Now more than ever, millennials are trying new things and engaging in different experiences to avoid FOMO, the fear of missing out. They embrace the mentality that you only live once (YOLO); but unfortunately, this mindset has come at a price. According to one study, nearly 40 percent of millennials have spent money they didn’t have in order to keep up with their peers and live up to these unrealistic expectations. It’s the constant tug of war between having fun and not draining your bank account.
So how can you live your best life on a budget? These tips will help you keep your finances in check, so you won’t have to miss out on events and experiences.
Start a YOLO fund. Similar to a rainy day fund, a YOLO fund is money set aside specifically for vacations, concerts, a new pair of shoes you’ve been eyeballing, or whatever else you enjoy spending money on. Our suggestion? Set up a separate account with an automatic deposit so you can have money put into it regularly. This will keep you from spending irresponsibly when FOMO or YOLO hits.
Save with Apps. Popular apps like Groupon and Living Social are tailored toward giving customers a good time at a discounted rate. Use them when planning an activity with friends, or when you want to treat yourself. Want to splurge on a new outfit? Check out coupon apps like RetailMeNot for the latest promo codes and coupons.
Check your wallet. Use your credit card rewards for cash back, travel opportunities, and gift cards to stores and restaurants. But be careful. Having a rewards credit card has its benefits, but only when it is used responsibly. The rewards may not be worthwhile if you carry a balance each month. No credit card rewards? We also suggest looking for checking account options that offer discounts for shopping local.
Log off, unsubscribe, unfollow. Is your inbox flooded with the latest deals and steals from your favorite brands? Unfortunately retail emails serve as a constant reminder of the next best thing to spend your money on. Unsubscribe from these emails or unfollow the brands on social media to curb that FOMO feeling. Log off completely if you start feeling pressured to keep up with your friends. There is a happy medium that exists between your budget and all of the things you want to do. You just have to find it!
Be the solution. When deciding on what activities to do with friends, suggest free events like concerts in the park, game nights, or pot luck dinners. Don’t be afraid to speak up if an activity is outside of your budget. You don’t have to break the bank to have fun!
Learn more about Telhio by visiting telhio.org.
This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 10 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. All loans subject to underwriting approval and guidelines. NMLS #251831
