Personal finance and FOMO

The fear of missing out (FOMO) can influence how people spend their money and motivate them to buy things they can't afford. If you feel peer pressure to spend in ways that are beyond your means, try thinking of cheaper alternatives or minimize your social media screen time to avoid overspending.

Slow yourself down, too, especially if dreaming of your out-and-about future has you clicking add to cart with a vengeance. If you feel the urge to buy something non-essential, remove yourself from the situation and write the desired item and cost down to revisit for consolidation later.

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Have the Urge to Splurge Post-Pandemic? It’s Called Revenge Spending—Here’s How to Avoid It

realsimple.com

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Revenge spending

Revenge spending is the money you drop to make up for lost time, so to speak. It's the big vacation you book to make up for the trips you missed last year, or the new furniture you buy after putting up with your getting-on-in-years sofa during the pandemic.

And while a little splurging after months of careful saving (or unwilling saving, because there wasn't much to spend on) is perfectly understandable, going overboard as a sort of self-comfort or revenge for everything you gave up in the last year can hurt you in the long run.

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Common budgeting mistakes
  1. Not Tracking Expenses: it's impossible to stick to your budget if you don't know where your money is going.
  2. Buying on Impulse: Impulse buying is expensive. 
  3. Becoming the Victim of Budget Busters.
  4. Being So Frugal It Makes You Miserable: you’ll binge later and throw all your hard work out the window. 
  5. Trying to Do Everything as Inexpensively as Possible.
  6. Not Asking for Help.

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Budgeting Basics: Budgeting Mistakes to Avoid

investopedia.com

Traditional Budgeting is Up In Smoke

A person who has a conscious spending plan is all about having positive spending habits and not banning yourself from spending altogether.

If you've ever tried to put yourself on a budget and fail to stick to it every couple of months so, then you should definitely switch to something else. Traditional budgeting fails because they are unsustainable, focuses entirely on needs and ignores wants, and keeps you stuck on a cycle of looking backward.

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Conscious Spending Plan: Budget by Looking Into the Future

iwillteachyoutoberich.com

Watch your savings grow

The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip.

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How to Save Money - 8 Simple Ways to Start Saving Money

bettermoneyhabits.bankofamerica.com