Both psychology and philosophy are two branches of the same tree. They tend to concentrate on people and life but the part each focuses on is different. Psychology is derived from the Greek word 'psychologia', which translates to 'the study of the human spirit'. Psychology is basically the study of human behavior and the human mind. It incorporates the use of both conscious and unconscious experiences and also interactions between thoughts, feelings, and behaviors. Psychology is an applied science.
Philosophy, on the other hand, literally means 'the love of wisdom'. It is the study of general and fundamental problems that concern concrete matters such as values, existence, knowledge, reason, and language. It includes questions, critical evaluations, and debating. It is an abstract science and tends to be rhetorical at times.