Overspending is a common problem among the public every single day.
Why does it happen?
Well, it is due to one’s state of mind more than anything. It is all mental and nothing physical.
Boredom can be a factor because if people have nothing to do then they may be tempted to spend their hard earned cash on something that they do not really want. Take drinking alcohol, as an example. People who are bored spend their money drinking alcohol as a means to get drunk, resulting in them spending more money than they were prepared for, especially when they are actually in their drunken state and do not realize how much they have spent because their judgment has been impaired.
Certain medical conditions such as Bipolar Disorder can cause overspending because people suffer from manic behavior and act on impulse. Sufferers have poor judgment in regards to their inflow and outflow of money, or their mania causes them to simply not care and they go ahead with the purchase anyway.
If a person has no emotional crutch they may overspend as a type of comfort. This should be resolved as soon as possible.
In fact, it is often suggested by psychologists that the most common factor of overspending is due to emotional problems, in that something is missing from one’s life. They are trying to fill a void or two by thinking that money makes people happy. Of course, the novelty of a purchase can wear off quite quickly, causing a pattern and cycle of overspending.
When a person’s life is quite empty, and they have very little friends, love and support then money can become that person’s best friend, giving them a sense of power and worth when they spend their money on expensive items.They come to believe that they are then equal or even better than others when they have expensive items in their possession.
So, it is very important for a person that has these type of emotional problems to think about their current lifestyle and situation as soon as possible in order to to feel genuinely worthy, not wanted because of materialistic things.
Ego can be an issue with overspending, too! Somebody with lots of money and friends can sometimes want to prove a point that they should be viewed as the leader of the pack by picking up a drink or dinner tab at a restaurant, for example. But again, this is due to emotional issues and a blanket to cover one’s own insecurity of feeling worthless.
Fashion is another problem. To a lot of people, purchasing an expensive fashionable item because a friend or family relative has one is a common way of thinking. This may not have anything to do with emotional insecurities, but purchasing that particular modern item for the sake of keeping up with the times.
This is more rare, but if children are involved then it can be quite difficult for parents to deny their children gifts, causing them to spend more money than they initially wanted to.This is especially common in mothers who find it hard to discipline their children when they do something bad.
Whatever the problem is, getting to the root cause will sort out the problem but it is important to not be in denial about the way things currently are.
Just like somebody who has an issue with drinking alcohol excessively, overspending money can also be an addiction and it should be addressed.