Higher Paid out than Paid in!

I just got my bank statement today and it has all the records of my spendings during the month of January until Feb 18, 2008 and it tells how much my paid out and paid in. It really scares me and thinking that I should limit my budget this time and stick to it and resist the shopping temptation. I really dont need anything and if we are talking about clothes, handbags, shoes, accessories, I have more than I need. So I should cut out my spendings to all the unnecessary things.