Signs You’re Spending Too Much Money

1. You often borrow money

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Do you find yourself repeatedly asking friends and family to help you get by? Maybe you're constantly living in your overdraft? Or finding your credit cards maxed out each month? If any of this sounds familiar, then you might want to take a look at what you're spending.

2. Paying your bills late

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If you're missing your bills or not having enough in your account to cover your direct debits, this is a clear sign that you're not leaving yourself enough money. You might want to think about whether you're prioritising the wrong things when it comes to spending.

3. Conversations revolve around spending

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Have you noticed you can't seem to help bringing up your latest purchase when chatting to friends or family? Perhaps you constantly bring the conversation back to the next shopping spree or meal out. This is because spending money is always on your mind!

4. Hiding your purchases

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A sure sign that your spending is out of hand is when you feel the need to lie to others about your purchases. If you live with others and find yourself hiding parcel deliveries from them, this indicates that deep down, you know you shouldn't be buying so much!

5. You have no idea about your finances

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If you don't have a clear idea of how much your income and outgoings are each month, then you may have a problem. Maybe you don't want to face the problem and add up how much your bills are, or how much you're spending on luxuries. This might be because you're avoiding the issue!

6. You get buyers remorse

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Is buyer's remorse a feeling that you know all too well? Do you often feel caught up in the moment, overtaken by how much you need this new purchase, only to feel regret and guilt later on? This is very likely to be because you know you can't afford to splurge.

7. You justify your buys

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Justifying to others and to yourself why a purchase is necessary or deserved could be a sign that you're lying to yourself. If you have to provide reasons, it might be because you know the purchase isn't actually needed and it's likely doing more harm than good.

8. Reward buying

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Maybe you've landed a lump of commission you weren't expecting, or been gifted some cash for an occasion. Maybe you even feel you've worked extra hard in the gym this week. If you immediately think about what you're going to splurge money on, you may have a spending addiction.

9. You still have the tag on some items

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If you're thinking of buying new stuff, have a think about whether you still have items with the tag on hanging in your closet. This could be a sign that you love the thrill of spending, when really you don't actually need the stuff you keep buying!

10. You forget what you've ordered

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Do you receive packages in the mail that you weren't expecting? You don't even remember ordering it, never mind remember what's in it! This may be because you're splurging in the moment, with no thought going into whether or not you need or even want the item.

11. Moving money from your savings

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If you keep taking money from your savings pot or retirement fund, you might find yourself in a tricky situation further down the line. It means you're trying to budget by putting savings to side, but lacking the discipline to leave the money in there.

12. Your credit score is going down

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Keep an eye on the state of your credit score. If you notice this is spiralling lower and lower, then you may not be being sensible with your spending. Usually, your score dips when you're missing payments and borrowing more than you can afford to repay.

13. Emotional reasoning

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Do you run to your online shopping app when you've had a rough day at work? Maybe you're not feeling too good about yourself and you tell yourself some new shoes will help? Seeking comfort in spending money is an easy habit to fall into, but very hard to get out of.

14. You already know your next buy

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If you already have an idea of what your next purchase is going to be, then you might have a problem with your spending. Usually, the thrill of a new purchase will give you a high for a short amount of time. When it dips, you immediately start thinking about what you're going to treat yourself to next.

15. You have duplicated items

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Are you the kind of person that has five different tops in the same color? Or, you buy something you think you need, only to find out you already had something just the same, gathering dust at home. This shows that you're not keeping track of your spending.

16. You earn a good wage but still struggle

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Do you find yourself counting down the days to pay day at the end of each month, regardless of the fact that you're earning a good income? If you have a spending problem, you will likely always spend above your means. The the more you earn, the more you spend!

17. You have no budget

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Did you know that only 32% of Americans follow a spending budget? If you're splashing out without keeping track and without a plan, you're much more likely to overspend and have imbalanced priorities. Otherwise, you end up spending 90% of your money on stuff you don't need.

18. You're the go-to friend when they want to shop

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If you're always the friend that your pals call up when they want to hit the mall, then I have bad news for you. You have a reputation for spending! Maybe friends and family ask you for advice on the latest gadgets or fashion to buy. That's because they know you're a shopper.

19. You lack savings

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According to a study, it's said that you should aim to have anywhere from three months to two years worth of savings, depending on your income. If you don't have any kind of emergency back up in your savings, then you're putting yourself in a dangerous position.

20. You struggle to remember where your money went

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Have you ever checked your bank balance and been convinced that you absolutely must have been hacked? Only then to realise that the spending (and all of it), was in fact you? The feeling of not knowing where your money has gone can only mean one thing, you're overspending.

21. You're not able to maintain your home or car

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If you're finding you don't have the money needed to maintain your home, car, or other investments, then you might need to take a look at your priorities. When things go wrong, need fixing or replacing, you should have the emergency funds in place for this.

22. Lenders won't trust you

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Do you keep getting turned down for loans, finance options, or even homes? This may be because lenders don't see you as reliable. You may be showing signs that you're out of control with your spending and that you're unlikely to pay them back on time.

23. You have multiple lines of debt

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Maybe you have seven different credit cards or multiple loans. Are you maxing out your overdraft, just to turn back to your credit card? Multiple lines of debt is a sign that perhaps you don't know when to stop spending and when to prioritise paying back.

24. Stress is a constant feeling

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If you've been living in a constant state of stress and anxiety, think about whether money worries could be contributing towards this. Your spending habits shouldn't make you feel stressed afterwards. If they are, then you need to be cutting back on luxuries.

25. You ignore financial advice

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Have your friends and family tried to talk to you about your spending, only for you to shut them down? Perhaps you have an accountant who is trying to help you financially, but their advice irritates you. You likely know deep down the advice is worth following, but you can't seem to stop.

26. Larger purchases are forced to take a back seat

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When you splurge out on immediate gratification, the likelihood is that you won't be left with enough money to invest in the important things. If you have the latest Apple watch but can't afford your own place, you might want to have a think about what is most important to you.

27. You're frequently working overtime

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Do you find yourself constantly seeking more income to finance your spending habits? Working yourself into the ground doing overtime, or frequently asking your boss for a pay rise is a sure sign that you're struggling. Perhaps you could be living a lifestyle that you can't yet afford.

28. Your health is suffering

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If you can't afford your medication or choose to skip a doctor's visit due to money worries, you're putting your health last. Maybe you can't afford fresh ingredients to eat healthily? Instead, you're choosing to opt for fast, easy, cheaper options which are detrimental to health.

29. You're not able to afford quality childcare

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Are you struggling with child care costs? Maybe you're constantly trying to find cheap or free alternatives with family members. Whilst this is something many people struggle with, if you know you're overstepping your budget in areas of luxury, then you likely have a problem.

30. You spend impulsively

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Do you see an item, immediately feel drawn to it and feel the need to buy it right there and then? Splurging money in the heat of the moment without giving any real thought into it makes you an impulsive buyer. Often, this is a sure way to land yourself in debt.