Is “FOMO” – the fear of missing out –hitting your finances?

In the age of social media, where it seems that everyone is enjoying a fabulous social life going to concerts, enjoying swanky holidays and posh meals out, the pressure to spend has intensified. But over-spending on social outings today, can have serious effects for years to come.

There has always been some social pressure to “keep up with the Joneses” but with people taking photos of everything they do and posting the highlights online, it can be hard for some not to feel that they are missing out.

While it may be hard to ignore your friends’ apparently amazing social adventures, keeping your larger financial goals in mind may make it easier to say no social outings and spontaneous invitations for drinks and brunch.

It’s really about using your money to match your priorities and be certain of pursuing your own passions rather than those of others.

If you make smarter financial decisions in your 20s, it’s going to pay off in your 30s, it’s going to give you options and opportunities in your 40s and you’re going to be able to retire earlier in your 50s and 60s so it’s important that it all starts by making good decisions when you’re young.

If you’re finding it difficult to shake the FOMO feelings from your consciousness, more drastic measures may be needed.

Maybe you need new friends – ones who don’t necessarily value going out to the newest, hottest restaurant.

Always keep your bigger goals in mind, in fact write them down, – whether that’s getting out of debt, building up savings, getting on track for retirement or saving for a home. Keep this list somewhere prominent to keep you focused on the important stuff.

If buying a concert ticket is going to stop you paying off your credit card this month, or worse, increasing your debt, stop and think about the longer term consequences and how you will feel if your important goals are moving further out of your reach.

A lifetime cashflow will help you to know what you can and cannot afford to spend on an ongoing basis and once you get organised, we’re sure we can help you enjoy some pretty amazing experiences.

We don’t want you to miss out, we want you to live the richest life possible with the money you have.

If you would like to know more about how to get on track, do call us for a friendly chat.