Gen Z And Millennials Are ‘Doom Spending’ Their Way To A Life Of Debt Unless They Make 4 Changes

But going overboard with a shopping crusade will not help in the long haul, say financial experts, who call the practice “doom spending.” 

They point to levels of collective stress that only feel manageable, due to a joint distaste for whatever is at play in the wider world, by spending. 

Over a quarter of Americans reported doom spending in response to worries over inflation, the cost of living, foreign affairs, and the election, according to an October survey by Credit Karma. And younger generations seem to be at greater risk, with 37% of Gen Z and 39% of Millennials reporting doom spending.                                                                                                                                                                   

And that’s of particular concern: A third of Americans say they don’t have short-term savings, according to a report from Bankrate this year, and 38% of Gen Z and Millennials believe it’s more challenging to build financial wealth than it was for their parents because of the economy. 

Below, some advice from experts on how to curb doom spending.

Set limits 

Hanna Grichanik, a personal financial advisor with Northwestern Mutual, says going cold turkey on personal spending in times of stress is not the full-proof answer—nor is it realistic. Instead, when craving retail therapy, she recommends you redeem rewards, points, or coupons to “offset the costs.” Making a rule to go on a measured shopping trip—on a discount—can gamify the experience and make long-term financial health part of the larger mindset. 

“This small hack can allow you to continue to find ways to save but allow you to enjoy something you have been craving,” Grichanik says. 

Establish measurable financial goals

Money remains a top reason for Americans’ stress, according to the American Psychological Association. But adopting practical, financially healthy habits, and saving money—even in slow but steady forms—can offset the potential future stress of financial strain. 

Start by taking a moment once a week to set aside $10, Angela Fontes, vice president of policy and research at Financial Health Network, previously told Fortune.

“Nothing happens overnight, but with consistency and having a timely goal, it can be effective,” Grichanik says about saving. Asking experts for help with putting money you have into high-yield savings or with contributing a portion of your salary to a Roth IRA or 401K can also help curb your spending, she adds. 

Create a roadblock to the $$$

Similar to how some people lock their phone in a box to stop scrolling, Grichanik suggests doing something that will make it harder to spend.

“An example of this is removing saved credit card information from your browsers or Apple wallets to ensure there is a barrier to purchase,” she says. 

Lean on anti-stress tools

It may be helpful to have a list of tools, perhaps on your phone’s notes app, to lean on in times of stress—ones that don’t require large sums of money, of course. Calling a friend can help you feel more connected. Practicing a mindfulness meditation can reset your nervous system. And signing up for a no-cost community event, such as volunteering or open mic night, can connect us with others to feel more purposeful, which can lower stress and boost happiness. 

So, while treating ourselves with monetary goods in times of stress can feel comforting, it is, as they say, all about moderation and leaning on a range of healthy coping skills to ease feelings of discomfort without breaking the bank.