You’ve heard of FOMO (fear of missing out) – but how about FOFO?
FOFO, or the fear of finding out, spikes ahead of Christmas, as people avoid checking their bank balance – worried that the numbers could spoil the festive spirit.
With new research from MoneySuperMarket revealing that one in ten Brits will rely on credit cards, overdrafts or borrowing to get through December, their experts are urging Brits to follow three simple steps to stay on top of their finances.
From unopened banking apps to ignored email alerts, Kara Gammell, Personal Finance Expert at MoneySuperMarket, shares her top tips for making your money feel manageable this festive season – before spending spirals out of control.
Kara’s three top tips to tackle FOFO this Christmas
The 15-minute rule
“It’s easy to procrastinate when money feels overwhelming or scary. One way to break through that barrier is to set a timer for just 15 minutes and tackle a single task – whether that’s checking your balance, reviewing recent spending, or looking at your credit score.
“Limiting the time can make the process feel less intimidating and help you get over the hurdle of starting, which is often the hardest part.”
Put a pause on panic spending
“If you’ve still got gifts to buy, take a moment to check what you’ve already spent. Setting a clear spending limit for the next couple of weeks can help you stay in control and reduce the risk of last-minute impulse buys, making your finances feel more manageable during the holiday rush.
Tackling FOFO – the ‘fear of finding out’ – now puts you in a stronger position to enjoy Christmas without the stress of overspending or worrying about the impact on your budget later.
Build small habits now
“Avoiding your bank balance won’t make problems disappear, but ignoring them can let them snowball out of control. The good news is that small, consistent habits can make a big difference over time.
“Something as simple as checking your banking app once a week can make managing your money less daunting and help you stay on top of your budget. By building these habits in December, you’ll be better placed to keep spending in check, reduce stress and prevent bigger shocks when January rolls around.”
Ready to get started? Checking your credit score is a quick win – and it’s free. Find out where you stand at MoneySuperMarket’s credit score tool.
