Are you a doom spender?
Despite the fact that budgets are being tested by inflation and high interest rates, record shopping occurred between Black Friday and Cyber Monday. “Doom spending” is one way many people cope with financial stress. It can occur with any kind of crisis, but the good feeling is temporary and the long-term damage can take years to fix. A report by Intuit Credit Karma reveals that 96% of Americans are concerned with the current state of the economy. One spokesperson said: “Much like doom scrolling, we’re seeing people mindlessly shop to soothe concerns about the economy and foreign affairs, which could take a toll on their financial well-being.”
Psychologists report that people sometimes overspend in order to cope with difficulties. They need a break from the stress and find shopping a way of giving some relief. It fulfills a deep-felt need for security. Ted Rossman, an analyst at Bankrate stated that “Younger adults feel discouraged.” He advises them to automate a portion of their income toward savings while leaving a margin for fun in the budget. This provides a way to avoid high credit card interest. That’s why I highly recommend an emergency savings account. The self-discipline of saving instead of spending provides greater security and comfort in the long run.
If you’re tempted to shop when stress mounts, go to a closet, get on your knees, and ask the Lord for supernatural self-control. Then, call a friend, and go for a walk, and thank God for all that you have.
And if doom spending has led you into credit card debt, let Christian Credit Counselors help you. They can create a debt management plan specifically for you. For more information call the Crown Helpline at 800-722-1976 or visit online at crown.org/ccc.