Fear of missing out.
It’s essentially peer pressure on steroids driven to hyper-awareness by social media, and it kicks into high gear at Christmas.
It’s easy to ignore spending pressures with social media ads fueling impulse buys and online shopping never requiring a trip to the bank.
Charles Schwab’s Modern Wealth Survey finds that 29.6% of Houston residents spend more than they can afford due to a fear of missing out.
Houston Charles Schwab Manager Gerry Weil offers these tips:
Spending is not the enemy: This holiday season, instead of completely resisting the urge to spend at all, think about finding the right balance between spending on holiday gifts and your long-term financial goals.
Set goals: Setting achievable financial goals, especially during the holiday season, can help you feel confident in buying a loved one a gift they are worthy of while not endangering your long-term financial security.
Create a financial plan: Whether it’s during the holidays or any other time of the year, creating a financial plan and building in times where you expect to spend more can help you feel confident in your financial decisions.