Is FOMO Affecting Your Budget? Here’s 4 Tips To Help

Is FOMO Affecting Your Budget? Here’s 4 Tips To Help

Say no to FOMO

 

As Geoffrey Chaucer once said, “time and tide wait for no man” . Once you reach your mid twenties to early thirties, you and your friends reach varying levels of income and financial responsibility. Nobody wants to say no to their friends and family because of money. However, this is no reason to let the Fear OMissing Out (FOMO) get the best of you and your bank account.

Know Your Budget & Stick To It…

Take a look at your financial situation. How much money do you realistically have for social outings? What expenses do you currently have i.e. Car? Mortgage? Bills? etc. Ask yourself all the tough and important financial questions. This will help you to understand just how much you can allocate to spend on essentials along with how much you should be putting towards any outstanding debts. You also need to look at how much you need to start saving in order to meet your financial goals. Always allow a little wiggle room in the budget for some activities like dining out and shopping, just don’t overdo it.

Once you know your budget, it will be easier to plan how many social outings you can afford. Stick to your plan and you will be happier in the long run. The FOMO feeling won’t last forever, but mismanagement of finances can lead to a lot of unnecessary stress that absolutely nobody needs in their lives.

Focus On Your Goals…

There will always be things in life that we want but can’t afford, and that feeling is magnified when you see that many of your loved ones *can* have those luxuries. However, instead of thinking, I am so upset that I am not going to Paris this weekend, you can say, I’m proud of myself for getting closer to paying off my car loan. If you’re saving for a house, a wedding or a retirement,  concentrate on how happy your future self will be when you’ve met your financial goals. Skipping a few happy hours or one weekend away won’t feel so bad when you’re one step closer to owning your dream home.

Control The Situation…

Try to plan an event yourself that does not involve much cost. Why not suggest to climb Croagh Patrick or a night in with drinks and a movie. It will definitely be cheaper than expensive trips away. Besides, everyone loves when someone else does all the planning and if you can half the costs on these gatherings without always having to say “NO” then you are winning.

Talk To a Financial Advisor…

A financial advisor can guide you on an approach that meets your financial circumstances. Murray & Spelman (Financial Services) Ltd will happily talk you through your financial planning options. We specialise in areas such as Life & Serious Illness Cover, Mortgages, Mortgage Protection, Income Protection, Inheritance Planning, Pension & Retirement Planning, and Investments & Savings.

Request a Callback from us today.