Men’s money weaknesses
If you’re a man worried about getting into debt, you might want to cut back on these seven types of frivolous spending.
According to the UK’s largest debt charity Consumer Credit Counselling Service (CCS), there has been a 51 per cent increase in the number of men seeking debt help in the past three years.
The CCS attributes this rise to factors such as increased unemployment, slower rates of salary increases and rising expenditures.
Of course, debt is a serious issue and if you are worried about your finances, it’s wise to seek professional advice.
Before your money worries get to this stage, try reducing your spending in the following six areas.
Getting the beers in
A pub crawl with the lads might be a British institution but it can also be a huge waste of money. Most of the time, you wake up with a hangover and a small fortune missing from your bank account.
Boys and their toys
Whether it’s a Sat Nav or iPad, some men can’t resist the temptation to splurge on a new gadget.
According to research published by Sky and Stuff magazine, the average Brit spends £3,065 a year on technology but only uses half the high tech functions.
If you’re worried about your bank balance, you could go cold turkey on the electronics for a year.
A round of golf
It might be a generalisation but some hobbies just seem more masculine than others such as fishing and golf. Perhaps it’s just a coincidence that these are also the hobbies that necessitate expensive equipment.
The female of the species
Some men feel the need to constantly spend money on their partner – paying for weekends away and fancy dinners.
In fact, a survey by the Flower Council of Holland predicts that men will have spent £4.25 million on flowers and gifts to apologise for neglecting their partners during the World Cup.
Being generous is one thing but no respectable woman would want you to go overdrawn just to treat her.
Looking your best
Traditionally, it wasn’t a man’s role to attract prospective partners. However, the rise of metrosexuality means some guys are going into debt for designer labels, massages and waxing.
Private pleasures
A survey for OnePoll found men spend £4.2 billion behind their partners’ backs each year on adult indulgences such as internet downloads and satellite channels.
This kind of thing might cheer you up but it’s hardly going to get you out of debt, is it?
For more advice on debt management, see ‘Plan your way out of debt’ and ‘Five ways to ditch your debt’.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
