We all experience stress, and we all have our own ways of releasing that stress, right? I have a friend who goes for hikes after a stressful day and urges me to do the same, but I prefer to release my stress through baking. That’s just us, though. In the last few years, a new term has emerged that might indicate another unhealthy coping mechanism — Doom Spending.
Much like its counterpart, doomscrolling, doom spending is a compulsive habit of spending money on things that bring temporary relief and happiness from anxiety and stress. This behavior can cause severe problems – from financial issues to mental issues.
This article covers what doom spending means, why we fall into its trap, and how we can tackle this compulsive and unhealthy coping mechanism.
Doom Spending: What Does It Mean?
Doom spending is the act of compulsive shopping as a way to cope with negative emotions and thoughts such as stress, anxiety, helplessness, and more. This act might offer temporary relief by activating our feel-good hormones, bringing instant gratification. However, in the long run, this habit of compulsive spending can result in financial stress, worsening the issues you’re seeking to escape.
It’s a vicious cycle that keeps you stressed. So, how do you know you’ve been doom spending? Here are some common signs to watch out for;
- You frequently make unplanned online purchases
- You feel anxious and guilty after shopping
- The things you buy are rarely or never used
- You rely on credit or buy-now-pay-later options when spending money
- You automatically turn to shopping as a way to cope and boost your mood
Is Doom Spending an Act of Self-Care?
While doom spending and spending on self-care both involve spending money, the idea and motivation behind such spending are different. Doom spending is driven by negative emotions like stress and anxiety, becoming a temporary escape. Self-care spending, on the other hand, is intentional and is used to improve your long-term health.
Doom spending can also result in feelings of guilt and financial stress, whereas self-care spending often makes you feel positive. Moreover, doom spending can worsen financial instability, keeping the cycle of stress going, but self-care spending promotes a healthier lifestyle and well-being.
When it comes to spending money on self-care, rest assured that you spend money on health and happiness – the long-term kind – while doom spending is done for instant gratification and doesn’t do much for your long-term health.
Another difference between self-care spending and doom spending is that self-care expenses are budgeted and planned, whereas doom spending is often impulsive.
Gen Z and Doom Spending…
Younger generations, mostly Gen Z and millennials, are more likely to fall into the trap of doom spending. The reasons could include economic challenges, social media influence, and self-coping techniques.
The younger generations spend most of their time on social media so the constant exposure to ads and lifestyle portrayed on Instagram and TikTok can drive them to buy impulsively. Moreover, it’s Gen Z and millennials who crave instant gratification the most. Online shopping serves that purpose with its quick and easy transactions. Our brain’s dopamine release during compulsive shopping can create an association, triggering addiction.
For some people, spending impulsively can become a way to cope with stressful emotions. The temporary high they get from doom spending can give them a small escape from reality. However, this relief is short-lived, causing them to feel guilty and spend more on shopping.
How Do We Tackle Doom Spending?
So, how do we stop doom spending and take care of our financial health and mental health? Here are some ways you can tackle the trap of doom spending;
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Acknowledge it’s a problem
The first thing to do is to see and acknowledge doom spending as a problem. Knowing that shopping is being used as a coping mechanism can help you change your behavior.
Next, you need to create a realistic budget for yourself and your shopping habits to prevent any unnecessary spending. Make sure you add only the essential expenses and set limits on your spending. To help you with this, you can use budgeting apps to track your spending.
It might not make sense to you now, but avoiding (or even removing) shopping apps from your cellphone can help. Avoiding these shopping apps can reduce the temptation to spend impulsively. While you’re at it, unsubscribe yourself from marketing emails to reduce exposure to sales and promotions.
Before you swipe that card or click that “buy now” button, wait for at least 24–48 hours. This waiting can help you figure out if the purchase you’re making is an important one or just another doom spending purchase. This will help you make a smarter decision and even help you save your money.
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Seek help from a professional
If you find yourself doom spending more and notice the impact on your daily life, then it’s recommended that you speak to a professional and get help. A therapist can help you figure out the root cause of your doom spending and help you with healthier coping strategies. You can also seek a financial advisor’s help for budgeting tips.
Additional Coping Tips…
There are other ways to manage stress and anxiety. Here are some strategies you can use to reduce stress without giving in to doom spending;
- Exercise regularly to boost your mood and reduce stress without the financial burden
- Engage in hobbies and activities that can offer you the same distraction and joy you get from shopping. Just without the financial strain
- Spend time with your family and friends to seek emotional support and reduce the need to fill the void with material possessions
- When you’re stressed and get the urge to shop impulsively, practice deep breathing and mindfulness techniques to reduce the impulsive thoughts
Wrapping Up…
Doom spending is a growing concern that’s constantly fueled by social media influencers, instant gratification, and unhealthy coping mechanisms. Identifying the signs of doom spending can help you take the right steps to address this behavior and tackle it without worsening the cycle of stress. Your long-term happiness and well-being aren’t in material possessions, but in building a healthier and financially secure life.
So, ditch the urge to spend impulsively on what you don’t need and focus on spending money on what you need. I hope the above tips will help you stop doom spending! Let me know your thoughts on doom spending and how you control your spending habits in the comments section below.
Take Care!
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