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If you’re spending a lot of money just to keep up with your friends’ lifestyle, then you already know what does FOMO stand for, and you know how problematic it is.

What Does FOMO Stand For?

FOMO stands for “fear of missing out.” It is type of a social anxiety that develops when you are seeing someone else enjoying life and you can’t help but wonder if you should partake in the fun.

This fear of missing out phobia may not sound like a big deal, but it can be very costly for some people. A recent study from Credit Karma found that many Millennials are overspending and going into debt just because of FOMO. Among the findings:

39 percent of Millennials went into debt just to keep up with friends.

73 percent of Millennials who went into debt because of FOMO, and kept it a secret from their friends.

27 percent of Millennials don’t want to feel like an outsider, and 26 percent don’t want to lose their friends.

Millennials should not be going into debt because of FOMO. Here are 5 things that you can do to prevent FOMO from killing your finances:

1. Shop Around For Better Deals

Keeping up with your friends doesn’t mean that you have to spend the same amount of money. For example, if you feel pressured to buy the same outfit that your friend has, see if you can get it somewhere else at a discounted price. As another example, if you feel pressured to keep up with your friend’s incredible vacations, do some research to see if you can book a similar vacation at a discounted prices. Remember, you don’t have to overspend to keep up with your friends.

2. Limit Social Media

Social media is a big reason why some Millennials are going into debt over FOMO. At times, people will see photos of their friends on social media doing cool social activities or buying expensive items. It turn, a person might feel tempted to replicate the same experiences just so they don’t feel like an outsider. To prevent this from happening, limit your social media usage.

3. Budget In Some Fun

It is totally acceptable to allocate some money for discretionary spending or for fun as part of your monthly budget. Some people go as far as to treat fun, extravagant purchases as a reward for keeping the rest of their budget in check. If you are able to accept some FOMO in your budget without going into debt and while building your savings, then that is fine.

4. Pay With Cash (Or At Least A Debit Card)

Some people trying to keep up with their friends’ spending habits simply don’t have enough money, which creates a dependency on credit cards. Simply put, credit card spending will exacerbate your financial problems. As a best practice, don’t use a credit card just to spend as much as your friends. Credit cards charge an insane amount of interest that could destroy your finances. Pay with cash, or perhaps a debit card, so that you won’t spend money that you don’t have.

5. Get New Friends

When you can’t keep up with your friends’ expensive lifestyle, be honest with them. If they are truly your friends, then they will understand — and perhaps you can convince them to save some money too. If they do not understand, then you need to find new friends who better fit your lifestyle. When you figure that out, you’ll know what does FOMO stand for and how it affects friendships.