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- The psychology behind overspending includes the following factors12:
- Social pressure: Influence from peers and societal expectations.
- Lifestyle creep: Gradual increase in spending as income rises.
- Emotional impulse spending: Making purchases based on emotions.
- Mindsets: Psychological states that influence perceptions and decision-making.
- Credit misconceptions: Lack of understanding about credit and debt.
- High inflation: Economic factors affecting purchasing power.
- Address overspending by recognizing patterns, implementing a budget, and seeking professional guidance1.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Financial experts say social pressure, lifestyle creep and emotional impulse spending are common causes. High inflation and credit misconceptions can also be factors. Curb overspending by addressing your psychological patterns and triggers, implementing a budget and seeking professional guidance when necessary.money.usnews.com/money/personal-finance/spen…Psychological states known as “ mindsets ”, which influence perceptions and decision making, can also make people more likely to spend. They occur outside of our conscious awareness, when the thought processes we use in one situation are carried over and used to process information in the next.theconversation.com/how-to-avoid-overspending-u… Compulsive Spending: What You Need to Know
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