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Everyone's Buying It; Should I, Too? The Cost Of FOMO And How To Beat It

The buried cost of following every viral trend can drain your pockets without you noticing it, but you can free yourself from this spending spree and let us show how

Everyone's Buying It; Should I, Too? The Cost Of FOMO And How To Beat It
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Imagine, you're scrolling through Instagram or watching a YouTube reel, and all of a sudden, everyone's buying the same thing—be it a new phone, the latest sneaker, or that expensive skincare product. You pause for a second and think, "Should I buy it too?" This FOMO or the fear of missing out is making many young people spend money impulsively, sometimes beyond their budget. But, is it worth it?

The True Cost of Viral Shopping

Online trends come and go, but the money spent on them stays gone. Brands and influencers create an urgency to get their product while making it seem either exclusive or limited-edition. The pressure increases when friends or colleagues start flaunting their latest purchases.

Consider the case of a 24-year-old professional in the IT sector, who bought the latest, high-performance smartphone because everyone at work had one. So, the interest lasted for hardly a few weeks, but a credit card statement arrived, slamming him back into reality. "I realized that I didn't even need half the features, but I gave in to what everyone was calling hype".

Many young adults regret spending money on viral trends. A report from Fortune.com, from 2023 last quarter revealed that at least 60 per cent of the Gen Z population said they'd had at least one social media-inspired purchase to regret. Of those, a majority cited being overpriced, not really useful, or simply unaffordable.

The FOMO Trap: Why It's So Hard to Resist

FOMO spending is not just about wanting something; it's about not wanting to miss out. If you see a person unbox a new gadget or show off limited-edition sneakers, that creates a feeling that if you don't get it now, you'll be missing your opportunity forever.

This is exactly what brands want. Flash sales, "only a few left in stock" messages, and influencer promotions all create this sense of urgency. In truth, most of the stuff comes back in stock, and a lot of trends die out in months.

A content creator who once followed every viral fashion trend now follows a simple rule: wait 48 hours before making a purchase. "Most of the time, I forget about the product in two days. That's how I know it was just FOMO, not something I actually needed," she says.

How to Stop FOMO from Emptying Your Wallet

1. Wait Before You Buy: If a product is really useful, then it will be useful a week later. Giving yourself time before making a purchase can help you avoid impulse purchases. Waiting at least 24 to 48 hours before deciding to buy anything reduces the tendency to make a pointless purchase. The more you wait, the more you are likely to ask yourself if it is something you need or just a passing whim.

2. Unfollow Influencer Traps: Social media sites are made to get you spending. When a few influencer accounts or brand accounts push you to make unnecessary purchases, you may mute or unfollow them. Start following accounts focused on mindful spending, budgeting hacks, and sustainable consumption. In this way, you curate your social feed to support your financial goals by limiting splurge temptations.

3. Compare Before You Buy: Many “viral” products have cheaper alternatives that work just as well. Take the time to compare prices, read reviews, and look for more affordable options. For instance, if you’re eyeing the latest gadget, check out user reviews or look for alternatives in the same price range that might offer better features or value. Websites and apps like price comparison tools can make this process easier.

4. Track Your Spending: Keeping a budget helps you track how much of your money is going toward impulse buys. Apps or spreadsheets that categorize your expenses can make a huge difference in visualizing where your money is going. Often, when people see how much they’ve spent on viral trends, they realize how much it adds up over time. Tracking helps you identify patterns of overspending, making it easier to control future purchases.

5. Introspect: Ask yourself: Do I really need this? If you did not see this product on social media, would you still want it? No, probably not. It is not worth your money. Doing a quick check-in can really help you make more intentional purchasing decisions.

"Building a stable financial life amidst FOMO is challenging especially for young professionals", says Arijit Sen, a SEBI Registered investment adviser based in Kolkata, and the co-founder of Merry Mind. He further states, "It's crucial to realise the priorities in life. Setting clear objectives is the starting point. Pitfalls of FOMO can be avoided by having a budget and the means to track the same. Categorizing spending can really be helpful.  Allocating a portion of income towards savings and investments before spending on non-essential items is fundamental. Even while investing, FOMO can disrupt the financial journey. Investing in instruments which align with investment objectives, risk profile and macroeconomics is essential at all times. By focusing on specific needs, FOMO can be avoided".

FOMO Can Cost More Than Money

Beyond empty pockets, FOMO spending causes stress, debt, and financial instability. Most young professionals fail to save money because they're always chasing the next big thing.

Breaking this cycle does not mean you will not again buy nice things, only that you now make smarter choices. The next time you feel forced to buy something solely because everyone else is, ask yourself one question: "Will I still want this in a month?" If the answer is no, probably it's not worth your money.

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