Strategy

72

How to overcome your FOMO mind-set to spend wisely

23 Dec, 2016

Social media plays a huge part in everyone’s lives now. With new terms and new ways to live coming up, it is not surprising that most of the young users are finding it hard to keep up with maintaining their lifestyles on social media without understanding the amount of money they are blowing up. With almost everyone putting up pictures and videos about the kind of lifestyle they are living it is hard to match up to the same without spending a lot of money yourself.

Two of the most common phrases you can find on social media are ‘YOLO’ which means ‘You Only Live Once’ and ‘FOMO’ which means ‘Fear of Missing Out’. This attitude is driving the millennials to spend money they don’t have or money they need to make ends meet.

If you are a part of this category, fear not because here are a few tips to help you manage that money better:

Budgeting

Yes, this sounds old and overused but, it is definitely one of the best old-school methods to follow. Whether you are going on a shopping trip or a night out with your friends, always be aware of the amount of money you have and the amount you can spend. Once you know this, you definitely can set a limit for yourself and try to follow suit. When you budget yourself to an appropriate amount, you will consciously spend money on things you actually need instead of spending unnecessarily and then later feels those pangs of guilt.

Ditch the credit cards

With almost everyone carrying credit cards nowadays, it can be hard to resist the temptation of using the card when you are out having fun. Of course, you feel the remorse the very next day but it is too late to do anything about it. Instead of swivelling in that state of debt, just carry the money you need and keep the credit cards at home in order to stick to your budget and not get carried away.

Owing someone

Most of the millennials today are blessed with a sheltered lifestyle and parents who will get them out of financial trouble if needed. Instead of your parents or your friends bailing you out, you would feel a lot more accomplished when you can pay your bills by yourself. So, cut them off and stick to your philosophy. It can be quite hard in the beginning but once you get the hang of it, you will feel a lot more independent.

Start saving

Think of your long term goals. If you want something badly, you will have to learn to give up on a few smaller things in order to reach it. Have a jar for each dream and every time you have the urge to spend unnecessarily, put that money in your savings jar or in your savings plan. It can be frustrating to look at it and wonder of the few things you had to give up for it but have some faith in yourself, because it will definitely be worth it in the end.

 

These might seem small but they can make a huge impact on your spending habits in the log run. Try them out and you will definitely not regret it!

If you are also interested in getting your articles published here, please mail them to This email address is being protected from spambots. You need JavaScript enabled to view it.

See here

Kotak moneywatch newsletter