Overspending can happen for different reasons, such as:
- You might spend to make yourself feel better. Some people describe this as feeling like a temporary high.
- If you experience symptoms like mania or hypomania, you might spend more money or make impulsive financial decisions.
- You might have an addiction or dependency which makes you spend money. For example, if you are addicted to gambling.
Here are some tips that might stop you from overspending:
- Tell someone you trust about the warning signs you might be overspending, or signs you’re struggling with your mental health.
- Give your cards to someone you trust or put them somewhere difficult to access.
- Don't save your card details into websites.
- Delete apps where you usually overspend, or apps which encourage you to spend.
- If you get tempted by adverts on social media, limit how much time you spend on it.
- Find ways to delay purchasing. You could tell yourself, "I will buy this tomorrow if I still feel like it then". You could take photographs of the things you want or write them down in a wish list.
- Distract yourself with something else that makes you feel good.
- Consider telling your bank that you have a mental health problem. They may be able to add a note to your file to look out for unusual spending.
- Some people find it helpful to avoid credit cards completely.
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