Hey kak and bro! That time when we are glued to our phone scrolling through Instagram trying to compare our lives to our friends vacationing in Bali, purchasing the newest sneakers or eating in top restaurants in KL? That’s the Fear of Missing Out (FOMO) and let me tell you that it’s not only with your mind, but also with your money. Now let me explain what problems of social media are slowly undermining your financial situation and what to do about it.
What is FOMO?
FOM is a feeling of missing out on better deals or opportunities, or thoughts that everybody else is more entertained, spends more, or live betters than one does. Social media fuels this feeling as it gives you snippets of everyone else’s ‘best’ life- the travel, the meals out, the shopping trips. You walk around with the nagging feeling that you need something somewhere, and the only way to “get that fix” is to spend money you may not have.
1. Thus, the Malaysians want to ‘run in parallel with the Jones’, they are just following after the Britons’ propaganda.
The sense of FOMO manifest itself in Malaysia as having to be updated to others’ activities. Perhaps, your co-worker just purchased the newest version of an iPhone?. All of the sudden, the phone that you swore by is old news. The last time you ate junk food and your friend just shared on their social media page about a weekend trip to Langkawi? Now you’re considering to book a trip. But here you have the catch – you might be striving to spend more just to fit in.
2. Impulse Buying on Steroids
Due to this, ads are even personalized to what you like, what you search on the internet, and even your friends’ purchases. Some are gifted with such accurate insights of your personality they might as well be you! By browsing the feed and then we come across some item that we need to buy immediately. This is more evident when sites use one-click buying options, flash sales, and those catchy phrases like ‘Only five left in stock…’
3. The Credit Card Trap
Here’s the vicious cycle: FOMS causes spending which in turn results to the use of credit cards. It starts off as fun but when the check comes the realization sinks in. You might be paying for that one dinner, or that pair of shoes for months, all because you didn’t want to be left behind.
4. The Silly and Harmless Self-Competition That Causes Many People to Become Obsessed with Their Own Craft
There is what people portray on social media platform and then there is the real world. And when you try to compete with these kinds of standards, you overspend in an effort to ‘level up.’ But hey, just because someone flaunts a fancy trip, doesn’t mean they did not charge the whole bill on their credit card or spent months saving for it.
How to Fight FOMO and Save Your Finances
- Set Realistic Goals: Instead of trying to match what you see online, focus on your own financial goals. Whether it’s saving for a house, paying off debt, or just building an emergency fund, keep your eyes on your own prize.
- Budget for Fun: It’s okay to spend on things you enjoy, but make sure it’s within your budget. Allocate a portion of your income to “fun money,” and once it’s gone, it’s gone. This way, you can enjoy life without derailing your finances.
- Limit Social Media Time: Less time on social media means less exposure to FOMO triggers. Set daily limits on your apps, or take a social media detox. Out of sight, out of mind – and out of your wallet!
- Practice Gratitude: Focus on what you have, not what you don’t. Appreciating your own life and the things you already own can help reduce the urge to constantly spend.
- Remember, Social Media Isn’t Real Life: That Insta-perfect life you’re seeing? It’s just a highlight reel. Don’t let someone else’s edited reality dictate how you feel about your own life or finances.
The Bottom Line
FOMO is real, and it’s costing you more than you think. The next time you feel that urge to spend just to “keep up,” take a step back and ask yourself if it’s really worth it. Your bank account will thank you later, bro!
