Which Generations Are More Vulnerable to Doom Spending? Here’s How To Stop It

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But have you heard of doomspending?

Financial experts explainedhow to curb this tendency.

Obviously, during the pandemic there was terrible news every day.

Then the government sent out a series of checks to people, regardless of whether theyd been affected financially.

This gave people the means to spend as a diversion.

While those checks have long since ended, the tendency to seek diversion may not have.

When debt becomes unmanageable, it only causes further financial and psychological harm.

So doom spending can become a self-fulfilling prophecy, Barrington added.

Barrington recommended you attempt to thwart the cycle by giving yourself a reality check.

Overspending and going into debt arent going to solve your problems.

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Theyre only going to pile on additional problems.

Think ahead how are you going to feel when those bills come due?

Then, he suggested thinking about diversions you enjoy that dont cause harm.

Tayne recommended instituting a 24-hour rule for discretionary spending.

If you see something you want, bookmark it and come back to it after a full day.

This can help reduce your exposure toinfluencers and brandsthat encourage emotional spending.

Consider looking into afinancial wellness groupor forums online instead.

These can help you stay motivated to keep your spending in check and provide some help with accountability.

Most importantly, to change any bad habit, you first need to bring attention to it.

Start by noticing when and how you overspend and see if its connected to negative emotions.