What is FOMO and How do you overcome it?

 

KAILANGAN MO BA TALAGANG GUMASTOS?

Baka FOMO lang yan!

 

FOMO is an acronym for Fear Of Missing Out which is often used in social media, and was added in Oxford dictionary in 2013. Author Patrick J. McGinnis coined the term FOMO and popularized it in a 2004 op-ed in The Harbus, the magazine of Harvard Business School. According to Time, it is ‘‘the uneasy and sometimes all-consuming feeling that you’re missing out – that your peers are doing, in the know about, or in possession of more or something better than you’’.

 

In the age of Facebook, Tiktok, Instragram, and many more social media platforms, it helped us connect with our peers real-time, however, it also made us become more susceptible to comparing our achievements to others not only with celebrities but most especially with our peers.

 

If you have felt this too, don't worry, your feelings are valid. It's just that these feelings and emotions have been amplified most especially with how attached we've become to these apps, that they provide us the serotonin (happy hormones) boost every time we get validated with likes, comments and positive reactions to our posts.

It has become like an addiction to stay invested in what others will say and to stay connected with them, which made us develop a sense of "pervasive apprehension that others might be having rewarding experiences from which one is absent (sciencedirect.com)".

 

With this ongoing behavioral changes comes the habit of impulsive spending just to validate our apprehensions on feeling missed out on what your friends are into at the moment. Sometimes, we even go out of hand and spend more than enough of what we can afford, just to try or purchase what's trending online just to make us feel like we belong.

In addition, advertising and marketing agencies saw the sales potential of this phenomenon and somehow used FOMO as a tool to influence our buying behavior.

 

Pre-pandemic, these were the things that have usually made us feel left out and eventually made us spend money on things that we might actually do not need.

 

1. Apps Subscription

2. Travel

3. Gadgets

4. Vehicle

 

Netflix or Spottify Subscription

 

In the age of stay-at-home, subscription apps have been our friend as they supply us with an almost endless supply of media to consume. These platforms really changed the way we consume media and the binge-watching or streaming behavior has become quite a norm already.

I know we need a break or a time to enjoy and relax after our hustle but with the few hours a week that we have for ourselves, can we really make sure that the subscription we are paying for is worth it?

Try to list down and count how many shows you have watched or songs you have listened to from these platforms and divide it with the money that you are spending on these apps and you will see if your subscription is really worth it.

Travel Goals

Social media says that travel is a great way to "balance" our work and personal life. Somehow, this can be true and traveling will also make you learn a lot of things not only about other cultures but also things about yourself that you have yet to discover. However, with the influence of FOMO, some people would rather go broke as long as they can travel.

This time, you should try to ask yourself these three things first before you spend money for travel:

1. Do you have disposable budget to spend for it?
2. Do you have an alternative to your destination that would give you the same relaxation and fun without breaking the bank?
3. Do you really need to do it now?

Each time you make a decision if you should spend money, think about it wisely and consider a lot of things most especially your budget.

 

Getting the Latest iPhone

 

The digital world has truly taken over and pretty much sooner or later, every transaction we make would be needing a gadget to access our daily needs.

I can't deny that Apple stays true to its promise of being a quality product however, it doesn't mean that cheaper alternatives are not built to last.

What's also worse is how some people have developed an apprehension when their iPhone isn't the latest model even if its still functional or working perfectly to meet the tasks that they need it for.

As I can see it, the brand has become more of a status symbol rather than a necessity, as there are so many alternatives that can do what it does, and sometimes even better.

Buying a Car

With the situation in the Philippines, getting around places is truly difficult most especially when you are commuting, and most of us use this as a reason to finally get a car of your own to use for work.

Surely, using your own 4-wheel drive has its benefits due to its convenience, but what most people do not realize is how unnecessary it is most of the time to own a car due to so many reasons.

A vehicle is actually considered a liability because the real cost of a car doesn't really end on its selling price and owning a car generates an amount of expenses and accountabilities as time goes by. Unless you are using it to generate income that can go above your expenses, try to ask yourself first if you really need it.