Before we get into whether you can have FOMO, let’s quickly address what it is and why it should matter to you. FOMO stands for Fear Of Missing Out. If you have this fear, then you should expect to spend a lot of money on a wide range of different products. Why is this? Well, marketers love using FOMO to make customers like you spend money or get in on investments that ultimately might end up not even paying off. For instance, a lot of cryptocurrency creators loved using FOMO to get people to sign up and start buying into the currency that may have been far riskier than it first seemed. A lot of people who invest in things like cryptocurrency actually can’t afford to lose what they put into it. As such, FOMO can be quite dangerous.
It’s also debatable just how severe the effect of FOMO is. Can people resist it or is it something akin to an addiction? In some cases, it certainly seems to be a psychological issue where people spend and spend without any thought to the consequences. For others, it’s just a worry that they don’t want to be left behind. It’s used by marketers all the time. Phrases like “For One Night Only,” “For a limited time” and a “once in a lifetime opportunity” are all playing towards the FOMO of the general public.
The problem is of course that you might be living on a limited income. If that’s the case, you can’t buy tickets to Hamilton when it hits Broadway, you can’t go on awesome adventure holidays, and you definitely can’t buy those luxury purchases. Or can you?
When you read this article, you’ll learn the ways to succumb to your FOMO when your income is super low.
Income Low? Boost It
This is the first tip that we can recommend. You need to look for ways to add money to your income. There are various ways to do this, and many of them are passive. In other words, you won’t need to work to make money at all. But let’s start with the semi-passive idea of blogging. You can set up a blog and overtime monetize it. An easy option would be a travel blog. If you’re eager to start traveling, you can use that passion to create a blog. This blog will be filled with content based on your travel tastes, and that will make it unique. If you have an eye for images or a way with words, you’ll be able to make your blog popular. It’s at this point that you can start making money. Although, you probably won’t find you make as much as you’d hoped particularly at the start. But that’s okay. Blogging is just one of the side hustles that we suggest.
You might know a second language. If you do, you’re in luck. You can easily make a little extra cash translating. In fact, you can make a lot more cash because people will pay high prices for a high quality of service. This is why, even if you are fluent, it’s worth signing up for a language course. That way, you can provide the proof that you are skilled and experienced.
You can also aim for more passive forms of income like for instance, savings accounts. High interest savings accounts can be risky but are a great way to make extra cash without even trying. Similarly, you can think about getting involved in the stock market. You might have heard that you can only buy the stock if you’re rich. Not true, you can only afford to buy the major stock if you’re rich. Penny stocks are, as the name suggests, totally affordable.
What do this options provide you? In short, they might just give you the extra cash you need to avoid missing out on some great opportunities. But this may not be enough. So, as well as this, you may need to think about how to utilize credit effectively.
Buying On Credit
You might think that buying on credit is always going to be bad news. But this isn’t true. Just look at home purchases. It’s virtually impossible to buy a home unless you’re using a loan which is essentially the same as credit. Indeed, any large purchase will rely on some form of credit that you will then pay off when and how you can afford it.
Don’t forget as well that buying on credit can also bring significant perks and advantages. For instance, some credit cards will give you cash back, vouchers and even other benefits like miles on holidays and flights. So, if your FOMO does involve a lot of travel, this is certainly something that you will want to look into.
However, buying on credit can also help you pay for the smaller things you don’t want to miss out on as well rather than just the massive purchases. Look for credit cards with immediate approval, and then you can start making the purchases that you want without saving. The problem with saving is that you might not have the money you need when you want it. Take concert tickets for example? There could be a concert that you want to go too with tickets releasing on Friday. You probably don’t have the money in your account, but you can still buy on credit and get the experience you want even when you’re living on a limited income.
But wait you say – don’t credit cards and buying on credit lead to debt? Not necessarily. First, it’s worth pointing out that credit cards will only lead to debt if they have interest attached which, not all of them do. You can get zero interest credit cards. These are highly useful because you can spend and you won’t have to pay back the money that you have borrowed for a good three years. This gives you time to pay back the money, particularly if they were smaller purchases. Even larger purchases will be easier to pay off when you have that much time.
But that’s not the only benefit of buying on credit. You can also think about what it will do to your finances. Buying on credit will improve your credit score. That, in turn, can have a range of effects including lowering your bills. If you have good credit history than you will be seen as a better choice for lending money. That means that companies can afford to charge you less.
Save It All
Of course, you can also get more money in your account and indulge your FOMO if you save what you need to spend on what you want. So, let’s look at some of those needs that you should be saving on. We’ll start with energy? How much do you waste on energy? Unless you’re on a going green drive, the answer is going to be a lot. But that’s okay because there are simple saving options available to you. For instance, you can think about getting a smart meter. With a smart meter, you can keep track of how much energy you are using, and you will be able to pinpoint and tackle the ones that are costing the most. Go green, and you can quickly start saving a fortune throughout your home and even in your personal life. For instance, rather than driving everywhere you can think about cycling or even just heading out on a brisk stroll.
Make sure you keep an eye out for deals as well and what you know you need you should buy in bulk. For instance, let’s say you love your coke. Well, if that’s the case, look for multipack deals and when they are on offer buy as many as possible. By doing this, you’ll be able to make sure that you save a little a lot.
It’s not just small shops where prices matter of course. You should make sure that you are price checking all your purchases. For instance, if you are getting car insurance or even a new film you should be making sure that you are looking for the best deals on the market. These days, there are multiple price checking resources available online, so there is really no reason not to do this.
By saving in areas like this, you will end up with more money at the end of each month. So, whether it’s a concert, a holiday or a luxury purchase you might just have the money you need to pay for it. It’s about stretching that bank balance or paycheck further than it used to.
Of course, if you want to see the best results, combine all three of these ideas. Use credit wisely, look for deals and save where possible while still making sure you are boosting your income as much as you can. Do this, and you won’t have to worry about missing out on the things that you really want anymore.