5 Ways To Combat Holiday ‘Doom Spending’
Written by
Chris Adam
Edited by
Amber Barkley
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You’ve probably heard about retail therapy, where someone uses shopping to help them feel better — if you’re not careful, it can put a significant dent in your budget. And it turns out there’s a much less joyful term that describes what some shoppers have been doing in recent months: doom spending.
Many of those doom spenders may be shopping as they deal with concerns about the economy, their finances and politics in the United States. In fact, according to a report by Intuit Credit Karma, about 27% of polled shoppers said they’re doom spending. Here’s a closer look at the trend and five ways you can combat it.
What Is Doom Spending?
According to CNN, “Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.” You may have seen friends and influencers talking about it when you’re scrolling online.
Younger shoppers may be more likely to take part in doom spending, but consumers of all generations have reported taking part in the trend. Along with uncertain feelings about leadership and politics in the country, many shoppers said inflation has them feeling pessimistic about the economy.
How do you combat doom spending?
Examine Yourself
Your first step to putting a stop to doom spending may be to take a close look at your habits.
Figure out why you’re doom spending, how it makes you feel and how it affects your finances. You may also consider adjusting your budget to allow some space for doom spending.
Look for Alternative Coping Strategies
Speaking of alternatives, you might try other coping strategies to help you deal with your feelings of uncertainty and other worries. Some ideas include exercise, writing and reading.
Unplug Yourself
You may also want to unplug and take some time away from the internet and the constant flow of news. It can make you feel worse about the economy and politics.
Make Spending a Bit Harder
Per Charles Schwab, one way to avoid doom spending is to make it more difficult for yourself to make quick purchases. You can give yourself a guideline that you’ll wait 24 hours before confirming a purchase online. You can remove any saved credit card information with online retailers and switch to cash when you’re buying in store.
Taking a wider approach to your goals can help you take this step. Focus on your long-term desires and how saving now could help you reach those bigger milestones. It may be helpful to still give yourself room for treats and rewards as you see fit within your financial situation.
Consider the Holidays
One last tip is to consider how you might stop doom spending during the holiday season. You can focus on the good feelings that come during this time of year and how you can take inexpensive or even free actions to make yourself and others feel good.
For example, you could volunteer or create homemade gifts.
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