5 Things Men Are Guilty of Splurging On
In my last article, I focused on things women splurge on (and how they can save). Now, it's the guys' turn.
It's no secret that men and women spend (and save) money differently. But what, exactly, do men tend to splurge on? And how can they save money on those common splurges?
Here are five top splurge items for men, and some tips for saving on those indulgences:
1. Impulse Buys
Women may be known for snapping up a new pair of shoes just because they're on sale, but men are actually more likely to blow money on impulse buys. According to a 2011 npower poll of 2,000 people in Britain, men spend over $40 a week on impulse purchases, while women spend over $30. Impulse buys can include a wide range of items -- from high-grade steak for dinner to an expensive new motorcycle or television.
Saving on the Splurge: Get out of the habit of spending money without thinking about it first. The best way to do this is to always shop with a list, and stick to the list. See something in the electronics section that you "have" to have? Make a wish list.
The key to this wish list is dates. When you add an item you want, put the date next to it. Let that item sit there for two to four weeks. At the end of this time period, if you still want it, buy it. If not, you've avoided an impulse buy that wouldn't have been worthwhile in the long run.
2. Cars
Here's one stereotype that may be true: Men tend to care more about cars than women. And this leads many men to purchase overly expensive cars or pay more attention to the way an engine revs than to fuel economy.
Luckily, fuel-efficient cars are getting sexier these days, so maybe men can start balancing the importance of a car's look and feel with its cost-efficiency.
Saving on the Splurge: Never make a major purchase like a car without a couple hours' worth of research. Looking around online could lead you to discover gorgeous cars that are also a great buy.
Also, do the math. If you're considering taking out a loan you can barely afford for a car, check out an amortization calculator to see how much you'll really pay for that car over its lifetime. Those huge numbers (especially the interest fees) might help you make a more reasonable choice.
3. Food
Whether it's an extra case of beer or steaks for a cookout, men are more likely to splurge on expensive grocery items. A 2013 ebates.com survey of 1,000 Americans found food was the No. 1 item men splurged on (the No. 1 item for women was clothing.) Of course, everyone needs to spend money on food, but splurge too much in this area, and you may find your waistline growing thicker while your wallet grows thinner.
Saving on the Splurge: Plan your meals ahead of time so that you can shop with a list. This will help you control your spending, so that you can splurge on good eats once in a while without going overboard.
4. Valentine's Day (and other gifts for the women in their lives)
Valentine's Day comes with huge cultural expectations for any guy in any relationship. And men pay for it. The National Retail Federation reported that men planned to spend $108.38 on gifts for their girlfriends or wives last Valentine's Day. (Meanwhile, women expected to spend $49.41 on their guys.)
That's a lot of cash, especially if you multiply that out over birthdays, anniversaries and other important and romantic events and holidays.
Saving on the Splurge: DIY it. Pinterest isn't just for girls, and it's full of affordable do-it-yourself gift ideas that your girlfriend or wife would love. Also, learn to cook. A romantic, candlelit dinner in is even better than a dinner out, and it could be a whole lot cheaper, too.
5. Electronics
Men spend more hours of the day watching TV compared to women, according to the Bureau of Labor Statistics 2013 American Time Use Survey. And since men are more prone to impulse buys, we can guess that many men struggle with overspending when it comes to the latest gadget, phone, video game system or other electronic toy.
Saving on the Splurge: It's not necessary to own the next big thing. As long as your current phone or sound system works well for you, don't worry about keeping up with the Jonses.
And if you do decide to upgrade your electronics, plan ahead and wait for a deal. Black Friday is one of the best times to pick up new electronics, though sales occur throughout the year. Find out when items go on sale, and purchase them then.
The bottom line: Splurging is OK sometimes, as long as you're strategic about your buys, and don't break the bank.
Abby Hayes is a freelance blogger and journalist who writes for personal finance blog The Dough Roller and contributes to Dough Roller's weekly newsletter.
