Lately I’ve been in the market for a new purse. For research, I joined the handbag forum on Reddit a few weeks ago. Most of the posts are about two things: people showing off their latest purchase or people wanting advice on what purse to buy.
However, I also noticed something new: people showing off an impulse purchase made just after the election. It was like the election results pulled the rip cord and people responded by letting go of their budgets.
Posts like that were only one example of "doom spending" — a concept of spending more money when we feel anxious.
What is doom spending?
Even before the election, doom spending was on the rise. A 2023 survey found that about 25% of Americans were doom spending to manage stress. Another survey found that approximately 37% of Gen Z and 39% of millennials are doom spending. Beyond the election, issues like climate change and housing affordability are huge drivers of doom spending.
When the future looks bad, why save for it when you can enjoy your money now? A pessimistic or even nihilistic point of view can cause you to doom spend.
Cheyenne Bailey, a 32-year-old waitress from Queens, said she went through a doom spending phase shortly before and after the election, buying hair accessories, clothes and cosmetics.
Normally, when she makes an impulse purchase, it’s no more than $100. This time? “It was like $1,000 very quickly before he was even elected,” she said, calling it a financial blackout.
“In the moment, it felt very frantic and impulsive,” she said. “I’m someone who is pretty intentional about their budget, so it was rather out of character.”
Financial therapist Amanda Clayman, host of the “Emotional Inve$tment” podcast, said when it’s hard to imagine a good future, living for today seems like the only remaining option. Also, if life blows up even when you’ve been following the rules, it can feel like there’s no reason to “be good.”
“It shakes our trust in future rewards and makes us seek out more impulsive and immediate gratification behaviors, like spending or doing something slightly bad or transgressive,” Clayman said.
Sometimes doom spending is also about having more control in the moment if you feel like you don’t have any control over the future.
“I think the impulse spending was a way to self soothe and have focus on my immediate future when my big picture future felt very at stake,” Bailey said.
Bailey also noticed that she’s been using buy now, pay later apps and services lately, which also correlates to her dystopian feelings about the future.
How to cope without spending
Any therapist will tell you that doom spending — just like doom eating, doom Netflix binging or doom phone scrolling — is not the answer. While there may be an initial rush of euphoria, the guilt that follows can often cause a spiral of more spending.
The problem is that when we feel bad, we feel compelled to do something to ease the pain, even if the resulting action isn’t helpful in the long run.
“A lot of times when we feel anything that feels like pain, our brain is going to be so quick with some kind of product or service that it feels like a solution,” Clayman said “That has already been programmed into our brain.”
The first step to changing your behavior is noticing it. Once you notice it, Clayman says you shouldn’t feel pressured to change it. Over time, as you keep noticing the behavior, you may decide not to engage in it.
Another important concept to remember is grace. Having grace for yourself is crucial because it keeps the shame from doom spending at bay.
For now, that might mean changing your budget and acknowledging that you might be spending more on creature comforts.
“These are really extreme circumstances to be living in, and to be expecting myself to have a normal everyday budget as if I’m not existing in some very uncertain and emotionally triggering times, that would be unfair to myself,” Bailey said.
Clayman also says having some non-spending ways of coping with stress, anger or frustration in place can help you avoid doom spending.
“Do something weird, but not bad,” she said. “Transgressive, but not destructive.”
Some ideas include buying some cheap dishes at a thrift store and breaking them in the driveway, ripping up an old T-shirt or hitting some rocks with a hammer.
“There are some simple ways you can express your grief, your anger, your resentment and frustration,” she said.
I'd also challenge anyone dealing with doom spending to keep saving for the future, no matter how bleak it seems. Here’s why: If the world is still around in some way, shape or form, having more money will be a good thing. Money is a tool and it can give you options, whether that means moving to a new country or colonizing Mars because Earth has imploded.
And if you really want to put your money where your mouth is, consider setting up recurring donations to a worthy cause. Even if it’s a small amount, making it a regular part of your budget can help make a real impact over time. This will also make you feel more in control.
“I feel like the only plan you can have is a balance of self soothing and recharging and refueling so you can take action later,” Bailey said.
