Guys, don’t try to deny it. You know exactly what I’m talking about. That little ping of heat that sits just underneath your rib cage and is followed up quickly with a “sh*t, I wish I had that/was going there/could do that…” internal dialogue.
Unfortunately we have all had a case of financial FOMO at one point or another. Whether it’s your amazing colleague who just got a pay rise, your friends who have taken a month’s long [nauseatingly fun] trip to Europe or an event you saw on Instagram, we can’t escape it.
RELATED BLOG: Every Financial Mistake to Avoid in Your 20’s! “They say that your 20’s are meant for post-puberty discovery – for experimentation – and for me it was exactly that. I learnt how to work hard and play harder. I learnt how to fall in love and mend a broken heart. I learnt about tax returns, lease agreements and life with bills. You know, the normal “stuff” we all have to figure out when we move out of home and find ourselves navigating adult-land for the very first time.”
I often find myself thinking, “gosh, I wish I had that outfit…” or worse, “I wish I had her pay packet … “ and the latter is the most dangerous kind of financial FOMO because it feeds a part of our animal brain that isn’t pretty – the jealousy part. The ugly green monster!
The problem is, it’s this part of my brain that got me into trouble 10 years ago with 3 credit cards, a wardrobe I couldn’t afford to wear out because I barely had enough money for a coffee, and a social media highlight reel that fed the perception of people I didn’t even know. All for what? Financial FOMO.
So, after 10 years of paying off debt, rewiring my consumer-addict brain and giving my future some financial love, here are my tips for dealing with financial FOMO – from a recovering FOMO addict!
Ask Yourself a Question …
Do I have a spending problem or an income problem? The only 2 questions that truly affect your money story. For me, I had a spending problem! I was spending well above my means, knee-deep in credit card debt and then wondered why I didn’t have a house or was able to vacay like others. Now that I’ve got my spending under control (after 10 years of being in consumer rehab!), I am looking at ways to increase my income. There is nothing wrong with my current income BUT there are always ways to make more. Insert side hustling, Airtasker and Marie Kondo’ing all aspects of my life!
Have a plan
The biggest cause of financial anxiety, set upon by financial FOMO is when we don’t have a plan or let the devil of comparison creep in. Creating a financial plan that includes lots of mini goals along the way will make sure you are constantly achieving and always winning on your own. One of the biggest mistakes that we all make is the assumption that a financial plan is this big, complex, fancy thing … I’m here to tell you that it’s not. Hallelujah! My financial plan includes my big life goals, my not-so-big yearly goals and my mini-monthly goals. When I focus on MY plan, and MY progress, I always feel 100% better. Because at the end of the day, all you can do is your best.
Social Media Detox
I know, it’s an aggressive approach, but it’s completely necessary. One comment from my husband said it all, “you’re in a much better mood and generally more positive when you’re not on social media”. Cue, holy cheeses moment. Wow. Could my so-called smart phone really be causing dumb decisions? If I saw someone galavanting overseas, it’d be a short 5 minutes before I was wishing I was there or worse, jealous of them. I deleted my personal Instagram account, and the Facebook app and haven’t looked back. My only social media contact is through Fearless Female Traders, and when you’re scrolling past helpful money tips, or people reaching their money goals you can’t help but feel inspired.
Swim in Your Own Lane
Easier said than done. I know. But if you truly take a selfish approach to who you are, what your dreams and goals are, and more importantly what your financial future looks like you immediately find yourself looking at ways to self-improve. This is not to be confused with #fitspo or selfie-gram, but your commitment to yourself. Call it financial self-care, or financial-goals – but whatever you call it, be your own inspiration, because you’re the only one who can change you.
Fearless Female Traders