Fear of Missing Out or FOMO can affect anyone. There is fear of being left behind or you experience anxiety when you don't follow what other people are doing, whether it's buying new things, traveling to new places, etc., so you end up doing it too.
If not addressed, FOMO will impact your financial health. There are many ways to overcome FOMO, for example by limiting time or being selective when using social media, occupying yourself with hobbies and changing perceptions. In this article, Jagomin will focus on discussing how to overcome FOMO, financially speaking.
4 Smart Ways to Overcome FOMO
1. Set some financial goals
When we don't have a goal or don't know what the money will be used for, it's very easy for us to spend money to buy various things. If what you buy is something you need, it is fine. But, when money is used up to buy something just so you don’t have FOMO, this is a habit that needs to be stopped.
You can overcome FOMO by starting to set financial goals. Of course, financial goals need to be realistic and based on current financial conditions. One of the most important financial goals that everyone is recommended to set is having an emergency fund. Emergency savings can help you deal with unexpected events more easily and keep you from the need to borrow money.
2. Be disciplined in budgeting for every need
To overcome FOMO, you also need to be consistent and disciplined in allocating funds or budgeting for every need.
Budgeting can help you control your expenses. For example, when you have allocated Rp 1 million for self-indulgence for a month, then you must be disciplined to stick to it.
When you see your friends buying new shoes, you won't be tempted to buy them too if the Rp 1 million has been used to buy other things.
You can feel practical budgeting when using the Jago Pocket in the Jago application. Basically there are two types of needs, namely the need to save money and the need to spend money.
Needs such as building an emergency fund, saving for retirement and buying a house are needs that require you to save money. For this type of need, you can create Saving Pockets.
Meanwhile, for needs that require you to spend money such as paying monthly bills and buying groceries, you can create Spending Pockets. The awesome thing is, you can create many Saving and Spending Pockets according to your need.
After the Pocket is created, to separate funds for each need, all you need to do is move money from the Main Pocket, which is usually the source of your funds. If needed, you can also move money between Pockets or return money to the Main Pocket.
3. Lock money in a secure place
Indeed, it takes strong discipline to always stick to the budget. However, there are times when it is difficult to resist temptation. In the end we allow ourselves to follow the temptation.
If you experience this often, besides continuing to practice self-discipline in spending money, you can lock your money in a secure place, such as in a Locked Pocket that is also in the Jago application.
Don't worry, the locking period is flexible and you can lock money from as short as 14 days. If one day you need money, you can use the locked money. But, as long as you don't need it, you can keep your money locked in a Locked Pocket to avoid FOMO.
4. Put money automatically into savings
One more thing you can do to overcome FOMO and maintain financial health is to let your savings automatically receive money.
So, if money has been automatically put into savings, then the money has been secured from irresponsible use. It's best if you set your savings to receive money automatically when you receive your salary or at the beginning of the month.
Setting up automation with Jago is super easy. For each Saving Pocket, you can activate the Autosave feature. You have the freedom to set when you want to automatically transfer money to the Saving Pocket and the transfer amount.
So, Jagoans, are you ready to do the above to avoid and overcome FOMO? What if you don't have the Jago application yet? Download the Jago application here.