Welcome to Money Demure … our series of simple tips and actionable strategies to outsmart overspending, master mindful spending and take control of your finances, without missing out on the good stuff in life. See that financial responsibility? Very demure, very mindful…
We’ve all been there: you’re scrolling through social media, and suddenly you’re hit with a wave of FOMO: fear of missing out on something that probably isn’t free of charge.
Whether it’s the latest gadget, a must-have fashion item, or an impromptu weekend getaway, spending FOMO can push you to make purchases that you didn’t plan for—and maybe don’t even really need.
But is this sneaky habit secretly sabotaging your savings? That would be very inopportune, very negligent, very not demure.
What is Spending FOMO?
Spending FOMO is that nagging feeling that if you don’t buy something now, you’re going to miss out on something epic. It’s driven by the constant stream of posts, ads, and influencer endorsements that fill our feeds, making us feel like we need to keep up with everyone else.
The problem? This impulse to spend can drain your savings faster than you realize.
How Spending FOMO affects your finances
Spending FOMO doesn’t just affect your wallet—it affects your overall financial health:
Impulse buys
When you give in to spending FOMO, you’re more likely to make impulse buys that weren’t in your budget. These small, unplanned purchases can add up quickly, leaving you with less money for important things like bills, rent, or savings.
Recommended: Explore saving tips with our guide to loud budgeting
Debt accumulation
To satisfy that urge to keep up, some people turn to credit cards, which can lead to debt accumulation. The interest rates on these cards can make even a small purchase much more expensive over time.
Recommended: How to pay of credit card debt fast
Missed savings opportunities
Every dollar spent on something you don’t need is a dollar that could have gone into your savings account. Over time, this missed opportunity can significantly impact your ability to build an emergency fund, save for a big goal, or invest in your future.
Recommended: Emergency fund calculator: build your safety net
How to beat Spending FOMO
The good news? You don’t have to be at the mercy of spending FOMO. Here’s how you can take control:
Set financial goals
One of the best ways to combat spending FOMO is to set clear financial goals. Whether it’s building an emergency fund, saving for a vacation, or paying off debt, having a goal in mind can help you stay focused on what really matters.
Use MoneyLion’s budgeting tools
MoneyLion offers powerful tools that help you track your spending and stay on top of your finances. By seeing where your money is going, you can identify areas where spending FOMO is hitting you hardest and make adjustments.
Leverage perks to save more
MoneyLion offers an account and memberships, that allow you to access exclusive perks that help you save on everyday purchases. These perks can help satisfy your spending urges without derailing your budget.
Round up your purchases
Every time you make a purchase with MoneyLion, use the Round Ups feature to automatically add to your Managed Investment account or to purchase Bitcoin. It’s an easy way to make sure that every swipe of your card can help benefit your bottom line.
Consider a Credit Builder loan
If you’ve used credit cards to fund your spending FOMO, consider MoneyLion’s Credit Builder Plus membership. It helps you build your credit while also setting aside savings, so you can reduce debt and improve your financial standing simultaneously.
Making smart spending decisions
Next time you feel that spending FOMO creeping in, pause and ask yourself: “Do I really need this?” Consider how this purchase fits into your overall financial goals. If it doesn’t align, it might be best to skip it.
MoneyLion has your back
Spending FOMO doesn’t have to rule your life—or your wallet. We’re here to help you make smarter financial decisions and stay on track with your savings goals.
Ready to take control of your spending? Download the MoneyLion app today.
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Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by DriveWealth LLC, member SIPC, and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.
Credit Builder loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are offered by affiliates of MoneyLion and subject to approval. The Credit Builder loan may require a portion of the loan proceeds to be deposited into a Credit Reserve Account maintained by ML Wealth LLC and held in non-marginable securities by DriveWealth LLC, member SIPC and FINRA. Not available in all states.
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