3 min read

Dec 1, 2023

Doom Buying! This phenomenon refers to individuals who, despite facing personal struggles and economic uncertainties, continue to engage in excessive purchasing. It seems that people are seeking solace and temporary happiness through shopping therapy, hoping to alleviate their stress and dissatisfaction with the world around them.

But what exactly is doom buying? It can be best described as the last-ditch effort to make significant purchases before everything falls apart. Unfortunately, this behavior can have serious consequences, especially for those already living on the edge financially. The short-term relief may give way to long-term pain and financial hardship.

In the preparedness community, there is a strong emphasis on being financially prepared for any unforeseen circumstances. While it may not be as exciting as assembling a bug-out bag or stockpiling supplies, financial preparedness plays a crucial role in one’s overall resilience.

When you have a solid financial foundation, you can weather the storms that life throws at you — both mentally and physically. I can personally attest to the difference it makes. There was a time when my wife and I struggled financially, barely scraping by. I vividly remember the feeling of having only $13 in my checking account while standing in the grocery store, purchasing the bare necessities. It was a wake-up call that prompted us to take control of our finances.

If you find yourself in a similar situation, there are two primary approaches to improving your financial outlook:

  1. Spend Less and Save More: The first step is to create a budget and track your expenses diligently. Understand where your money is going and identify areas where you can cut back. Many people overlook recurring subscriptions and services they no longer need, which can add up over time. By spending less than you earn, you can start saving and paying off debts, gradually improving your financial situation.
  2. Increase Your Income: Sometimes, cutting expenses alone may not be enough to alleviate financial stress. In such cases, finding ways to increase your income becomes crucial. Traditionally, individuals would seek promotions or switch jobs to earn more money. However, there is another option — a side hustle. By leveraging your skills and passions, you can generate additional streams of income beyond your primary job.

A side hustle can be an excellent way to bring in extra money and improve your financial resilience. Here are a few ideas to get you started:

  • Manual Services: Offer services like junk removal or helping people with their moving needs. Trade your time for dollars and provide valuable assistance to others.
  • Crafts and Art: If you have a creative side, consider making crafts or art that you can sell. With enough dedication and skill, your hobby could turn into a profitable venture.
  • Online Opportunities: The internet has opened up countless possibilities for earning money. From creating and selling digital resources on platforms like Etsy to offering freelance services, the online world offers a wealth of opportunities.

The key to a successful side hustle is finding something you genuinely enjoy doing. When you pursue a passion, it doesn’t feel like work, and the financial benefits become an added bonus. It may take some trial and error to find the right side hustle for you, but the extra income can make a significant difference in your financial well-being.

In the current uncertain times, it’s essential to start thinking about your financial preparedness. Hard times are on the horizon, and those who have multiple streams of income and a strong financial foundation will be better equipped to navigate the challenges ahead. Conversely, those who are already struggling may find themselves in an even more precarious situation.

By taking control of your finances and exploring side hustle opportunities, you can improve your financial resilience and ensure a more secure future. Remember, it’s never too late to start. Begin today and reap the benefits of financial preparedness.