How to get over FOMO

Hey there, time traveller!
This article was published 11/09/2024 (385 days ago), so information in it may no longer be current.

Dear Money Lady Readers,

My daughter said to me the other day that she had FOMO and I that I was “dripping” in my outfit.

“What?”

I had no idea what she was talking about.

If you don’t already know, let me tell you that “FOMO” is the fear of missing out. Young people also use “FOBO” – the fear of better optionsl or “JOMO” – the joy of missing out.

As for “drip” – that means you look good and it’s apparently a compliment. Other Gen Z jargon terms I have now learned are “boujee” – which means fancy; “slaps” – which means excellent or amazing;“lit” – meaning really good; “tea” – meaning gossip; and “flex”- meaning to show off.

So, I plan on flexing here, to make a really lit and boujee article for you, so I can explain the FOMO/JOMO and give the tea to all my Stans (which means fans or followers).

Did you get all that?

No matter what you label it, we all have FOMO, usually due to social media, which is available 24/7 in our pockets (i.e., on our phones), especially through Instagram. We can instantly envy others and regret not doing or having more exciting things. Whether real or not, most forms of social media portray wealth, and now we don’t need to keep up with the neighbours, we need to keep up with millions of people on social media. The sad part is that you don’t feel good about your accomplishments but instead make less of yourself because others have done more or have so much more. Parents today are under constant pressure from social media bombarding them with constant examples of better birthday parties, events and experiences that so-called “better parents” do for their kids.

Why not take a fast from the FOMO. Turn off the social media, either for a couple of hours, days or weeks. It will do wonders to make you feel better about your own life. Remember that credit card companies build their business on you borrowing from your future. They want you to buy now rather than saving to buy later. With credit, it’s easy to fall for the instant gratification to convince yourself that later can take care of itself. Be careful not to create “excuse spending.” This is when we feel we are justified to spend because we deserve it. We may think all the hard work we have done, the sacrifices we have made, and the lack of acknowledgement for that work and those sacrifices, warrants or entitles us to a splurge spend…because we deserve it.

But what do you really deserve? Do you really feel you are missing out? If you think material possessions or expensive experiences are the things you deserve, you need to think again.

What you deserve is to be free from future financial stress. Remember that, while those purchases may feel luxurious in the moment, they could land you in financial stress that you don’t deserve. I am not saying that you need to deprive yourself or your children, but if you are suffering from FOMO and feel you need to reach to credit to improve your situation or your kids experiences, remember that enjoying a stress-free financial life honestly feels a lot better than any new item or birthday bash ever could.