Fear of missing out is impacting your wallet

We all want a deal, but financial expert Elizabeth Miskovich with KRM Generational Wealth Partners says the problem is that we often finance it.

“One of the things that Northwestern Mutual found in their planning study that they did this last year is that the average consumer has over $22,000 of debt outside their mortgage,” Miskovich said.

For some of that, you can thank FOMO — the fear of missing out.

“We have so much media that’s put in our face, so think of social media in a sense of we want to keep up with those around us,” Miskovich said. “We want that immediate gratification of ‘I showed up, I accomplish, I get,’ versus this fits into how I’m thinking holistically about my plan.”

Looking at the whole picture is important: Do you have three to six months of cash on hand for the monthly bills? Can you keep away from buy now, pay later for ...