Financial coach Emma Edwards discusses the phenomenon of 'doom spending' and how it affects Millennials' financial well-being. She explores the emotional factors behind spending habits and how the unattainable nature of traditional milestones contributes to the desire for control through purchases.
At this time of year, spending can spiral as many people hit the shops for gifts, enjoy drinks on nights out, or go away for winter breaks. Some people can find their money draining away each month without really remembering they spent it on forgettable purchases. That's ' doom spending ' - silently sapping your wallet each month.
Financial coach Emma Edwards, the brain behind 'The Broke Generation' website, aimed at self-professed 'hot mess' Millennials, delves into the common sabotage of sound financial plans in her latest book, 'Good With Money'. Emphasising how our relationships with money are all complex and unique, she notes: 'There’s a big emotional component that you can’t work out on a calculator.' Ms Edwards confesses she used to be detached from her spending: 'I didn’t have an arm-full of designer bags, I didn’t have anything worth much at all. I just had nothing to show for my money and no control. 'Every payday, I was crawling to the end and everything was always like a bit borrowed from last month, it was always a bit chaotic. I think a lot of people can relate to that.' Ms Edwards described a 'gradual penny dropping moment' when she realised, 'everybody was talking about their savings and I was like, ‘When were we saving? ’ I didn’t know we were doing this. I just thought we were all a hot mess.' She observed that for many young adults, traditional milestones like homeownership or reaching a desired salary seem dauntingly unattainable. 'We don’t really have ownership over the traditional life path anymore,' Edwards remarked. 'We don’t do it the way that maybe we thought that we would do it.' She believes that the ease of acquiring non-essential yet affordable items provides a sense of control. 'A lot of spending behaviour is treated like it’s frivolous, it’s greedy. But it’s often just a craving for control,' she explained. Ms Edwards pointed out that short-term debt and 'buy now, pay later' schemes contribute to this issu
Doom Spending Millennials Financial Control Spending Habits Emotional Spending
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NHS in Scotland stuck in 'doom loop' due to SNP 'incompetence', says Anas SarwarAnas Sarwar said patients and health workers were being let down by senior NHS executives and poor government decision making.
Read more »
Devilated: A Chaotic Hybrid of Doom and BorderlandsDevilated, a solo-developed game by Trunka, blends arena combat from Doom Eternal with looting and shooting mechanics from Borderlands, creating a unique and unpredictable gaming experience. Its bizarre humor and erratic gameplay call into question traditional game design principles.
Read more »
I tried TikTok trend which stopped my doom scrolling and anxietyIt is perfect after a stressful day in work
Read more »
DOOM creator John Romero reflects on horrid Columbine blame – “we knew we were not the cause”John Romero, co-creator of DOOM, has reflected on the events of the 1996 Columbine High School Massacre as game devs were blamed for deaths.
Read more »
City need six signings to spark change - but it's not all doom and gloomManchester City need to act in the transfer market over the coming windows
Read more »
There is a way out of the doom loop for LabourBut Keir Starmer needs his government to show an organising purpose that has been absent so far
Read more »