Giving Into FOMO
FOMO, the fear of missing out, is widespread in the United States. We’re constantly bombarded with ads, new products, new experiences we should supposedly try out and if our friends and family are doing it, why shouldn’t we? It also doesn’t help that saying no to too many social interactions at the hip new restaurant downtown is considered a faux-pas.
Advertisements are getting clever too, showing you items you’ve viewed online based on your search history and they nag you until you buy them.
This constant nagging, both from a marketing standpoint and from friends and family makes it difficult to say ‘no’ over time, but saying ‘no’ could help your retirement more than you might expect.
You should have a ‘fun’ budget. If your next purchase makes you go over, there’s no shame in bowing out, even if the people around you might think that ‘it can’t hurt’! By also not buying into the latest fads you’re much more likely to have a comfortable retirement by putting that money away.
If you see something you really want to buy, give it a few days or weeks to see if your wish still persists. If it does, start budgeting for that purchase. That’s what all super savers do!
