Why overspending is one of the biggest financial mistakes you can make [Video]

When it comes to money mistakes, financial advisors see them all.

One key theme, overspending, tends to crop up, whether it be on homes, a college education or even fine jewelry.

For one pair of clients, realizing how much they had spent in the past 18 months on jewelry — $1.4 million — was a shock, said Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services in Vienna, Virginia.

The following year, after meeting with Glassman, they pared those outlays down to about $8,800, which went mostly to jewelry repairs.

“When people see where their money is going, their behavior changes,” said Glassman, who is a member of CNBC’s Financial Advisor Council.

The ultra-high-net worth clients’ spending is out of reach for most consumers. But the temptation to overspend can affect everyone, no matter their income.