(Spoiler alert: weve used it twice and its now gathering dust in my pantry.)
Granted, Im not the only one who has turned toretail therapyduring times of stress.
What Is Doom Spending?
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First, what exactly is doom spending?
Psychological Triggers
Stress and anxiety are the typical psychological triggers for doom spending.
In particular, anxiety fueled byfeelings of gloom and doomtriggers episodes of doom spending.
When we experience feelings of uncertainty, we often adopt a worst-case scenario mindset, says Dr. Fisher.
Anxiety can lead to impulsive, emotionally driven behavior.
Logical thinking is replaced by a need for quick comfort, Dr. Fisher explains.
Depression is also at play here, according to Dr. Fisher.
Likewise, our political and economic climate is a major factor.
When people feel uncertain about their future, they often look for temporary comfort through material purchases.
Buying things can give people a sense of agency and short-term relief, Dr. Fisher says.
Economic Implications
The economic implications of doom spending cant be overstated.
Total credit card debt for Americans as of December 2024 reached $1.21 trillion (yes,trillion).
But what about those of us who find it hard to stop?
Mindfulness
Mindfulnessis one of the most effective ways to manage impulse spending, says Dr. Fisher.
You do this throughguided meditationsand other mindfulness techniques.
When it comes to spending, mindfulness encourages individuals to make deliberate choices, Dr. Fisher describes.
you could also use a budgeting app to help with this.
Once you understand what causes you to doom spend, you could construct a plan to manage your triggers.
), Woroch shares.
Unfollow social media accounts that fuel excessive purchases.
But doom spending isreallynot a good idea.
Ultimately, doom spending offers only temporary relief and often results in long-term consequences, Fisher says.
Merritt J.1 in 5 Americans Are Doom Spending.
2021;1344:57-69. doi:10.1007/978-3-030-81147-1_4
Federal Reserve Bank of New York.Household Debt and Credit Report.
