Most Americans have fallen into a doomscrolling habit at some point; the news is just that bad. Now the younger generations have a problem with "doom spending" - impulse buying to relieve the stress caused by current affairs. Both issues are related yet doom spending only seems to affect Gen Zer’s and Millennials. The rest of us are older and wiser and have learned that it’s not smart to spend now and worry about it later because it will lead to financial instability and compounding debt. So how can a young person who is in the habit of doom spending learn to control it?

Doom spending is caused by anxiety and that needs to be recognized. Awareness is key, no matter the addiction. You cannot change the world around you, but you can change your social media habits. Limit screen time and limit your exposure to negativity. Allow yourself a window of time in the morning when you’re having coffee to look at your social platforms and get up to date on the news. When you get to work remind yourself you are on the clock and they aren’t paying you to look at your phone all day. Give 5 minutes during your lunch break to catch up online. Then put your phone away. The challenging part will be limiting screen time at night when you are home. So, you need to have a plan.

One of the best ways to cope with anxiety is to exercise. After work, go to the gym or come home and do yoga. After dinner, play a board game or do a puzzle on your device. Watch a silly TV show. Talk to a friend on the phone. If you look at social media, search for reels of animals or babies. Scroll past depressing stories and angry people and seek happiness. Doom spending is an addiction and if you are unable to get control of your finances on your own, seek professional help. Go to group therapy or one-on-one counseling. At Alloy Wealth, we aren’t counselors, but we are financial advisors. We would be happy to give you a written financial plan that will help you feel more in control of your finances. Call 800-689-3935 to speak with one of our fiduciaries.