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We all feel stressed AF occasionally. And sometimes, the easiest way to gain control is by throwing caution to the wind and saying, ‘f*ck it’ while clicking that little add to cart button. Yes, even when your financial situation is bleak.

Enter: doomspending.

The relatively new phenomenon (birthed on TikTok, of course) is highlighting how — and why — we’re suddenly spending more, even when we probably shouldn’t. Want to know what it means, why we do it, and how you can pump the brakes if you think it’s a problem? In the words of living legend Shania Twain – Let’s go girls.

What is doomspending?

The philosophy of ‘live in the now and worry about the later, later’ is alive and well in 2024, and it’s called doomspending. Less harrowing than doomscrolling (the concept of scrolling through social media actively seeking out negative news), this phenomenon is about relieving stress and having a YOLO moment buying something, even when things aren’t looking so hot ~financially~.

A report by Credit Karma found the phenomenon was common with younger generations— around 35% of Gen Z and 43% of millennials. But can you blame us? The current state of the world doesn’t exactly fill you with hope about your financial future, does it?

So, why do we doomspend? 

Know that thrill you get when you buy something online? Your clever brains release dopamine when you get an unexpected reward. Now it’s starting to make sense why all the girlies love a ✨lil treat✨.

The best types of reward? Those lovely luxury items we know we deserve (but probs can’t afford). And in the face of all that stress and worry, who wouldn’t want a little hit of happy?

Why doomspending is trending

The headlines about our financial future are bleak.
Nobody can buy a house.
We’re up to our eyeballs in debt.
And most of us have some buy now, pay later deal we’re trying to keep secret. Feeling like you’ve lost control and need to regain it NOW is totally normal.

Add to the mix that we’re actively engaging in content proven to reduce our self-esteem and satisfaction with life (hello, social media) and bingo. It’s no wonder doomscrolling is a thing. But what can we do about it?

Quick Tips for simmering spending

Society seems to have created the perfect storm  for doomspending, so don’t be too hard on yourself if you’re stuck in the cycle. Try these tips if your money habits are getting you down.

  • Ditch the buy now, pay later stuff

There’s a time and a place for Afterpay, and it’s not every Monday morning when you’re feeling blue. The more used to using this payment method, the more frivolously you’ll probably use it.

  • Give yourself 3 days

Dying to buy something? Take three days to think it over.  

This tried-and-true method can help you spend less on impulse purchases (AKA the stuff doomscrolling dreams are made of).

  • Unfollow, unfollow, unfollow

Got a particular influencer you really want to be? Unfollow them, like yesterday. They might be cool, but they’re probably subconsciously (or consciously) pushing you to buy stuff you don’t need.

PS – Live in the now (and the later)

Life is all about balance. If spending money makes you happy, go for it. But don’t forget about future you. Learn more about protecting that version of yourself with Peachii.