You may know someone who’s been doom spending lately. Or perhaps you’re the one who’s been doing it. Doom spending has been all over social media in recent months. It’s a practice where you spend money to help ease your fears about big stressors, like the economy or politics.
Recession fears and the impacts of inflation have been hitting many Americans hard. That’s why some have turned to doom spending to help ease the anxiety.
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In a recent Instagram post, financial expert and author Farnoosh Torabi listed some ways to channel your anxiety into positive money moves. Here’s a look at some actions to consider for those looking for other ways to help ease anxiety.
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Boost Your Cash Reserves
The first money move Torabi suggested for channeling your anxiety in a healthy way is to boost your cash reserves. You may look at putting more money into your emergency fund or starting one.
It looks like many are already following this advice too. According to The Motley Fool, the typical American has $8,000 in the bank — an increase of almost $2,000 since 2019.
This can give you an action to take while you feel anxious.
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Keep Investing
While you’re boosting your cash reserves, don’t forget to keep on investing. “Investing is key to growing your wealth over time,” Torabi explained. “Think of it as a silent protest to building your financial fortress.”
However, Torabi recommended avoiding knee-jerk reactions to your investments. As Vanguard advised, emotional investing mistakes can be avoided with strategies that help balance emotion and logic, like reframing decisions and enacting a waiting period.
Invest In Your Career
Torabi also suggested that you invest in yourself and remember that skills are assets. You can learn new skills, make new connections, find new revenue streams and position yourself for new opportunities.
You can start simple when it comes to professional growth. According to Indeed, setting clear goals, seeking out a mentor and furthering your education are all ways to promote your professional growth.
Build a Support Network
Torabi’s final “healthy panic” money move is to build a support network. She noted that financial resilience often takes a team effort. You may surround yourself with people who build you up and cheer you on to help you achieve your goals.