Many consumers are feeling doomed given the uncertainties surrounding trade policies and tariffs. As a result, 1 in 5 Americans admit to “doom spending,” and this refers to spending out of fear and anxiety about the future. Some people are also stockpiling everyday essentials and making big-ticket purchases before prices go up.
Although buying now before tariffs kick in seems like a smart money move, it can lead to overspending and cause more stress and financial strain if it’s not done properly.
Before hitting the buy button out of fear, consider these doom spending dos and don’ts to keep your budget and money in order.
Do evaluate needs impacted by tariffs.
Knowing which essentials will cost more can help you plan for those purchases better so you feel in control of your overall financial situation. Analyze how much you spend across various bills and purchases, then earmark which area you anticipate spending more. To make room for higher costs, find ways to cut back on nonessentials, renegotiate bills and look for savings from various service providers.
Don’t rack up debt to save now.
Although stockpiling essentials or buying that big ticket item now while prices are lower seems like a smart move, those who rack up a big credit card bill that you can’t pay off in full will end up spending more in the long run thanks to high interest fees.
Do pause before purchase and set sale alerts.
Give yourself time to think through any unplanned purchase so you can determine if the item is something you truly need and can afford and to ensure you’re getting the best deal possible.
Deleting payment information in online retail accounts is one way to force yourself to slow down and rethink the purchase. This will also give you more time to hunt down the best bargain by comparing prices, looking for coupons and setting sale alerts using tools like Karma. Timing your purchase is also key as there are sales events to consider. For instance, May is Maytag Month, their biggest sale of the year, offering savings on a variety of household appliances with a potential for up to $100 back in rebates with select laundry appliance purchases, making it a worthwhile time to upgrade before prices rise. Meanwhile July will offer sakes on back-to-school goods including office supplies, laptops and clothing.
Don’t ignore spending triggers.
Understanding which situations, emotions or even social media accounts lead to impulse purchases can help you avoid unnecessary spending. Finding alternative ways to cope with stress is also key so rather than shopping, consider healthier stress-busting activities such as exercising or spending time with a friend.
Do tap into free rewards to splurge worry-free.
Try doom spending on free dollars offered by retailers through loyalty programs as well as robust credit card rewards and cash-back tools.
Begin by signing up for free loyalty programs offered by stores to earn money back for the purchases you’re making to apply towards future purchases. You can also earn cash back when shopping online via a cash-back portal like CouponCabin.com to earn up to 25% back for everything from online grocery and take out orders to pet supplies to cleaning supplies to appliance purchases. Use the cash earned to help pay off any speciality purchase and offset rising prices.
Lastly, look for free money towards splurge purchases by using a robust cash back card that gives you more money back for the things you spend the most on like groceries, travel or medical bills. The Bread Rewards American Express Credit Card is a great example, offering an unlimited 3% back on groceries, gas, utilities and dining out. This can allow you to earn more back on purchases you have to make each month and give your a budget a little boost to offset rising prices due to tariffs.
Andrea Woroch is a nationally-recognized consumer-savings expert, writer and frequent on-air contributor who is passionate about helping families find simple ways to spend less and save more. Andrea has appeared on popular shows like Today, Good Morning America and NBC Nightly News. Her advice and articles have been featured in the New York Times, Time, Money, Forbes and Real Simple.
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