What is Doom Spending?
Doom spending is a term that describes a phenomenon when a person spends money or spends excessively in response to an uncertain economic situation or a personal crisis. This behavior is characterized by irrational shopping and a lack of self-control, often triggered by negative emotions such as anxiety, stress, or fear of the future. In this condition, impulsive spending becomes a mechanism to relieve negative feelings, although this action often exacerbates existing financial problems.1,2,3
Characteristics of Doom Spending
Some indicators that can help identify someone who is involved in doom spending include: 1,2,3
1. Impulse Shopping. Purchases are made spontaneously without considering the budget or real needs. Purchase decisions are driven by momentary emotions.
2. Excessive Use of Credit. Dependence on credit cards or loans to satisfy consumptive desires. This can lead to an accumulation of debt that is difficult to control, especially if expenses are not balanced with adequate income.
3. Emotional Shopping. The act of shopping is done in response to stress or anxiety. Shopping serves as a temporary distraction from emotional problems, but it does not solve the root of the problem.
4. Ignore Financial Conditions. The tendency to ignore or pay less attention to personal financial conditions. Purchases are still made despite budget limitations or even beyond financial capabilities.
5. Post-Shopping Regret. The appearance of feelings of guilt or regret after making an impulse purchase. This indicates that the purchase is driven more by momentary impulses than by actual needs.
Excessive Shopping Impulse. Lack of self-control and ineffective stress management strategies exacerbate impulse shopping habits. Uncontrolled emotions further increase the desire to continue shopping.
How to Overcome Doom Spending
While doom spending can be a serious problem, there are several strategies that can be implemented to deal with it: 1,2,3
1. Build Financial Awareness. Improve your understanding of your personal financial condition by creating a budget and monitoring your expenses. This awareness helps control impulsive shopping behavior.
2. Limit Credit Card Use. Reduce or avoid using credit cards and loans to limit excessive spending. Consider using cash or debit to control spending.
3. Make a Shopping List. Make a list of items that are really needed before shopping. This helps prevent impulse purchases and focus attention on key needs.
4. Set Financial Goals. Set long-term financial goals such as saving or paying off debt. This goal provides motivation to save and reduces unnecessary shopping cravings.
5. Practice mindfulness to increase self-awareness and reduce attachment to negative emotions. This can reduce the risk of doom spending.
6. Seek Professional Help. If doom spending is difficult to overcome, seeking help from a financial consultant or psychologist may be the right solution. Professionals can provide more effective financial and emotional management strategies.
Doom spending is increasingly common among Generation Z and Millennials, especially amid economic uncertainty and social pressure from the media. The long-term impact of this behavior can be detrimental to financial conditions. Therefore, better financial awareness, careful planning, and self-control in shopping are needed to overcome doom spending. 1,2,3
References:
1. Saputro, Iswan, M.Psi., Psychologist. Getting to Know the Term Doom Spending Among Gen Z and Millennials. ClickDokter. October 12, 2024. Available in https://www.klikdokter.com/psikologi/kesehatan-mental/doom-spending-di-kalangan-gen-z-dan-milenieal
2. Trifena, Anastasia. Get to Know the Term Doom Spending and Its Consequences for Generation Z and Millennials. FIMELA. Reviewed: October 17, 2024. https://www.fimela.com/lifestyle/read/5712766/kenali-istilah-doom-spending-dan-akibatnya-bagi-generasi-z-dan-milenial
3. Qothrunnada, K. Getting to Know Doom Spending, a Popular Term Among Gen Z and Millennials. Detikedu.October 6, 2024. Available in : https://www.detik.com/edu/detikpedia/d-7574414/mengenal-doom-spending-istilah-populer-di-kalangan-gen-z-dan-milenial