FOMO
“Fear of missing out” is a common call to action these days. Whether it is a sale, a concert, a major sporting event, or sports betting, the clamor for participating can be intoxicating and lead to you considering the option to buy.
Those ads are effective. But let the effect be on others who are less cautious than you. You can sit still and save!
There are so many ads and many ways to shop than ever before. However, do you have extra money to spend? A sale is no reason to spend money you do not have!
Avoid FOMO to Do Better
With all that we have available to do, my asking you to think about sitting still is hard to do. But I am trying to intervene and help you stop considering things that can interrupt your progress for financial freedom!
My goal is to help you build a better mindset for money, which includes spending with a plan not just planning to spend.
While sitting still, plan what you need and when you need it. Spend when funds are available. Spending ahead of that plan will lead to debt, with the added cost of interest.
Just because you cannot afford to do what you want to do today does not mean that it is the end of the story. You can build hope for doing more fun-filled activities by making goals to fund them!
Sit Still for Goals
Setting goals takes some thought. And sitting still for a while can help you consider what goals will be good for your future welfare.
You can make your goals real by writing them down. This way you can read them often and refine them as you get feedback and do research on them.
This will make sitting a valuable task!
A Roadblock to Ads
Ads will have less effect on you if you have defined your goals for your spending and defined what is important for you now versus later. Adding the perspective of good savings versus using debt can give you an even tighter hold onto your bank account.
Advertisers like folks that spend first and think later. I truly hope you can avoid that pattern.
The holidays are a gold mine for advertisers. There is an assumption that most will drop their guard for spending. Be careful to be still and consider what you should do and spend. Does that fit into your plans?
On a Mission to Measure
“Just do it!” was an oft-quoted ad slogan. But it does not fit most plans for building financial freedom. That slogan has a lot to do with spending without restrictions.
Your success in your personal finances will depend on three key measures. One is for your level of savings. Two is for your level of debt. Three is for your level of investment.
Studies have shown that maybe a third of us use a formal budget. That thought is distressful to a former accountant like me. However, making progress with a savings balance is a sure sign that you are doing something right.
The fact that debt, especially on credit cards, has been a source of stress and broken relationships should be enough reason to make debt reduction a priority. If you pay attention to the interest rate and the amount of interest you pay each month, you can build a defined concern and plan for reduction.
When you consider the fact that the rich became rich by way of investment, that should become part of your plan for financial security! And funds for investing will come from your efforts to save. It is that simple.
Make it your mission to measure these three numbers often. Savings, debt, and investments are key measures. Track them with the goal of reaching your goals!
Save for Good
Goals should have a one-to-three-year timeline. You can do a lot more than you think with regular focus on your goals.
By considering detailed steps to accomplish your goals, your daily plans will be more productive. Be sure to do your measurements for progress.
Always be thankful for when things go well but be ready to work through the problems as they come up.
Use time. Make time to do important things. But remember to give time to others.
Beware of Distractions
Be constantly aware of the element of AI ads that follow your online searches. You will get emails and texts that can give you that “Fear Of Missing Out”.
Reaction to those ads can put a hole in your savings plan. The fact that you have a savings plan will make it easier to ignore those tempting ads!
With emails, texts, and social media, you meet a constant flow of seemingly exciting opportunities to get things you did not know you needed. All I ask is that you question your reaction and pause before any action. Ask if you can live without it or if you can wait for the next sale, which always comes later.
You can make a list of things you might want to get and save for the next sale. If you can recognize what a bargain price is, you will get some satisfaction when you make a planned purchase at a bargain price!
Be Thankful
Making smart purchases will make you thankful, especially as your savings account continues to grow. And a growing savings account can begin to fund your investments.
Read and research what will make a good investment. Or seek good advisors. Then, you will be able to recognize when an investment is on sale, which will improve your earnings or return on the investment. That may sound like “rich person” talk, but you have the potential to become richer than you think. Give it a chance.
That is what setting goals does for you. They help you grow into a better, more hopeful, person.
When you experience some success, be careful not to get greedy, which will make you try things beyond your level of skill. Be thankful for success and try to learn more for more success!
Remember to avoid FOMO, be skeptical of ads, and sit still to save money for funds to invest. Then you can be thankful that you have a chance to become rich!