It is not uncommon for people to spend more money than they have coming in. This habit is not good for your long-term financial health if it occurs consistently. Below are some considerations to reducing this tendency.
- Pay using cash instead of by credit card
- Track your spending so you know where you might be overspending
- Avoid buying on the Internet
- Pay your fixed expenses first (i.e. rent/mortgage, utilities, savings)
Trying to figure out why you overspend can be difficult. Many psychologists believe the source is an emotional one. Studies show it is a way to increase your self-esteem; overcome sadness, etc.
If you feel overspending is created by an emotional trigger, try to address the catalyst. Some mental health professionals specialize in overspending. You might consider the Consumer Credit Counseling Service of San Francisco (https://www.cccssf.org/). If you need another location, you can go to https://credit.org/cccs/ for additional options.