The Money Muse

We’ve all had those days where things just feel a little off – maybe you’re stressed about work, or the news is filled with bad headlines. For some people, these emotions lead to a coping mechanism called doom spending. But what exactly is doom spending, and why does it happen?

Doom spending refers to the impulse to buy things – often unnecessary items – in response to feelings of stress, anxiety, or even a sense of doom. It’s kind of like retail therapy, but with a twist: instead of buying to feel good, you’re spending as a way to distract yourself from negative emotions or an uncertain future. You’re scrolling through online stores, clicking “add to cart” as a way to temporarily soothe your worries, whether it’s about your personal life, the state of the world, or anything in between.

Why do people doom spend?

Doom spending is often tied to emotional responses. When you’re feeling overwhelmed or uncertain, buying something can provide a quick hit of dopamine – that “feel-good” hormone your brain releases when you experience something enjoyable. For a brief moment, the act of spending makes you feel more in control, even if it’s just to distract you from what’s really bothering you. Unfortunately, this relief is temporary, and many people later regret their purchases, especially if they’re not in line with their financial goals.

What’s the downside?

The main issue with doom spending is that it can lead to financial stress. If you’re frequently making impulse purchases to cope with negative emotions, you could find yourself overspending or buying things you don’t really need – and that can quickly add up. The irony is that doom spending can sometimes make things worse; you end up with buyer’s remorse or unnecessary credit card debt, which only adds to your stress.

How to avoid doom spending.

If you find yourself turning to shopping as a way to manage stress, don’t worry – you’re not alone, and there are ways to get back on track. Here are a few tips to help you avoid doom spending:

• Recognize the trigger. The first step is to acknowledge that you’re feeling anxious or stressed. Ask yourself, “Am I shopping because I really need this item, or am I using it as a distraction?”
• Set a waiting period. Before making a purchase, give yourself a 24-hour (or even 48-hour) cooling-off period. This gives you time to evaluate whether the purchase is truly necessary.
• Create a spending plan. Having a budget can help curb impulsive purchases. If you know where your money is going each month, it’s easier to see how impulse spending affects your overall financial health.
• Find other stress-relievers. Look for healthier ways to manage stress, like exercising, journaling, or talking to a friend. These activities can provide the emotional relief you’re seeking without costing a dime.
• Set boundaries for online shopping. If you’re tempted by late-night scrolling, try limiting your screen time during periods of stress, or remove shopping apps from your phone.

Doom spending is a common response to stress, but it’s important to recognize when it’s happening and take steps to avoid it. By understanding why we’re tempted to spend and finding healthier ways to cope with stress, we can protect both our emotional and financial well-being. In the end, it’s all about striking a balance between enjoying life and staying mindful of your long-term financial goals.