The 34 year-old dad-of-three told a UK magazine he had to tell his son Patrick he couldn’t have a Spiderman toy because it was too expensive.
'I remember my little fella Patrick looking in a shop window and going: ‘Daddy, look at that Spider-Man toy! Can I get that?’
I’ve just finished in Westlife – I should have millions
I looked and it was £29.99. I was like: ‘That’s really expensive. We can’t get that now,’ he said.
Shane had to file for bankruptcy last year during the Irish property crash.
He had invested in property in his home town of Sligo when the recession hit leaving him without the money to build on his land.
Once earning millions with Westlife, the singer soon racked up so much debt he had to give away his wedding ring as part of the insolvency rules.
And just five days after performing to 80,000 fans at Westlife’s 2012 farewell tour, Shane had only £470 in his bank account.
'It was a scary week. You’re thinking: “I’ve just finished in Westlife – I should have millions.” But I didn’t,’ he said.
But while he could have boosted his bank account with reality TV show appearances, the solo singer said it wasn’t right for his career.
Instead Shane - who admitted splashing out on sports cars and a helicopter in his heyday - said his family now stick to a tight budget.
He credited his wife and childhood sweetheart Gillian and children, Nicole Rose, 8, Patrick Michael, 5, and Shane Peter, 3 – for getting him through the tough time.