The 25-year-old star came under fire after he recently shared a photo on Instagram of a bill from Morton's, a private members club in London's Mayfair.
His followers on Twitter and other social media users were quick to condemn Spencer for what they thought was him spending extravagant amounts on a night out.
Given the backlash he received, Spencer decided to set the record straight by explaining what really happened in an article published online. According to the star, the barmaid who was serving him got "distracted" and keyed in a bill for almost £500,000 when it should have been £48.
"It seems there's been a bit of a kerfuffle recently about my half a million pound bar bill, so perhaps I should set the record straight," wrote Spencer on the MailOnline.
"Several newspapers and websites ran a story yesterday saying that I spent £488,706.08 on a night out clubbing. Not true, but it is fair to say that the rather stiff bar tab did come as a bit of a shock.
"The female bartender was particularly attractive and we chatted as I ordered two Grey Goose sodas with fresh lime, and two shots of Patrone Silver Tequila.
"However on this occasion, trying to charm the barmaid was my downfall. She was distracted as she keyed in the bill and what should have been £48 ended up as £488,706.08.
"It was resolved very quickly and we had a good laugh about it, but then I made a schoolboy error of judgement – I tweeted the bill. It was meant to be a joke. Surely no one could seriously think I would drop £500K on a round of drinks. Wrong."
After Spencer posted the image, thousands of people responded with fierce criticism, adding that the money could have been used to donate to the DEC Philippine Typhoon Appeal.
"I woke up the next day to over 3,000 retweets, and several people berating me for such an outrageously extravagant waste of money and that I should have donated the money to the Philippines DEC campaign instead of a boozy night out," wrote Spencer.
"Well for once I wholeheartedly agree with my Twitter critics. Typhoon Haiyan has left more than 4,000 dead and half a million people without homes.
"The DEC campaign is certainly a worthy cause and I am happy to match my night's drinks bill pound for pound (the real one), and I would ask you to do the same," added the star, linking to the organisation's website.