Replacing consumer FOMO with JOMO - July 2019
You’re scrolling on social media and notice a friend raving about a limited offer luxury holiday package they got their hands on. Feeling a bit left out that you didn’t see this half-price deal, you click on the picturesque image that accompanied the original advert. You see there are now just three spots left, and that five other people are looking!
Excited, you open your weather app to see what clothes you should pack for this unexpected break. It’s clearly not the best time of year to visit that city. And the hotel is located far from the key attractions. You realise the unseen truth is that it may end up costing a lot more than the all-inclusive price tag implies. And in any case, you haven’t budgeted for an overseas holiday this year.
Saving - The ultimate joy of missing out
We are constantly bombarded with advertising messages telling us how we should be buying the latest and greatest items or experiences. So it’s easy to fall into the trap of spending money on ‘stuff’ that brings that instant feeling of elation. However, if we were honest with ourselves, some of these purchases may not be the wisest.
This fear of missing out (FOMO) can lure you into overspending on things you don’t need. Consistently falling for FOMO is at the cost of your future financial wellbeing. The perfect antidote is to embrace the joy of missing out (JOMO) – by foregoing overspending today and investing your money instead.
July is National Savings Month and Coronation is encouraging South Africans to overcome their urge to overspend today and rather put money aside where it can grow for their futures. Head of Coronation Personal Investments Pieter Koekemoer says, “We know it’s hard to be the odd one out. But take a moment to consider the joy of saving your hard-earned money for something really special, an experience or future goal that you’ve been dreaming about instead. That is the real meaning of saving.”
Next week, we look at when it makes sense to spend instead of save.