Though stereotypes would have you believe that women are the big spenders, studies have revealed that men often spend more money than women in many categories. As a guy, you probably already know what your weak spots are, and it’s likely that you’re not alone. Most guys, in fact, tend to spend too much money on certain items and expenses. You may be surprised by just how common your habits are among your gender. If you want to cut back and abolish the stereotypes, you can identify these three problem areas and make a budget to stop your wallet’s bleeding. Nobody wants to spend too much money, but it’s difficult to stop when you aren’t fully aware of the problem. Consider the following items that men often spend too much on, and honestly assess whether they are applicable to you. If so, it’s time to reconsider your budget and cut back on some of your spending.
Clothes and Accessories
The same study that proved men spend more than women showed that the best example is each gender’s spending habits when it comes to purchasing clothing. Indeed, men are likely to pay too much when shopping for clothes, but the good news is that it’s an easy problem to fix. There are plenty of ways to massively reduce how much you spend on clothing and accessories. The first step is to recognize the habit and find alternatives. Rather than heading to the mall, for example, go to the thrift store to see what treasures you can find.
Your Car
Every man will agree that their car is likely the biggest money pit in their life. You love your car, and your car loves you, but it can become a problem if you’re devoting too much of your disposable income to it. Rather than splurging on detailing and new rims, look for ways to cut the costs of driving. There’s a good chance you are overpaying for insurance in Phoenix, so you can start cutting back your car’s expenses by considering a new policy or looking for some discounts. This can save you tons and get you started on saving.
Your Living Habits
In addition to overpriced insurance in Phoenix, you might be stretching your budget thin by spending too much on entertainment and eating out. Everybody wants to have a good time, but it’s not worth it if it puts a strain on your finances to do so. Examine your monthly budget and determine a reasonable amount to spend on dates, restaurant meals and movies. Limiting yourself to this amount might not be fun, but it will give you the freedom break away from financial stress, and this is far more valuable than any activity or meal you may enjoy. As a man, it’s important to maintain command of your finances and their role in your life. You don’t have to give up the things you enjoy in order to save, so don’t hesitate to examine your money habits and look for ways to cut back. Your bank account will thank you a few months from now.