Your Debt Solutions Experts
BDO Kitchener Waterloo

51 Breithaupt Street Suite 300,
Kitchener, Ontario
N2H 5G5
Phone: (519) 570-4000

How to Keep Your Vacation FOMO in Check to Avoid Debt

Are your social media pages adding to your debt?

They might be…inadvertently. Most of us have heard about the role social media can play on our mental health, but it can also play a role in how you spend your money.

Let’s be honest, if your Facebook or Instagram feeds are full of your friends’ vacation photos, chances are you’ll feel a little envious. This can prompt you to feel that FOMO feeling and book your own vacation, whether you can afford it or not.

How to fight FOMO and stick to your budget

In this podcast episode, our LITs have some great advice for listeners who may be tempted to blow their budget in order to take that once-in-a-lifetime trip. Here’s a sneak peek at what they had to say:

  1. Take time for a reality check. Most of the content you’re consuming on social media sites like Pinterest, Facebook and Instagram are staged photos that don’t exactly reflect reality. Keeping this in mind might curb your feelings of FOMO, as well as limiting the time you spend scrolling.
  2. Keep an eye on rising costs. Budgets are tight! Gas, childcare, housing, interest rates and groceries are all increasing, making it harder to meet current and future financial obligations. Think ahead to how much tighter your budget would be once you returned from paradise.
  3. Revisit your financial goals. Remember those promises that you made to yourself in January? Your financial plan to reduce debt and save more money won’t happen without consistent effort. And while you’re at it, now is a great time to set more goals such as adding travel to your budget so you can save for a winter getaway or next summer’s vacation.
  4. Revise your travel plans. Keep plugging away at your debt relief goals and save money by planning a frugal vacation. An amazing getaway doesn’t need to be expensive. Stay with friends or family, find cheaper accommodations using AirBnb or Couchsurfing, or cut your trip time down from a week to a weekend.
  5. Refuse to add to your debt load. Whether you’re staying close to home or traveling abroad, our best advice is to make sure you’re not adding to your existing debt. Plan ahead and save up the cash or find ways to cut costs so you’re not adding to credit card debt or skipping bills to enjoy a few days of fun.

Has FOMO ever contributed to your debt? How will you avoid adding to debt this summer? Tune into our podcast to hear more timely advice or connect with us on Twitter #FrugalTravel #BudgetTravel #DebtSolutions

Book a Free Consultation