How to beat money FOMO (even if you're in debt or struggling)

If you’ve ever looked around and felt like everyone else is doing better with money - saving more, spending freely, investing confidently - you’re not alone. When you're dealing with debt or financial stress, it can feel like you’re the only one who’s falling behind.

That feeling has a name: Financial FOMO (fear of missing out). And trust us, it’s more common than you might think.

A recent study by Moneybox found that nearly half of Brits worry about how they compare financially to their friends. But financial wellbeing is less about keeping up and more about finding what works for you. The first thing to focus on is finding stability.

Why comparing yourself to others can make things worse

When you're already stressed about money, it’s completely natural to compare yourself to others. But constantly focusing on what others have (or seem to have) can make things harder, not easier. Here's how:

• Unnecessary pressure to spend: Trying to keep up can push you to spend money you don’t have, making debt or budgeting even tougher.
• Losing sight of your own priorities: When you're chasing what others are doing, you might ignore your own financial needs, like paying down debt or building a small emergency buffer.
• More stress, less control: Feeling like you’re falling behind can create anxiety, making it harder to feel in control of your own financial situation.

But here's the thing: Everyone’s path is different. Sometimes you’re behind, sometimes you’re ahead.

Small wins matter (especially when you're struggling)

When money is tight, it can be hard to believe that small changes will make a difference. But if you’re in debt or living payday to payday, small actions can create real momentum.

Here’s how to start:

• Save £1 when you can: If saving feels impossible, try just £1. Even once a month. It might not seem like much, but it’s not about the amount, it’s about building the habit.
• Use round-up apps: Some apps round up your purchases, squirrelling away the spare change. Over time, that small change becomes a little safety net.
• Track what you do have: Instead of focusing on what’s missing, look at what you’re managing. Are you paying off even a small amount of debt? Are you making it through the month? That counts.

Five ways to beat financial FOMO when you’re struggling

1. Start small: Saving £1. Paying an extra £5 on a bill. These actions matter. And when you’re in a tough spot, take any positive step as a win.
2. Set up small, automatic savings: If you can automate a tiny savings amount, even just once a month, it builds consistency without you having to remember to do anything.
3. Set financial goals: Forget what others are doing. Maybe your goal is to stop using your overdraft, pay off a credit card or just feel less anxious when checking your bank account. Whatever it is, that’s your focus. Try not to worry about what anyone else is doing.
4. Take breaks from social media: Scrolling through photos of holidays, fancy dinners and new purchases? It’s not real life. You don’t see the credit cards, the overdrafts or the money stress that might be hiding behind the scenes.
5. Celebrate every win: Paid a bill? That’s a win. Resisted a non-essential purchase? That’s a win. Asked for help or set a boundary around money? Huge win. Remember to give yourself credit as you build towards a securer financial future.