Never heard of JOMO? It’s a cure for FOMO

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Have you ever felt that nagging urge to buy something just so you don’t miss out? Whether it’s the latest gadget, hot vacation spot, trendy clothing brand, or even a new car or home, financial decisions often stem more from emotions than logic. This urge, known as the Fear of Missing Out (FOMO), arises from the feeling of falling behind. FOMO can seriously affect your financial well-being, as the pressure to keep up with family, friends, neighbours, and strangers can be more intense than the classic “keeping up with the Joneses.”

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You can, however, counter FOMO. It takes effort, but shifting your mindset to embrace a Joy of Missing Out, or JOMO, is absolutely possible. Here is how FOMO has an impact on your spending and some tips to embrace JOMO to ensure your financial well-being.

How FOMO leads to overspending and financial instability

FOMO is a powerful psychological trigger that often leads to impulsive financial choices. Seeing friends flaunt their latest purchases or influencers enjoying five-star resorts and high-end shopping can make our everyday lives seem dull and create pressure to spend. Unplanned spending on non-essential items — especially during uncertain economic times — can lead to costly credit card bills that are challenging to pay off.

As your career progresses and income increases, you may feel pressure to upgrade your lifestyle to match your peers. Instead of saving your pay increases toward financial goals or retirement, lifestyle inflation can lead to dining at pricier restaurants, purchasing a luxury car, or moving into a larger home, potentially causing strain on your budget.

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FOMO can also manifest through subscription services, becoming a significant drain on your budget. Engaging with multiple streaming platforms or subscribing to meal kits endorsed by influencers can rapidly accumulate costs, leading to substantial debt and an overload of subscriptions that often aren’t fully utilized.

In essence, FOMO can create anxiety and dissatisfaction, often managed through retail therapy. While buying something new offers a temporary boost, it comes with lasting financial consequences and can perpetuate a cycle of dissatisfaction, straining finances and failing to address underlying emotional needs.

Practical tips to counter FOMO with JOMO

If you struggle with FOMO, embracing JOMO can change your life. The Joy of Missing Out helps you find contentment in living within your means and making financial choices that align with your goals. Imagine the relief of not worrying about credit card bills or the freedom you would have if you weren’t constantly playing financial catch-up. By embracing JOMO, you stop comparing yourself to others and focus on what truly makes you happy. Instead of chasing fleeting validation through spending, you cultivate a mindset of financial peace and personal fulfillment.

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One of the best ways to counteract FOMO is to appreciate what you already have. Practice gratitude by regularly acknowledging the positive aspects of your life, such as the support of loved ones, the beauty of nature, kind gestures or personal achievements. Keeping a gratitude journal can reinforce positive feelings and help you connect with what is most important to you. Additionally, expressing gratitude to others can strengthen relationships and foster a sense of community. Reflecting on the goodness in your life shifts your mindset from scarcity to abundance, leading to greater happiness and well-being.

Having a strong sense of purpose with your money makes it easier to resist unnecessary spending. Create a household budget to plan your spending and establish clear financial goals, such as saving for a home, retiring early or eliminating debt.

A physical vision board can help you focus on your goals and create the life you imagine; place it where you see it often. For a virtual vision board, use a photo app to create a collage and save it as your smartphone or laptop wallpaper. Stickers can also remind you of what’s important, such as an airplane for future travel, a house if you’re saving for a down payment, or a freedom sticker to imagine life without debt. Place them on your bank card, credit card, rearview mirror or bathroom mirror. These reminders will help you stay on track when the temptation to spend arises.

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Social media is a major driver of FOMO, so conducting a social media audit can help. Unfollow or mute accounts that make you feel inadequate and curate your feed with content that aligns with your values, such as positivity, personal growth and financial wisdom. Be mindful of your social media use and engage with uplifting content to create a healthier digital environment that supports your well-being and goals. Off-line, surround yourself with like-minded people who value financial responsibility and frugal living. Having a supportive community makes it easier to embrace JOMO and find contentment in your choices.

When we lose a loved one their expensive belongings are rarely mentioned. True happiness is found in experiences and simple pleasures such as a walk in nature, a cozy night with a book or a homemade meal with loved ones. When FOMO strikes, give yourself a cooling-off period. For some, a few hours is enough; for others, 48 hours works better to decide if you really need the item and if it will add long-term value to your life. Often, the answer is no.

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Success isn’t about owning the most expensive things; it’s about financial security, freedom, and peace of mind. If you have children, help them learn to live intentionally and leave them with a priceless financial legacy. Ultimately, JOMO isn’t about what you are giving up. It is about the freedom, control, safety, relief, peace of mind and happiness you are gaining.

Mary Castillo is a Saskatoon-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt since 1996.

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