“Fear of missing out” is the worry about missing out on opportunities. Many people experience FOMO, but Miranda Marquit, writing at MoneyNing, argues it can be detrimental, especially to your pocketbook.
Here are two signs of FOMO’s negative side.
Fear of missing out on a sale. Many people get swept up in a sale and end up spending money they never planned on using. They see a sale sign and a sense of urgency fills them because they have no idea when the sale will end.
Fear of missing out on fun. Another way FOMO can manifest is by worrying about missing out on times to see family or friends. You are probably thinking “Well, what’s wrong with visiting with loved ones?” But the issue is that those times will incur costs. Whether you are going out with friends to buy dinner or racking up gas costs by driving long distances to see family, you are spending money.
— Adapted from “Is FOMO Costing You?”, Miranda Marquit, MoneyNing.