FOMO (fear of missing out) can heavily influence the decisions we make and seriously impact our financial health. We've all had it; that overwhelming feeling that something amazing is happening and we’re missing out. It’s the urge to grab concert tickets with friends, even if you don't like the band that much, or go on a weekend getaway, even if your budget is screaming, "no!"
Of course, there’s nothing wrong with the occasional night out. The trouble comes when habits form, and you trade financial health for short-term kicks. We’re not making a case for cutting out fun, just suggesting skipping the so-so events in favor of more meaningful ones you’ve planned for later.
So how do you stop FOMO and put your money where it matters?
Swap small stuff for bigger adventures
Skip the little things that are just okay, like another night out or a casual movie, and funnel those funds into more useful places, like a dedicated vacation savings account. It might sting at first, but you’ll forget that skipped night when you’re sprawled on a white, sandy beach because you finally made that dream vacation you’ve always wanted a reality. When your spending is intentional, just about anything is within reach.
Turn rent into equity
Another way to make your money work for you is with equity. Think homeownership isn’t in your budget? Mindful spending goes a long way. Scale down unnecessary expenses, review your budget, and let our Home Loan Advisors guide you toward making homeownership a reality.
Shift your spending habits
Do a monthly spending audit. Take an honest look at what’s going out and where you can cut back like unused streaming services, takeout habits, small impulse purchases. These little savings add up and can be redirected to better uses.
Set up a separate savings account. Our thoughtfully designed personal savings options help you save your way, whether with Growth Savings for higher returns on balances up to $1,000 or Term Savings Certificates for guaranteed rates and flexible terms.
Automate your savings. Treat it like a bill you owe yourself. Automatic transfers make saving effortless and help it become second nature and one less thing you have to think about.
Celebrate progress
We get it, saving for meaningful spends down the road is a tough hill to climb. For that reason, it’s important to recognize small wins, whether it’s reaching your first $1,000 or trimming $250 from your budget, be sure to allow for the occasional (this time we mean it) treat.
With the right steps, your money can work smarter, not harder.
