Have you heard of the term FOMO? It means “fear of missing out,” and has become more and more of an issue nowadays, thanks to social media. FOMO not only can be harmful to your happiness, but it can also hurt your finances! If being worried about missing out on things causes you to spend money that you shouldn’t be spending, you can quickly find yourself in a bad financial situation! To help you, here are some tips on How to Stay on Budget and Not Feel Like You’re Missing Out on Life!
How to Stay on Budget and Not Feel Like You’re Missing Out on Life
1. Make a Flexible Budget
The easiest way to stay on budget and not feel like you’re missing out on things is simply to make a flexible budget! That means create a budget with at least a little money set aside for wants instead of needs. For example, maybe you could have some extra money in the clothing part of your budget if you like fashion. Or put some money aside for eating out with friends, or going to the movies. If you love to read, leave some money available for the newest books. The money you set aside doesn’t have to be a lot, just enough that you feel you’re not being completely deprived of everything that you consider fun and important.
2. Consider Psychology
Something else you should do if FOMO is making you overspend is consider your own personal psychology. What exactly makes you feel like you’re missing out? Is it seeing a certain kind of post on social media? Is it ads on TV? Is it conversations with friends or family members? What exactly does what you hear/see trigger within yourself? Some people experience FOMO as a result of wanting to live a certain lifestyle or be a certain person. Others just have outgoing personalities, or adventurous spirits. If you can figure out what makes you worried about missing out on life, then you can potentially learn to curb those feelings enough to stay on budget!
3. Create an End Date
If you created a very extreme budget because of a very bad financial situation, one way to bear the self-imposed restrictions of that kind of budget is to set an end date to the budget. That date could be when you expect to have paid off the debt that forced you to create the budget. Or maybe it’s when you hope to have a new job or good paying side hustle. Just create a realistic date when you truly believe that you’ll be able to re-work your budget to be less strict, because your income will have increased and/or your expenses will have decreased. Knowing that there’s an end in sight (even if it’s several years in the future) can make a tight budget easier to bear.
4. Don’t Assume
Another way to stay on budget and avoid FOMO is simply to avoid assuming! What this means is, don’t assume that just because one friend went on a big, expensive vacation that she’s doing so much better in life than you. That vacation could be putting her deep in debt, but she decided to ignore that fact for the short-term fun. Now, some of your friends may be doing things that they legitimately can afford. But others will be charging things or taking out loans. And they may be feeling bad about their debt, but not really able to stop themselves! So remember, don’t assume that everyone is paying for everything with cash. And be grateful that even though you may not be able to do or buy everything, at least you’re not increasing your financial worries!
5. Remember Your Goal
You created your budget and started living this frugal lifestyle for a reason. But with time, it can be easy to forget what that reason was. So make sure to occasionally remind yourself. Doing this in a concrete and positive way works best. For example, dig out an old credit card bill and compare it to your most current bill, then celebrate how much you’ve paid off! Or if you haven’t gotten your credit score in a while, get a new report and be proud of how the number has changed! Making financial improvements takes time, and it’s easy to lose steam as the months and years pass by, so these little reminders can really help keep up your motivation!
What helps you stay on budget and avoid the fear of missing out?