Updated: Apr 20, 2020
In the digital world we live in, a lot of our shopping habits are influenced by images, lifestyles and experiences shared on social media. Whether it’s a bag, new coffee on the Starbucks menu or a holiday, we often feel the pressure to spend money because of the fear of missing out if we don’t.
Fighting the pressure to spend can be hard but these 3 simple tips will stop you falling into the habit of FOMO spending.
Remember the reason for the no spending.
Prioritise your financial goals. Having a few goals as a reminder every time you want to spend provides purpose and creates little room for distractions.
The reason for not spending can also include a budget or plan to help balance those shorter-term splurges and longer-term goals.
Visually document your goals for the short term and the long term — make sure they are SMART - S (specific), M (measurable) A (achievable) R (realistic) T (time constraint)
Perform an audit on your Social Media to remove FOMO causing accounts
A lot of what we purchase is down to what see on social media, so refining the accounts you see on social media might be a good place to start.
For example, if you follow lots of billionaire rich teenagers and get upset looking at all the fancy watches and cars they post – hit that unfollow button.
Avoid comparing yourself and be realistic about your limitations.
This ties nicely into point 2 – there are lots of quotes that go along the lines of ‘Don’t compare your starting position to others when they’re at the peak of their game’ and it’s true.
Just because your instafriend has bought a house, with a garden and two dogs doesn’t mean you should compare your situation to theirs. No two financial journeys are the same. Embrace yours.