This Dangerous Money Habit Is Becoming More Common And Experts Are Begging You Not To Do It [Yahoo! Finance]
NerdWallet, Inc. (NRDS)
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Source: Yahoo! Finance
One that has come up frequently around the 2024 presidential election is “doom spending.” It's an understandably tempting phenomenon, but the negative effects outweigh the short-term relief. Below, personal finance experts break down what doom spending means, why it happens and how to keep this impulse at bay. What exactly is doom spending? “Doom spending describes the impulse to spend money on things to self-soothe against anxiety and stress,” Kimberly Palmer , a personal finance expert at NerdWallet, told HuffPost. “For example, if we are really stressed out about the election, we might splurge on takeout, new clothes and a plane ticket for vacation just to help boost our mood.” Basically, doom spending is a form of retail therapy that occurs when people feel particularly uneasy and pessimistic about the state of the world. “It's all too easy to bury our heads in the sand when we feel anxious or stressed, and the recent presidential election is having that effect on peopl
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