FOMO = Fear of missing out!
FOMO might be an acronym that many of us had to Google in order to understand what on earth our children were talking about (or is that just me?) but it’s actually a very real thing that may have been messing with your budget for years.
Let’s look at a couple of examples so you see what I mean…
A group of your friends are going to the cinema to see a film and out for a meal or drink afterwards. You’re a bit skint but don’t want to be the only one going so you go along even though you could really use the money elsewhere.
Your friend’s hen night (which you could just about afford) just turned in to a hen weekend away and you really can’t afford to go but she really wants you there and you don’t want to not go when all of your friends are going.
And on a much smaller scale, everyone at work is getting a Starbucks or ordering in a nice lunch. You have no money but don’t want to be eating your cheese and tomato sandwich while everyone else is snacking on something tasty.
Do any of those scenarios sound familiar?
I bet if you have a think, you can name at least one occasion when you’ve spent money just because you don’t want to miss out on something – FOMO.
I have a few ways that you can turn your FOMO around though so keep reading….
Learn to say No
This is a totally obvious one but the world isn’t going to end if you miss out on a trip to the pictures or a night out. Your friends aren’t going to decide not to be your friends and they’ll still invite you next time so just say no this time around if you’re honest with them and just tell them you’re a bit skint. You never know, you might start a trend and other friends might stay the same.
Offer an alternative
This one works brilliantly if you find you’re not the only one who can’t afford it – offer an alternative to everyone that you can afford. A night out on the town could become a night in making cocktails and a night at the pictures could be a Netflix night at home with a takeaway (still cheaper than going out).
Have an excuse ready
You might not want to tell your friends that you’re skint or you might have tried before and being talked into going anyway so it helps massively to have an excuse to hand. Anything from you’re working late to a family commitment will do if you just stick to it – and remember what excuse you used on the day itself. This isn’t the best solution but sometimes, it’s the only one.
Budget for fun
We set some money aside every month to have a little fun so you could do the same for random things that you don’t want to miss out on.
Get away from social media
If you do stay home when everyone’s out without you then stay away from social media because you should be proud of yourself for being sensible and not feeling sad watching the fun everyone else is having. Have a treat of your own and enjoy a nice night on your own.
So there you have it, now you not only know what FOMO means but you know how to avoid letting it mess with your budget.
Maybe next time, we’ll discuss YOLO.
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