Do you ever have those days where everything feels like it’s falling apart? Your stressful job, the chaotic world news, and even just little things like your phone battery dying—it all piles up and suddenly you desperately want to buy something to make yourself feel better.
So, you end up splurging on things you don’t really need and probably can’t afford.
Maybe it’s fancy takeout, the latest tech gadget, a whole new outfit, or whatever gives you that rush of happiness. But afterward, you usually feel guilty about the money you spend. You promised yourself you’d stop!
The good news is that you can control this doom-spending habit, even if it feels impossible right now!
The first step is figuring out what situations, emotions or stressors tend to spark your doom spending habits. Are there certain times, places or feelings that make you more likely to whip out your credit card for an impulse buy?
For instance, reading depressing news articles may send you straight to online shopping. Many people doom spend when they’re bored, lonely, angry, anxious, or just blue.
High-stress periods like the holidays or busy work seasons can also trigger doom spending. Even positive events like vacations and celebrations can lead to overspending out of a desire to treat yourself.
Once you identify your common triggers, you can get better at anticipating when a doom spending danger zone is approaching. That way, you can kick those coping strategies into gear!
Key Takeaway: Keeping a spending diary can help you figure out which situations, emotions, and stressors tend to trigger doom spending splurges.
Read More: Why Are Borrowers Increasingly Using Personal Loans to Tackle Credit Card Debt
Unfortunately, the financial and mental consequences down the road are so not worth it. Let’s talk about why it’s super important to put a lid on this habit.
In the short term, doom spending can do some real damage to your budget. All those spontaneous purchases can drain your account balance, max out your credit cards, and leave you strapped for cash before the next payday. It’s not an ideal situation.
Looking further ahead, unchecked doom spending has the potential to wipe out your savings account or prevent you from saving at all. It can hold you back from important goals like buying a house, retiring comfortably, or paying for a wedding.
Key Takeaway: Giving into doom spending often wrecks budgets in the short term and sabotages big financial goals over time. It also fails as a lasting coping mechanism and creates shame.
The positive flip side is there are so many tactics you can try to avoid doom spending pitfalls.
Here are some ideas to implement:
Key Takeaway: Making a spending budget, avoiding shopping outlets when triggered, finding alternative coping strategies, limiting access to funds, waiting before big purchases, and focusing on deeper fulfillment can help avoid doom spending disasters.
For many folks struggling with doom spending, the strategies above are super helpful for reversing course. However, for some, professional assistance may be needed. Here are a few signs it’s time to call in backup:
In scenarios like these, it’s a great idea to talk to a financial advisor, credit counselor or therapist. They can offer specialized support on how to regain control of your finances and address any emotional drivers of overspending. Don’t be ashamed to get help—it takes courage.
Key Takeaway: Seeking guidance from money pros or mental health practitioners is recommended if doom spending has significantly impacted finances, daily function, or relationships.
Along with changing behaviors, nurturing a positive attitude about money can also reduce doom spending tendencies over time. Some tips:
Key Takeaway: Identifying your money values, setting exciting financial goals, appreciating what you have, finding fulfillment in smart money habits, prioritizing lasting impact over impulsive pleasure, and rewarding yourself mindfully can all help build a healthy money mindset.
Take full advantage of the amazing resources now available to help master your money management skills. Here are a few to check out:
Investing time into improving your financial literacy and using technology wisely can help you level up your money management major. Take it from me—these tools are game-changing!
Key Takeaway: Apps, books, non-profits, advisors, blogs, and communities focused on money management, frugality, and financial literacy can provide invaluable guidance and support.
To wrap it up, we all make poor money choices sometimes when emotions are running high—it’s just human nature! But getting stuck in a cycle of doom spending to cope can easily snowball into a huge financial and mental health burden over time.