Fear Of Missing Out (FOMO)

Black Friday / Cyber Monday – how did you do? I don’t know about you, but I was inundated with email advertisements, most to the effect of TIME IS RUNNING OUT! I had my eye on a couple of deals that I knew were going to be on sale at 50% off their regular price. This is software in the model of, you buy the main program and you can add various plug-ins and components at any time for an additional cost. Everything was included in this sale so you could buy as little or as much as you want, all 50% off.

I don’t “need” any of it. I really don’t. I wanted to buy the base product and a couple of the plug-ins to play around with. I had set aside just this amount in a budget category for it, as we had a lot going on in November between hosting Thanksgiving and several giving opportunities we were involved in.

But all weekend….TIME IS RUNNING OUT!

I teach this stuff. I know how the marketing is working on my psyche and causing me to second-guess my decision. I mean, if I don’t get it now while it’s on sale….I mean, COME ON!!! I knew the correct answer was to ignore and delete those emails. I bought what I intended to buy.

But…I had some extra cash in my wallet, I can deposit it and buy more plugins. (Plugins that, remember, I don’t need.)

Heck, they even extended the sale through Tuesday! How nice of them! But common sense prevailed. I did not go over budget. But I thought about it.

The “I might miss this sale” is a version of Fear Of Missing Out. Website The Art Of Manliness recently posted an article on Four Questions to Ask to Crush FOMO. We can adapt them a bit to our scenario here:

1. Is this purchase something I really need? I’ve already stated it is not. If it was a tool I used often in my business, I might could justify buying the whole lot. But not for a hobby / part time ministry.
2. Is this feeling telling me something I need to change? Ooh. That’s deep. But in our case, it would have to do with the usage of the purchase. If it was a tool I used every day, and/or something that would allow me to earn more money, I’d think differently about buying it.
3. Is this viable for me right now? Can I make use of this thing, whether for fun or profit, right now? And in my case the answer is also no. We are remodeling a room in our house into a home studio and until that’s complete (One month? Two months?) this software will not get used. At all.
4. Is this an accurate representation of reality? I’m not sure I can adapt this one to my Black Friday buying dilemma. Except to say, this is exactly the type of software I use. It isn’t some new venture, or buying something I have no prior experience in “just because it’s on sale”. So in that case, the answer is yes.

How about you, how did you do with your Black Friday shopping? Any budget busters? How would you answer these four questions relative to what you bought?