FOMO is known as the fear of missing out. It may sound silly, but it’s a common nagging feeling that shows up when we aren’t able to join in on “the fun” with our friends. FOMO is normal and sometimes is the result of affordability.
When we first enter adulthood, FOMO may not be as prevalent. This is likely because, as young adults, we all typically enter similar entry-level salary jobs and have relatively the same expenses. But depending on career and lifestyle choices, that could change over time. As we take on larger financial responsibilities—cars, mortgages, and families—FOMO could begin to creep up on us knowing saying “yes” to every social outing or event with our friends may no longer be the best financial choice.
In this blog, we outline three steps you can take to overcome that FOMO feeling.
Have a Conversation
Don’t distance yourself from those you want to spend time with. We know talking about money with friends isn’t the most comfortable thing, but you may be surprised how easily they come around to your concerns (and you may not be the only one with concerns). If your original plan for a weekend getaway to Tahoe isn’t feasible right now, perhaps suggest a day trip to the ocean instead. Balancing FOMO and your budget isn’t about saying “no” to every outing. It’s about making the most of your adventures with your friends in a way that fits your budget.
Create a Budget
Planning for fun may not sound like fun, but if you work it into your budget, you’ll be able to enjoy yourself without worrying about finances. Budgeting is the best way to help keep your eye on long-term goals in life while still getting to enjoy present-day activities. To help you get started or to refine your budgeting skills, check out these three different budgeting types:
- Zero-Based Budgeting: Makes the most of every dollar so that your income minus your expenses (and savings) equals zero by the end of the month.
- 50-30-20 Budgeting: Helps you allocate your monthly income, curbs overspending, and helps get saving back on track.
- Pay Yourself First: The reverse budget—prioritizes savings goals before expenses.
To learn more about how to create budgets, check out our Budgeting for Life playlist on Achieve.
When you do plan to spend money on an outing with friends—whether that’s for a trip or just for dinner—choose a card that will help you make the most of your money. Our Visa® Platinum CashBack Plus Credit Card rewards you for every purchase. Plus, with special offers throughout the year, you could earn even more! Check out how much you could earn with these example point estimates below.
- Spend $300 and earn 300 in rewards points.
- Spend $7,500 and earn 7,500 in rewards points.
- Redeem 10,000 rewards points for $100 in cashback.
Getting something in return for your spending could help alleviate the nagging feeling that FOMO creates. Choose from cashback, travel, a statement credit, and more! Learn more about the benefits of using a Credit Card in this blog post.
Don’t let FOMO get the best of you or your finances. As your trusted, local financial partner, we’re dedicated to providing you the resources to help you achieve your goals now and into the future.