The Power of No: FOMO

The Fear Of Missing Out, also known as FOMO is defined by Oxford Dictionaries as “Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media.” Whether it was the club scene, weekend brunch with your crew, or even that Vegas trip that your friends convinced you to go on; we have all fallen victim of it at some point in our lives. Shoot, even myself. 

No, this isn’t a post to shame anyone for the excursions that they like to participate in. One of the main tips I tell people during a session is that its totally okay to treat yourself, as long as it’s within moderation. However, FOMO becomes detrimental to our financial health when it prevents us from reaching our financial goals due to the negative impact on our pockets. This occurs when we repeatedly do things we can’t really afford. And social media isn’t doing anything to help the matter. We are constantly being informed of what the next person is doing or purchasing at that point in time. 

So how do we combat FOMO? One way is by using a two letter word that most of us don’t like to hear, “no”. People do it all the time when they pass up on the donuts in the office because they are on a diet. Why can’t we do it for personal finances? Its okay to pass up on two out of the four girls trips planned for the year or miss the weekly brunch to meet your financial goal(s).  Back in 2018, I had to tell my girlfriend (now wife) that I couldn’t afford to go on a winter vacation that she was dying to go on. Want to know why? I was saving for an engagement ring along with an extravagant proposal. After the proposal, she connected all the dots and understood why I said no. I am sure she is happier receiving the ring versus the winter vacation. 

Here are a couple additional ways we can combat FOMO. (1) Whatever you like to do, whether it is traveling, brunch, etc; set aside an amount you’re comfortable with to save towards that activity on a monthly basis. (2) Try to avoid using your credit card if you really can’t afford it or can’t pay off the full balance at the end of the month. This can lead to accumulating unwanted debt. 

Moving forward, I personally plan on saying “no” more often before falling victim to FOMO. But I want to hear from you. How do you plan to combat FOMO? Feel free to use the comment section below to join the conversation! 

Holding you accountable,

DWM