Hello, i need some tips to deal with fomo and impulse buying? i don't like to impulse buy, but it has happened a lot of times that i see a good offer on a item i might want and i think "okey, i'll think it over some days and if i really want the item i'll buy it" but after 3-4 days when i go to buy the item, the offer or listing is already expired or someone else bought it.
on the other hand when i see a "good" offer for a product i like, i buy it, and then a week or so later i find the same item at lower price, or an even better deal, it has happened a lot of times too.
so, money is short and i try to be concious about it, but that just puts me in a endless loop, if i bought it, is gonna appear again cheaper, but if i don't buy it someone else will and i'll never see the item again, wich makes me mull over the whole day and end up doing nothing, worst part is, the items i bought i have been able to find them again for cheaper, but the items i didn't bought still have to appear again, wich fuels the FOMO
how to deal with FOMO and impulse buying?
byu/Key_Passenger6210 inpersonalfinance
Posted by Key_Passenger6210
4 Comments
Stop buying low quantity specialty items until you have a better understanding of the market for those items, and your goal in owning them. That way, you will be able to identify an item that’s available for a good price and which you will be happy to own for that price, and purchase it confidently, instead of what you’re doing now.
In January I made a pact to stop buying things I don’t need.
I unsubscribed from all retail emails (no more coupons and sales tempting me). I turned off notifications for all apps on my phone. I did a “no spend” month where I only paid for absolute essentials. The impact on my finances has been tremendous. I don’t know what I’m “missing” because I no longer am looking.
Always ask yourself, do I need this item, or do I want it?
Remind yourself that “saving” X amount of dollars it’s on sale for is really equivalent to spending the Y that it costs. You could be saving Y.
Have a savings goal to work towards so you get positive reinforcement and thrill from meeting your goal. And then keep moving the bar or use a certain % towards a purchase of a want to have item.
Make a budget. Allocate a certain amount for spending. Chances are that 95% of the stuff you buy aren’t things you need of even use very often.
The trick is to be intentional about what you’re spending money on.
The point of waiting on a purchase isn’t to think about how much you still *want* it. It’s to stop, use critical thinking to evaluate your financial priorities, and decide if you really *need* it and *can afford* it.
You’re letting the hype of a “good deal” get to you too much. Let’s say you decide an item is truly worth the cost to you AND it’s relatively within your budget. If you miss a sale, you either wait for the next sale cycle/restock, or you already decided the item is necessary enough to buy it without the buzzy discount.
Maybe in your case it’s also better to avoid shopping (and advertisements as much as possible) until you actually have an idea of what you really want/need and how much you can spend on it. If you’re just looking around at all the shiny new stuff you *could* get, you’re probably not being intentional about your purchases. You’ll be too caught up on what you want but can’t have.
You should have a curated mental, digital, or physical “shopping list” of the things you’re actually ready to buy. Those are the items you can ideally wait until they’re on sale to buy. Don’t get tempted to buy something not on the list just because it’s on sale and sounds nice. Tons of things sound nice. You can’t afford tons of things.
The fact is that you will not be able to buy everything you want, and that’s okay. You need to work on accepting it. Those small inconsequential items aren’t worth losing your big priorities over. Make sure you know what your big priorities are. Is it having X amount in an emergency fund? Saving a certain percentage into retirement? Buying a house? Etc. – give yourself clear goals. Then you can compare the cost of a potential purchase against something more meaningful.
Recognize the “want” thought, then let it pass. Let it go. If you struggle with intrusive thought patterns, OCD, etc. then this can be a lot more difficult, but even people without those issues can find it tough. Still, it’s worth practicing self-discipline.