Are you ‘doom spending’? Here’s how to break the cycle

‘Doom spending’ is on the rise, and chances are, you’ve done it without even realising.

The term describes making unnecessary or luxury purchases to cope with feelings of stress, anxiety or hopelessness. That quick online order or impulse buy might feel comforting in the moment, but the relief rarely lasts. Instead, it can lead to guilt, regret and even more spending to try to feel better again.

An Ipsos survey in 2024 found that around half of Brits admit to doom spending, with the trend especially common among younger people. More than two-thirds of Millennials and Gen Z respondents said they’d done it, often influenced by social media and constant online shopping temptations. So the age groups most aware of doom spending are also the most likely to fall into the habit.

What’s driving doom spending?

For many young adults, financial uncertainty is a major trigger.

Economic pressures around jobs, housing and the rising cost of living are leaving many people feeling stuck. Concerns about redundancies, fewer job opportunities and the growing impact of AI on the workplace have all added to the anxiety.

Unemployment in Britain reached 5.2% in January, the highest level outside the pandemic since 2016, according to the Office for National Statistics.

Even if you’re employed, it can feel difficult to get ahead. Wages have struggled to keep pace with rising living costs, student loan repayments and soaring rents. Saving for a home or retirement can feel increasingly out of reach.

The housing market only adds to the frustration. In London, the house price-to-income ratio has more than doubled over the past 30 years, while the average age of a first-time buyer has climbed from 29 in the 1990s to 34 today.

When long-term financial goals start to feel impossible, it’s easy to fall into a ‘might as well enjoy myself now’ mindset, even if it damages your finances later.

How to stop doom spending

Changing your spending habits won’t happen overnight, but small changes can make a huge difference. The key is creating space between the impulse and the purchase.

Try the 24-hour rule

When you feel the urge to buy something, wait at least 24 hours before making the purchase.

Most impulse buys lose their appeal once the emotional rush fades. Giving yourself time helps you decide whether you actually want the item, or just the feeling that comes with buying it.

Learn your triggers

Pay attention to how you feel before you spend.

Are you bored, stressed, lonely or procrastinating? Are you scrolling social media late at night? Recognising patterns can help you replace shopping with healthier ways to cope, like exercising, calling a friend or doing something creative.

Make spending harder

Small barriers can stop mindless spending before it starts. Try:

• deleting shopping apps
• removing saved payment details
• turning off one-click purchasing
• unsubscribing from marketing emails
• limiting social media that encourages shopping

The more effort it takes to buy something, the more likely you are to stop and think first.

Focus on what you actually want

Before buying something, ask yourself: do I really need this, or do I just want a quick dopamine hit?

Keeping your bigger goals in mind, whether that’s becoming debt-free, building savings, travelling or buying a home, can make short-term temptations easier to resist.

Create a budget you’ll stick to

A clear budget gives you confidence because you know exactly what you can afford.

Set realistic spending limits before you shop and try using cash where possible. When the money’s gone, you’re done. Use our budget planner to help.

Always shop with a list

Whether you’re online or in-store, decide what you’re buying before you start browsing.

If it’s not on the list, don’t add it to your basket.

Sleep on big purchases

If you see something you suddenly have to own, wait until tomorrow.

If it still feels worth it after a night’s sleep, you can reconsider it then. More often than not, the urgency disappears.

Turn missed purchases into savings

Every time you avoid an impulse purchase, move that money into a savings account instead.

Skipping a £20 impulse buy might not feel exciting, but watching your savings grow is far more rewarding in the long run.

Avoid emotional shopping

Doom spending often happens when you’re tired, anxious or overwhelmed.

Instead of opening shopping apps, try doing something that genuinely improves your mood, like going for a walk, reading, cooking, listening to music or meeting a friend.

Bring someone sensible shopping with you

Shopping with someone who sticks to a budget can help keep you accountable.

The right person will talk you out of unnecessary spending, not encourage it.

Doom spending isn’t really about shopping, it’s about stress, uncertainty and trying to feel better in difficult moments.

You don’t need to completely stop treating yourself, but becoming more intentional with your spending can help you feel more in control of your money and your future. Small changes now can save you from bigger financial headaches later.