7 Signs You Are Overspending ...

Signs of overspending can be hard to spot if you aren’t looking for them. But once you start diligently balancing out your budget, you may come across a few things that don’t quite add up! Overspending can happen very easily, and it can really wreak havoc on your finances. If you’re wondering whether or not you have been overspending, then keep on reading. This article has some signs of overspending to help you determine where all your money has gone!

1. Maxed out Credit Cards

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Two or more maxed out credit cards are big signs of overspending! Living within your means can be difficult, but it’s certainly doable. If you need to charge things to the point of maxing out multiple credit cards, you might be overspending.

2. Fear of Declined Cards

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Do you often wonder if your card will be declined when you stand in line at the checkout? It’s no small embarrassment when this does happen! If your card is often declined, or if you are constantly worried that your card will be declined, you could perhaps be overspending.

3. More Debt than Income

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No one likes debt. It’s just not a fun part of life to deal with! And when you have a larger sum of debt than your paycheck, you might be overspending. Now if you have a car payment, or student loans, or some other similar situation, that’s a different story. But if your debt is due to shopping or other unnecessary spending habits, you are probably overspending!

4. Items in Your Home Are Still Unused

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Have you ever looked through your closet and noticed items still hanging with the tags on them? What about your cabinets and drawers? If you often find brand new and unused items lying throughout your home and don’t even remember buying them, it’s a sure sign of overspending! Of course, buying clothes for an upcoming event and saving them to wear at that time or shopping for Christmas and birthdays in advance are a different story!

5. Always Borrowing Money

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When you are always asking your sister or dad to lend you $20, you might have an overspending problem. It’s ok to borrow money occasionally, but don’t make it a habit! It’s easier not to put yourself in more debt.

6. You Can Only Afford Minimum Payments

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Do you have so many bills that you can only make the minimum payment for each one every month and still have barely anything left of your paycheck? On larger payments, it’s ok to only make the minimum payment, but if you have smaller payments, try to make a larger deposit each month so you don’t end up paying interest.

7. Can’t Resist the Urge to Shop

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Shopping, often known as retail therapy, can be hard to resist! Especially when there are sales, or particularly good bargains. But if you find yourself rushing off to the store multiple times a week, there’s a good chance you might be overspending!

If you can spot 2 or more of these signs of overspending in your own life, it may be a signal that you are an overspender! Overspending is easy to do, and happens to us all occasionally. Start budgeting and prioritizing bills, and get out of debt! You will feel much lighter with that burden off your shoulders. Do you notice any signs of overspending in your budget?

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