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"overexpenditure" is a correct and usable word in written English.
You can use it to describe the situation where someone spends more than what is reasonable or necessary. For example, "The government's overexpenditure on social media advertising resulted in a huge budget deficit."
Exact(3)
To the Editor: The RAND study comparing groups each receiving a different amount of health insurance coverage and finding "the level of insurance had no significant effect on the participants' actual wellness" led Ross Douthat to propose a variety of remedies for the seeming overexpenditure.
In Berlin, it is a common belief that the euro zone be just fine if it could somehow turn itself into a large version of Germany: respectful of rules, wary of deficits, cautious of overexpenditure.
"When you consider these numbers, then you have to ask, where is the overexpenditure here?" he said.
Similar(1)
The resulting scandal dominated Canadian news during much of 2013, especially after revelations in May that Prince Edward Island Sen. Mike Duffy's voluntary repayment of his overexpenditures had actually been paid by Harper's chief of staff, Nigel Wright, from his own funds.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com