and a cocktail. You could even order dinner and pass on the movie. This way, you can let yourself have some fun and, at the same time, feel good about how much you’re actually spending.
MAKE MORE MONEY WHEN SPENDING MORE MONEY:
Try to do something effortless on the side to earn some extra cash like renting out your home to Airbnb when you go on your own trips. You can even use points on rewards cards to pay for objects and even entire trips.
Whether you’re worried about missing out on fun with family, friends or even a significant other, now you can rest assured, knowing that you’ll never let that FOMO get the best of you again (except maybe for that movie all our other friends are going to tonight). FOMO in moderation, we guess.