FOMO, or Fear of Missing Out, has become a real phenomenon in today’s consumerist society. People often feel as though they need to keep up with the latest trends and buy the newest products before anyone else does, or else they’ll be left behind. This can lead to a dangerous cycle of overspending and accumulating debt to keep up with what other people are buying. To avoid this, practicing contentment and making conscious decisions about purchases is important.

Being content will lead us to fiscal discipline and not overspend on what we cannot afford. This means avoiding the traps set by marketing campaigns and ads, such as discounts and EMI offers, and being mindful about spending money on credit cards.

Let us heed what Dave Ramsey, a financial guru has said about FOMO, ‘We buy things we don’t need with money we don’t have to impress people we don’t like.’