I think the closest equivalent in English is the expression:
living beyond [their] means
He should stop living beyond his means and start saving money.
However this is more a warning to live within your means, rather than a statement about someone else's profligate spending habits.
I've never encountered the cultural equivalent of someone who "lives rich" yet who boasts about how poor they are. Usually someone who tries to appear rich will hide the fact that they have no money, in order to, as we say:
keep up appearances
If someone is spending a lot in order to seem as wealthy as their friends and neighbors, we call this
Keeping up with the Joneses
This expression doesn't mean that they have no money, rather that they are buying things they don't really need for the sake of appearances. For example, Mr. Jones buys a new luxury sedan, so Mr. Smith, his neighbor, goes out and buys an even more expensive and luxurious sedan, because he wants people to believe he is wealther than Mr. Jones (even if he is not).
A less figurative term for someone who habitually spends beyond their means is
a chronic debtor
This expression is normally used in the same kind of context as calling someone an alcoholic, or saying they have a gambling problem. It's a label for people who should get help to overcome a serious problem in their lives.