FOMO may sound like a cool, new couponing trick, but don’t let this four-letter acronym fool you — it has nothing to do with grocery savings. Short for “Fear Of Missing Out,” FOMO is a term today’s generation uses to express the overwhelming anxiety that arises from the thought of a more exciting prospect happening elsewhere, whether it be a lavish dinner with friends or extravagant vacation. This mindset fuels the desire to keep up with a lifestyle most people can’t afford — or may not even want — regardless of the financial repercussions.

“FOMO is similar to what is called a ‘winner’s curse’ at auctions, where people spend too much money on objects because they are afraid to lose that object, rather than actually wanting it,” says Dr. Srini Pillay, a Harvard University psychiatrist, brain researcher and author of “Tinker Dabble Doodle Try: Unlock the Power of the Unfocused Mind.” “As a result, you move through life with blinders on, not paying attention to what lies ahead … sabotaging your everyday budget with overspending, and [sacrificing] your long-term financial goals.”

[See: 8 Big Budgeting Blunders — and How to Fix Them.]

With the increased use of social media, it’s no surprise consumers are constantly comparing their lives to the lives of others they see online. The false sense of perfection posted on sites and apps such as Facebook, Instagram and Snapchat can trigger feelings of inadequacy and induce FOMO. This is where the real problem begins as people start spending money on outings, activities and things to maintain a certain image, even though they can’t afford it.

“It’s natural for consumers to compare themselves to their peers, especially when it comes to finances and affording the good things in life like tropical vacations and pricey Instagrammable dinners out,” says Michelle Brownstein, a certified financial planner and director of private client services at Personal Capital, a digital wealth management firm. “People often have the misconception that they can spend now because they’ll save more tomorrow, but unless they’re making real changes, that just isn’t going to happen.”

With a more thoughtful approach, however, consumers can learn how to overcome FOMO without actually missing out and focus priorities back to financial well-being.

Budget in the fun stuff. While indulging in the occasional cocktail at happy hour won’t do much damage, it’s important to maintain a budget for such expenditures to ensure financial balance. This means looking at how much money is coming in and how much is going out.

“The first step to overcoming FOMO is being brutally honest with yourself about how much you’re actually spending and how much you’re earning in a given month,” Brownstein says. “Once you know where your money is going, you can make a plan. Start with a budget that builds in an amount you can realistically spend on activities and fun after you’ve factored in how much you need to live now and save for retirement.”

When that dollar amount has been spent for the week or month, it’s time to buckle down and pass on other events or activities, she says.

Think about the future. When people focus on the present and act on their fear of missing out, they lose track of long-term goals and end up choosing small immediate rewards — such as going out to dinner with friends — over larger delayed rewards — such as saving money to buy a home. To refocus priorities, Pillay suggests practicing episodic future thinking, or EFT. This is the process of mentally stimulating future experiences to reframe the choice between the small immediate and larger delayed rewards.

“Spend 15 to 30 minutes a week thinking about your future,” he says. “Do this deliberately. Build this time into your schedule. The more specific you are about your goals, the less likely you will be to forget the future.”

Visualizing real and tangible goals will guide people to making better spending decisions in the present in order to achieve something more fulfilling down the road.

[See: 12 Ways to Be a More Mindful Spender.]

Be part of the planning. One of the best ways to take control of FOMO and avoid missing out without racking up credit card debt is to help plan activities and outings.

“If you are part of planning social activities, you can try to influence it in a way that suits your wallet while making sure not to miss out,” says Carl Mower, personal finance blogger and founder of MoneyMow.com, a site that focuses on financial independence and early retirement.

Instead of joining an expensive event or outing, Mower suggests inviting the same group of friends for something more affordable or free, such as games in the park or a trip to the beach.

Detox from devices. Americans spend an obscene amount of time glued to their mobile devices, most of which is used to tap into the lives of others. In fact, adults spend more than five hours a week on social media alone, according to the 2016 Nielsen Social Media Report. Unplugging is the fastest way to prevent FOMO.

Social media is a main trigger of FOMO, says Joe Sterf, certified public accountant and founder of Average Joe Finance, a site dedicated to taking the complexity out of personal finance. He advises detoxing from devices to reduce the likelihood of overspending. This means spending less time on Facebook, Twitter, Snapchat and Instagram and more time focusing on personal priorities and goals.

Open up to family and friends. To alleviate the social pressure of participating in activities and events that are out of budget, Brownstein says that consumers should be honest with family and friends about their current financial situation.

“Don’t be afraid to admit if you can’t afford something,” she says. “The temporary discomfort will pass, and you’ll be in a much better position long term if you stand up for yourself and your financial well-being.”

[See: How to Live on $13,000 a Year.]

Ask if the fear is real. FOMO is a self-inflicted emotion that can only be controlled (or overcome) by the person experiencing it. Taking a step back and analyzing the situation is essential in recognizing what’s really important.

“Once you realize that comparing yourself to others isn’t the path to happiness, it becomes easy to avoid FOMO,” Sterf says. “Next time you are afraid of missing out, ask yourself: Are you afraid of missing out because it is something you enjoy or because you think you need to maintain a certain image?”

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Don’t Let FOMO Sabotage Your Finances originally appeared on usnews.com