Rachel Cruze: 4 Steps To Overcome Financial FOMO

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In an increasingly digital world, it’s easy to get caught up in what everyone else is doing. Constantly watching other people’s social media stories and reels can leave you feeling a sense of financial FOMO — fear of missing out. In many cases, financial FOMO leads to a phenomenon called money dysmorphia.

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Financial expert Rachel Cruze defined the trending term, money dysmorphia, as being “confused about where you are financially compared to other people” in a recent YouTube video. Today, Gen Z and Millennials seem to be feeling the effects the most, according to a recent report from CBS 6 Albany.

You might find yourself questioning your financial status: Are you ahead? Are you behind? Whether you are experiencing comparison culture, or perhaps discontentment, money dysmorphia can wreak havoc on your life. Here are some tips and tricks to help you overcome these negative feelings.

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4 Steps To Stop Money Dysmorphia

Here are four steps to end the feelings of financial FOMO, according to Cruze:

1. Practice Contentment: Comparing yourself to others won’t help your financial situation and will often leave you feeling dissatisfied. Instead, practice contentment in your everyday life. Content people save more money, are more willing to sacrifice lifestyle aspects to pay off debt and are usually more generous. Sometimes, it’s important to stop for a minute to appreciate what you do have in your life.

2. Avoid Social Media Comparison Traps: Social media can often cause more harm than good. People post what they want others to see, which is usually only the best things they have or the most exciting things they’re up to in life. So, it becomes very easy to start comparing and feeling like you don’t have enough money or you’re not doing as well financially. Consider limiting your time on social media to avoid falling into comparison traps.

3. Reach a Maintenance Phase: A maintenance phase means achieving a financial state where your income supports your lifestyle, which in turn should allow for more saving and generosity without going into debt. If you can fully afford your lifestyle and have extra money to save — and maybe spend on some things you love — you can avoid more financial FOMO.

4. Gauge Your Financial Progress and Goals: Keeping track of your financial progress and goals each month can help you further avoid feelings of money dysmorphia. Consider maintaining a budget, monitoring your expenses and living below your means. These simple steps can put you on the right financial track and keep you ahead of the pack.

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This article originally appeared on GOBankingRates.com: Rachel Cruze: 4 Steps To Overcome Financial FOMO