The Rise of Doom Spending and How to Avoid It

This post was originally posted on Planner Bee.

In a world marked by uncertainty and rapid change, a curious trend has emerged: doom spending. This phenomenon often follows closely on the heels of doom scrolling, where individuals endlessly consume negative news online. As anxiety and concern about the future escalate, many turn to shopping as a coping mechanism.

But what exactly is doom spending, and how can we navigate it effectively? This article explores the concept of doom spending, clarifies its distinction from self-care, and offers strategies to mitigate its effects while keeping long-term financial goals in sight.

Doom scrolling to doom spending

The modern digital landscape has fostered a culture of constant connectivity, where negative news is ever-present. Doom scrolling — endlessly scrolling through bleak news articles and social media posts — has become a common behaviour, especially during crises. This continuous exposure to negativity can lead to heightened feelings of anxiety and hopelessness.

In response to these emotions, many individuals engage in doom spending, a term that captures the impulse to spend excessively, often on non-essential items, as a way to alleviate stress or momentarily escape from reality. Whether it’s buying new clothes, indulging in takeout, or splurging on luxury items, doom spending becomes a misguided attempt at self-soothing. However, this behaviour can lead to financial strain and guilt, perpetuating a cycle of anxiety.

What is doom spending?

Doom spending can be defined as impulsive consumer behaviour triggered by feelings of anxiety, despair, or fear about current events or future uncertainties. Unlike planned purchases made for genuine needs or desires, doom spending is often unplanned and emotionally driven. It manifests as a way to exert control over one’s environment, providing a fleeting sense of satisfaction amid chaos.

The rise of online shopping platforms has exacerbated this trend, making it easier to make impulse purchases with just a few clicks. Retail therapy, often touted as a harmless way to boost mood, can quickly escalate into doom spending when it becomes a primary coping mechanism for distress.

Doom spending is not self-care

It’s crucial to distinguish doom spending from self-care. While self-care involves intentional practices that promote physical, emotional, and mental well-being, doom spending often leads to regret and increased anxiety.

Self-care activities might include exercise, meditation, or reading — a nurturing of the self that encourages overall health. In contrast, doom spending can result in financial regret, clutter, and even guilt, which undermines its original intent.

Moreover, self-care can be budget-friendly, focusing on activities that require minimal financial outlay. Doom spending, however, tends to prioritise immediate gratification over long-term health, both financial and emotional.

5 Strategies to avoid doom spending

To mitigate the effects of doom spending, consider the following strategies:

1. Set clear budgets (and stick to it): Establishing a clear budget is essential in avoiding impulse purchases. Identify your necessary expenses and allocate a specific amount for discretionary spending each month. Stick to this budget and track your spending. Use apps or spreadsheets to monitor where your money goes, making you more aware of your habits and helping you resist unnecessary purchases.
2. Engage in mindful consumption: Practise mindfulness when it comes to shopping. Before making a purchase, ask yourself if the item is truly necessary or if it’s an impulse driven by emotion. Wait 24 hours before finalising a purchase to see if the desire persists. This delay can help you determine if the item is genuinely needed or if it’s a fleeting whim.
3. Limit your news consumption: Curate your news sources and limit your exposure to negative content. Choose reputable outlets that provide balanced and informative reporting. Consider taking breaks from social media and news apps to avoid constant bombardment with distressing information.
4. Cultivate healthy coping mechanisms: Identify alternative ways to cope with stress and anxiety that don’t involve spending. This could include physical activities like yoga or jogging, creative pursuits like painting or writing, or connecting with friends and family. Finding fulfilling activities can provide a sense of accomplishment and joy without the financial burden.
5. Create financial goals: Having long-term financial goals can provide a sense of purpose and motivation. Focus on your retirement plans or other financial aspirations. When you have a clear vision of your future, it can be easier to resist impulsive spending.

Keep your eyes on the prize

Doom spending is a growing trend rooted in our collective response to uncertainty and fear. As individuals navigate the complexities of modern life, it’s essential to recognise this behaviour for what it is — a temporary escape that often leads to long-term consequences.

By understanding the roots of doom spending, distinguishing it from genuine self-care, and implementing strategies to counteract it, individuals can take control of their finances and prioritise their long-term well-being.

Remember, the goal is to achieve financial freedom and security. Doom spending can derail your progress and create unnecessary financial burdens. By developing healthy habits and managing your emotions effectively, you can avoid falling into the trap of impulsive purchases.

Stay focused on your long-term goals and make conscious decisions about your spending. With discipline and perseverance, you can build a strong financial foundation and enjoy a brighter future.