The Psychology of Your 20s (iHeartPodcasts)

Episode 357: Why do we doomspend?
Host: Jemma Sbeg
Date: November 25, 2025

Episode Overview

In this episode, host Jemma Sbeg explores the phenomenon of "doom spending" — the compulsion to spend money impulsively as a way of coping with anxiety, uncertainty, and a bleak outlook on the future. As the holidays approach (a period often associated with overspending), Jemma breaks down the psychological, societal, and economic factors fueling this behavior, especially among people in their 20s. She also shares practical strategies to regain control over spending habits in a gentle, sustainable way.

Key Discussion Points & Insights

1. Defining "Doom Spending"

[03:55]

• Doom spending: Spending impulsively or excessively—not for joy or need, but to soothe anxiety or manage difficult emotions caused by uncertainty about the future.
• Jemma differentiates it from normal treating oneself:

  “It is buying because the future doesn’t feel like it’s coming, and so you want to live in the now.”

• Historical context: Similar patterns have existed throughout history (e.g. in the 1800s, followers of William Miller's doomsday predictions spent lavishly, believing debts wouldn’t matter).

2. Why Do We Doom Spend?

[07:50]

• Rooted in lived uncertainty (“climate change, inflation, AI, the 24-hour news cycle”).
• Spending becomes an emotional regulation strategy—akin to comfort eating or doomscrolling.
• The dopamine hits:

  "When we spend money, basically our dopamine system is activated—not just when we get the thing, but even when we anticipate the purchase, click ‘checkout,’ or go pick it up."

• Negative reinforcement: The act of buying temporarily removes distress, encouraging repetition.

3. Societal & Economic Factors

[10:45]

• It’s not just about having more money or easier access to goods.
• The COVID-19 pandemic intensified impulsive spending:

  "During the pandemic... online shopping was one of the very few joys we seemed to have control over.”

• Credit card balances rose sharply (US: 17% increase from 2020-22).
• Post-pandemic, many young adults struggle to envisage a long-term future, making delayed gratification and financial planning harder.

4. The Role of Social Media and Marketing

[14:50]

• Emotional whiplash: Social feeds combine dire global news with targeted shopping ads, intensifying the urge to seek relief through spending.
• Deliberate design:

  “Platforms are made to monetize your attention... they hold your attention long enough to trigger an emotion that will produce a sale.”

• Study cited: 2024 Indonesian research found emotional arousal from content increased impulse buying in people in their 20s.

5. When Treating Yourself Crosses a Line

[22:40]

• Signs doom spending is becoming harmful:
  • Biggest shopping days coincide with emotional lows, not celebrations.
  • Shopping late at night.
  • Reliance on "buy now, pay later" schemes for non-essentials.
  • Ignoring bank statements, financial avoidance, or feeling dread opening banking apps.
• “Your brain is trying to shield you from all the fear and shame and the guilt and just keep all the good stuff, keep all the purchases, keep all the dopamine.”

6. Strategies to Regain Control

[27:30] Jemma offers concrete tips:

• Doom saving:

  “If doom spending is about spending because the future feels uncertain, doom saving is about saving because it feels uncertain. It’s a little way to create a sense of safety and a sense of the future.”

  • Start with small, regular savings to build self-trust and future orientation.
• Imagine your future self:
  • Reference to a study: "People who visualized an older, happier version of themselves were more willing to accept a delayed monetary reward over an immediate one.”
• Spend on experiences, not things:

  “Spending on experiences builds stories, gives you memories... something that's going to last a lot longer than plastic and a lot longer than clutter.”

• The 24-hour rule:

  “When I see something I want, I do not buy it right away. I have to wait minimum 24 hours... Most of the time, the desire fades once the emotional charge passes.”

  • Jemma’s personal anecdote about a "want to buy" list that saved her over $1,200 by introducing a delay.
• Behavioral nudges:
  • “One in, one out” rule (must donate or discard an item for each new purchase).
  • Buy only second-hand for a year.
  • Reintroducing the “pain of paying” by deleting saved payment info or using cash so purchases are less frictionless and more conscious.

7. Mindful Consumption & Personal Identity

[37:20]

• Mindful consumption isn’t about deprivation—it's about aligning spending with values.
• “Your life is not a trend. Your emotions are not trendified. You can't let your emotions be the thing that determines who you're going to be because you spend money to, to soothe them.”
• Owning your finances and spending choices deepens self-awareness and helps counteract the uncertainty thrust upon this generation.

8. No Shame, Only Awareness

[41:40]

• Jemma stresses compassion:

  “There’s no shame if, like, sometimes going on a shop, going on a spree, like, buying stuff makes you feel better. I just want you to know about it, and I just want you to think about whether that's actually what you want from your life.”

• The goal: To learn how to sit with uncertainty without letting it rule you.

Notable Quotes & Memorable Moments

• Historical perspective on “doom spending”

  “We are actually not the first generation to live through scary times… When the world feels unstable, we turn to consumption as a way of asserting control.” (06:23)

• On emotional triggers and social media

  “That’s emotional whiplash. You are going from panic and despair to pleasure and intrigue. And that is not accidental. It’s engineered.” (15:35)

• On ignoring finances

  “At first, it’s the easier option to just not look. But I promise you—I’ve done that…Having financial accountability, even if you have to stare your shopping and your spending straight in the face, is so much better for you long term.” (24:26)

• On self-care and the little treat narrative

  “I'm a big believer in little treats. It's not inherently bad to treat yourself and I actually think... it’s an important part of self care… but when treat culture turns into habitual high spend behavior... that's a coping mechanism, not a reward.” (16:45)

• Personal anecdote about saving with the 24h rule

  “I did a little calculation of like five things and it was totaling over $1,200 just because I waited, just because I had this list.” (34:36)

• Encouragement and empathy

  “Your life is not a trend. Your emotions are not trendified. Right? You can't let your emotions be the thing that determines who you're going to be because you spend money to soothe them.” (38:30)

Timestamps for Key Segments

• 03:24 – Introduction & Definition of Doom Spending
• 06:23 – Historical Context & Emotional Coping Mechanisms
• 10:45 – Pandemic, Economics, and Generational Uncertainty
• 14:50 – Social Media, Emotional Triggers, and Impulse
• 18:56 – Signs Doom Spending Has Gone Too Far
• 27:30 – Practical Strategies to Stop Doom Spending
• 32:20 – Mindful Consumption and Identity Formation
• 41:40 – Compassion, No Shame, and Final Reflections

Episode Takeaways

• Doom spending is a modern, but historically rooted, response to anxiety and instability, intensified by technology, relentless news, and rebuilt economic habits post-pandemic.
• The solution isn’t zero spending, but more mindful consumption—retraining the brain through small savings, delayed purchase, experience spending, and awareness of emotional triggers.
• Compassion for oneself is key: Surviving in uncertain times sometimes means relying on small comforts, but knowledge empowers better choices.
• The episode is full of practical, gentle, and psychologically grounded advice for recognizing, reflecting on, and reworking your relationship to money.

Secret Code Prompt:
Jemma invites listeners to share what's currently on their "want to buy" list—“not to encourage spending, but just out of curiosity.” (42:50)

Research assistant mention: Special thanks to Libby Colbert for contributions to the episode.

Follow-up:
For upcoming episodes during "guest month," and for more resources, follow The Psychology of Your 20s on Instagram (@thatpsychologypodcast).

Host's closing encouragement:

“Stay safe, be kind, be gentle to yourself, spend consciously and we will talk very, very soon.” (43:30)