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overspend (v.)

1610s, "to wear out," from over- + spend. Meaning "to spend more than is necessary" is attested from 1857. Related: Overspent; overspending.

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Definitions of overspend

overspend (v.)
spend more than available of (a budget);
overspend (v.)
spend at a high rate;
From wordnet.princeton.edu