The pitfalls of FOMO on time, money, and self-worth

[WORLD] In the digital age, where social media plays a central role in how we connect, the phenomenon of "Fear of Missing Out" (FOMO) has become increasingly prevalent. Whether it's scrolling through Instagram and seeing friends at an exclusive event, or hearing about a colleague’s latest purchase, FOMO can make us feel as though we’re missing out on the most important aspects of life. But beyond the fleeting sense of jealousy or exclusion, the consequences of FOMO can be far-reaching. It can lead to the loss of valuable time, hard-earned money, and even erode one’s sense of self-worth.

In this article, we will explore how FOMO affects individuals in different aspects of their lives and why it’s crucial to recognize these pitfalls to preserve mental health, finances, and personal happiness.

FOMO, or Fear of Missing Out, is a psychological phenomenon that arises when someone feels anxious about missing out on a potentially rewarding experience. This can stem from social media, peer pressure, or societal expectations. FOMO often compels individuals to engage in activities or make purchases they might not have otherwise considered, all to keep up with what others are doing.

According to Dr. Jamilia M. A., a clinical psychologist, “FOMO can be described as a sense of social anxiety where the individual feels excluded from a valuable or enjoyable experience. It’s fueled by constant comparison with others, especially through social media platforms.”

FOMO's impact can be harmful, affecting not just the person experiencing it but also their financial and emotional well-being.

The Loss of Time

One of the most significant consequences of FOMO is the loss of valuable time. In today’s world, where time is a finite resource, spending it on activities or events simply because of the fear of missing out can lead to regret and unproductive behavior.

People who experience intense FOMO may over-schedule themselves, attending events they don't genuinely enjoy or engaging in activities they feel obligated to participate in. “You can end up spreading yourself too thin,” says Sarah B., a lifestyle coach. “It’s like you’re filling up your calendar with events you think you should attend, not what you actually want to do. Before you know it, you’re burnt out.”

This over-scheduling can result in time spent in places or doing things that don’t align with personal values or objectives, leading to stress, fatigue, and a lack of fulfillment. Instead of using time to focus on personal growth or relaxation, FOMO-driven actions leave people feeling unproductive, further deepening the sense of inadequacy.

Social Media and Time Drain

Social media exacerbates the problem of FOMO, as people continuously scroll through updates from friends, family, and strangers who seem to be living more exciting, fulfilling lives. “There’s an overwhelming pressure to keep up with the latest trends or experiences, and that can result in hours spent on platforms like Instagram, TikTok, and Facebook,” says social media strategist Lily M.

What could be a brief moment of relaxation often turns into an endless scrolling session. This constant comparison can cause people to miss out on the joys of the present moment and become consumed by the desire to be involved in everything, no matter how trivial or unnecessary.

The Loss of Money

Another significant downside of FOMO is the financial strain it can cause. Individuals often find themselves spending money on experiences or products they don’t need simply because they fear missing out on the perceived fun or status associated with it.

Whether it's splurging on expensive vacations, purchasing the latest gadgets, or attending exclusive events, the pressure to keep up with others can lead to unwise financial decisions. “FOMO can result in people feeling the need to buy into the lifestyles of others, even if it means overspending or getting into debt,” says financial advisor Jack L.

Many individuals “buy things they don’t need, with money they don’t have, to impress people they don’t like.” This quote emphasizes the illogical nature of FOMO-driven purchases. What may seem like an essential purchase in the moment often results in regret once the excitement wears off.

Long-Term Financial Consequences

The consequences of FOMO on finances extend beyond temporary expenditures. For example, those who constantly seek out the next big thing often find themselves in cycles of debt. A study conducted by the American Psychological Association found that individuals who suffer from high levels of FOMO are more likely to overspend and even make impulsive financial decisions.

The desire to showcase a certain lifestyle to peers or followers on social media can further fuel this issue. What starts as a desire to fit in often turns into a financial crisis, where people struggle to pay off credit cards or loans, just to keep up appearances.

The Erosion of Self-Worth

One of the most insidious effects of FOMO is its potential to erode self-worth. When constantly comparing oneself to others, it becomes easy to feel inadequate or left behind. Social media platforms, designed to showcase the best aspects of people’s lives, create an illusion that everyone is constantly succeeding and having fun, except for you.

This constant comparison takes a toll on mental health, leading to feelings of jealousy, low self-esteem, and depression.“FOMO can cause people to undervalue their own lives because they’re constantly chasing something they don’t have.”

The Impact on Mental Health

Studies have shown that FOMO can lead to heightened levels of anxiety and depression. Individuals who feel they are missing out often experience a sense of isolation, believing that their lives are less interesting or fulfilling than those of others. In fact, FOMO is often linked to a broader range of emotional challenges, including loneliness and social anxiety.

This, in turn, can lead to a self-perpetuating cycle. People experiencing low self-worth are more likely to engage in behaviors that reinforce their feelings of inadequacy, such as overspending or overcommitting to social events, all to avoid feeling excluded.

Overcoming FOMO: Strategies for Reclaiming Time, Money, and Self-Worth

While FOMO can feel overwhelming, there are several ways individuals can mitigate its effects and regain control over their time, finances, and sense of self-worth.

1. Practice Mindfulness

Mindfulness can help people become more aware of their thoughts and behaviors, allowing them to recognize when FOMO is influencing their decisions. By staying present and focusing on their own experiences, individuals can avoid getting caught up in the constant comparison that social media often fosters.

2. Limit Social Media Use

One of the most effective ways to combat FOMO is by limiting social media usage. Setting boundaries, such as designating specific times for social media use or removing apps from your phone, can help reduce the anxiety that comes with constant updates and comparisons.

3. Prioritize Personal Values

It’s important to reflect on one’s values and make decisions based on what truly brings joy and fulfillment, rather than trying to keep up with others. As Sarah B. notes, “FOMO often comes from a lack of clarity about what you truly want. If you can align your activities with your values, you’ll naturally stop feeling the need to constantly keep up.”

4. Create a Budget

When it comes to money, creating a budget that reflects your true needs and wants is essential. Having a clear financial plan can help you resist the urge to make impulsive purchases driven by FOMO.

5. Seek Professional Help

If FOMO is seriously impacting mental health, seeking support from a counselor or therapist can provide strategies for managing social anxiety and improving self-esteem.

FOMO is more than just a passing feeling of jealousy. It’s a pervasive force that can lead to the loss of time, money, and self-worth. By recognizing the signs of FOMO and implementing strategies to mitigate its effects, individuals can begin to reclaim control over their lives, focusing on what truly matters to them. The next time FOMO creeps in, take a step back and evaluate whether the fear of missing out is worth sacrificing your well-being or finances. After all, happiness isn’t found in what others are doing—it’s found in making choices that align with your own values and aspirations.