"Your order is on its way!" Is there any notification that brings more joy than this? But there could be more behind your motivations for hitting "buy now". A survey found over a quarter of respondents reported "doom spending" - splashing cash on unnecessary purchases despite economic concerns to cope with stress.
Doom spending can put you at risk of financial stress, cause tension in relationships, evoke feelings of shame, and drain your bank balance of funds that could be spent otherwise. But why is it so hard to resist the urge to spend?
The reason we feel happy and satisfied when swiping our credit cards is the dopamine rush it offers. Interestingly, the dopamine doesn't turn up in the acquisition of something. It occurs in the impulse or the motivation to go forth and hunt. In other words, it's the try-on of the perfect shoes or the test drive of the new car rather than the actual buying. So when feeling the urge to buy, pause, note the item and wait at least 24 hours before acting, allowing time for dopamine's effect to flow through the body. You may find that after the effect wears off, you don't have the urge to buy.
For some people, shopping serves as a coping mechanism - a way to find comfort and build self-esteem or self-confidence. They often turn to that product again and again, hoping it will make them feel a little bit better. However, this inability to properly self-soothe can result in a "treat yourself" mentality after a bad day. If you feel the need for a treat or some self-care, put your credit card away and reach for something more wholesome and long-lasting like meditation, spending time in nature, or connecting with friends. These alternatives not only provide longer-lasting benefits but also help fill your emotional well-being.
But being mindful with money doesn't have to mean avoiding spending on little things that bring you joy. Little splurges and "treat yourself" moments can be a great way to bring happiness if they are controlled. Having allocated funds for "splurge" purchases, and keeping a list on how much to spend from these can create a more mindful approach to spending, rather than one that's impulsive and stress-motivated.