A woman has managed to break her doom spending spiral by going cold turkey – forgoing all unnecessary expenditures for a no spend year. Doom spending is the trending term for younger people splurging cash on short-term pleasures in the face of bleak economic forecasts. The phenomenon mirrors ‘retail therapy’ in its spending to receive immediate gratification to alleviate stress or feeling down.
Mia Westrap, 26, said she had sleepwalked into an unhealthy relationship with spending because of a perceived lack of incentive to save. She said: The mindset we are all in is: I am Gen Z, I am never going to own a home so what is the point of saving? When I felt terrible, I would buy something small to cheer myself up and then it spiralled. I was dealing with my emotions through spending.
Mia, from Southampton, Hampshire, earns £2,100 a month as a health and social care worker. She was spending around £200 a month on eating out, £100 a month on alcohol, and at least £150 on frivolous purchases such as clothes when she vowed to stop splashing the cash. She said: “For my entire working life since I was 16, I would spend money on silly things like a meal deal, lots of soft drinks, clothing – things that would bring short-term pleasure.
Now, Mia has saved £4,000 in just six months by cancelling some of her subscriptions, refraining from eating out, and giving up alcohol. She said: There are benefits to trying to stay out of your overdraft – it reduces stress and you can get into the habit of investing. Before, small amounts seemed insignificant but now it has potential. I grew up quite low-income and never had the income to know that some things appreciate in value. I have started investing and trying to educate myself on the stock market.
Mia said her friends had helped her change, trading in beer gardens and restaurants for nights-in and picnics. She said: They have been supportive. We have been doing lots of cheap nights, watching movies, going on walks. Mia said stripping back life to its essentials had a profound impact on her outlook. She said: The realisation was that for a lot of people a no-buy year is just a normal year. Mia is sharing her no-spend journey on TikTok: @miawestrap.