Finances organised and budgeting scoped out, but still can’t seem to get your money where you’d like it to be? If you’re a sociable, outgoing person who loves to live in the moment, FOMO could be partly to blame. FOMO, or the “fear of missing out”, can really motivate us to get up, out and in on the fun – even if we don’t really have the funds to back it up.
FOMO can strike at any time, be it when you’re scrolling through social media catching up on what your friends and family are up to, or after an invite that you know deep down it would be best to decline. Once it does, it can be tricky to stick within budget – but don’t worry, we’ve put together six tips to help you fight back and stay on track with your financial goals.
Learn to say 'no' (and know when to say 'yes')
If you’re invited along on an exciting endeavour that you can’t afford, it can be difficult to decline, as missing out on the experience can be disappointing - and it can be equally as hard if you feel like you’re letting your friends down.
If you’re willing to share with the person inviting you that it doesn’t quite fit your finances, you’d be surprised about how understanding others can be. If you’re not, mastering a polite decline, showing appreciation for the invite, and proposing a back-up plan for another time or activity could really improve your confidence when saying ‘no’.
That being said, saying ‘yes’ occasionally is also not a bad thing as it creates a better balance between financial responsibility and enjoyment. If you can look at your budget and choose some plans that won’t get in the way of your financial goals, you could feel great about your spending while still getting to join in on the fun – it’s a win win really. Plus, you could remind yourself you already have plans in place to look forward to if you do have to turn something down in the meantime.