By Jasmin Brown

BDO Debt Solutions

Summer FOMO (Fear of Missing Out) and Your Finances

Jun 29, 2023 | 9:48 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

The weather is getting hotter, and many people are beginning to plan their summer activities.

Summer is a season of relaxing, and people tend to take on a more carefree attitude. Whether planning a family gathering at the cabin or in the backyard, or heading out to explore our beautiful province, summer can be very expensive! Today, more than ever, we are encouraged to spend. We see and hear advertisements everywhere, not to mention all of the posts on social media. This can create summer “FOMO,” or the “fear of missing out.” It is natural to want to take part – but the costs involved can add up quickly.

What is “FOMO”?

FOMO refers to a feeling that others are having more fun, living better or more exciting lives, or are enjoying more experiences than you are. It can cause significant stress and anxiety for many people. FOMO has become much more common with the increased popularity of social media platforms. We are constantly inundated with photos and comments about what others are doing, and it can make people believe that they are making the wrong choice by choosing not to participate. FOMO can affect your mental well-being, and it can also have a significant impact on your financial well-being.

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The Financial Impact of FOMO

In response to FOMO, people tend to believe that they have to do and experience everything, and they begin to live by competing with their peers. This can have a negative financial impact in one or more of the following ways:

· Encourages unwanted and unnecessary spending;

· Depletes savings;

· Increases reliance on credit;

· Results in over-extension of credit;

· Prevents reaching financial goals.

Tips for Overcoming FOMO

Being aware that you may be experiencing FOMO is a great first step to keeping it under control. Some other tips for overcoming FOMO are:

· Unplug! Take a break from social media;

· Find a new project to focus on;

· Create a budget that includes a “fun” category;

· Plan your own fun – the things that you enjoy doing, and ensure they fit within your budget;

· Focus on the feeling of paying down debt and/or saving money;

· Avoid comparing yourself to other people – everyone’s situation is different;

· Seek help if needed.

FOMO can cost a lot of money. Household debt levels are high, inflation and interest rates are soaring, and many people are already experiencing financial difficulty.

Giving in to FOMO will only make the situation worse.

It can be difficult at times not to want to keep up with your peers, however, you only ever see part of the picture on social media. You see the fun and the experiences, but what you don’t see are the bank statements and credit card bills.

There is a good chance that your peers are living on credit. Be aware of your own financial situation and what your own budget can handle.

This summer, unplug and enjoy time with the important people in your life – without concerning yourself with what everyone else is doing.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.