It is easy for individuals in the UK to spend more than their budget permits. There are a number of likely factors for overspending, this article will explore on just ten of these.

1. Material goods make you happy

Everyone has a guilty pleasure product that makes them feel positive, whether it is shoes, cars or handbags. Even if the good feeling doesn't last it is easy to see why people spend money on desired items if they get a sense of pleasure out of it.

Sometimes it is difficult to resist purchasing things even when you are aware you don't have the money. People are impulsive and impatient, and saving up for something will not give you instant satisfaction.

2. Feeling guilty

People purchase presents with the aim to make up for perceived shortcomings. Parents are particularly susceptible as some feel they can't have as much family time as they desire due to long working hours.

3. Peer pressure

Luxury items like sporty cars and fancy electrical goods come with perceived social status. People spend excessive amounts of money, in an attempt to improve their social standing.

It is not just youth who are subject to peer pressure, adults too want to fit in with their friends or neighbours and spending money may help them do this.

4. Shopping before payday

Your next pay slip may be only a short time away. People can grow dependent on their future earnings to pay for things now. As a single event this may not cause too many problems but permanent overspending every month can lead to significant debt problems.

5. Credit cards are easy - too easy!

Store cards and credit cards allow people to lavishly spend and ignore the cost until the statement comes in the post.

Lots of people find it easy to get an overdraft from the bank. Having an extra resource of finance is just too inviting for some people to refrain.

6. Wanting to uphold current living standards

You may have become acclimatized to a settled way of living, and if unfortunately you can no longer afford the comforts you are used to, it can be hard to modify your spending habits.

7. Being unaware of total spending

Budgeting is important so that all expenses are accounted for. However, failure to budget adequately can lead to overspending and debt issues.

8. Boredom

We no longer have to physically travel to shops to buy as a result of of the internet. When we have nothing to occupy our time it is effortless for us to log-on and browse an abundance of shops. Although online window shopping can be exciting the best bit is when the parcel comes in the mail after purchasing online.

9. Too many adverts

We see so many adverts each day on the TV, on posters and on the sides of buses, to name a few; it isn't shocking that we are enticed by the eye-catching colours and designs. Adverts are made to entice us to buy and they do.

10. Not keeping a back-up of money

Everyone will occasionally spend money on something unexpected, e.g. if something goes wrong with your car. If you do not account for emergency expenditure you could end up in debt as a result.

There are a multitude of reasons why people spend too much and it is not hard to see how individuals are ending up in debt. A debt management plan may be the answer to solving your debt problems. Although a DMP cannot reduce the temptation to overspend, it could be a suitable option for managing your debt.