Smartphones aid the constant accessibility of social media (SM) applications, and these devices and platforms have become a key part of our everyday lives and needs. Previous research has focused on the psychological impact of social media use (SMU) and SM abstinence has only received limited attention. Therefore, employing a combination of an experimental within-subjects mixed methodology using surveys to obtain both quantitative and qualitative data, this study aimed to compare psychosocial factors of fear of missing out (FoMO), mental wellbeing (MWB), and social connectedness (SC) before and after seven days of SM abstinence. Results revealed that participants (N = 61) experienced a significant increase in MWB and SC, and a significant decrease in FoMO and smartphone use following SM abstinence. There was a significant positive relationship between MWB and SC change scores and a significant negative relationship between SC and FoMO change scores. There were no significant differences in levels of SMU before abstinence or across genders in FoMO, MWB, and SC change scores. Thematic analysis revealed coping, habit, and boredom as motivations for SMU, and notification distractions presenting a challenge for successful abstinence from SM. Participants indicated that abstinence resulted in the perceived need to fill their time with non-SM applications. Finally, thematic analysis revealed mixed experiences of perceived connectivity in the absence of SMU. Findings present implications for the importance of unplugging from SM for temporary periods because scrolling through SM to fill time is a key motivator of SMU, and notifications encourage SMU and trigger FoMO.