Published April 24, 2019|3 min read
The intense pressure to look young and beautiful comes with a cost. The beauty industry is estimated to be a $126 billion market that preys largely on women’s insecurities. It works to make us believe that we, too, can have eternal youth and beauty.
And what’s even more startling? The global cosmetic surgery and procedure market is expected to reach $43.9 billion by 2025, according to a 2017 report by Grand View Research.
If you’re a woman, think about your own personal beauty costs. Try to calculate how much money you’ve spent over time on your appearance. How much do you spend per month? Per year? During your lifetime?
When I was younger, I was willing to spend the little money I made on my appearance because I got sucked into the fantasy of what the beauty industry promises.
I thought that spending money on beauty would make me feel better. But in all honesty, the products I bought for my appearance just filled a void. Beauty is not skin-deep.
Spending a lot of money on expensive beauty products is often driven subconciously by the belief that it will transform our appearnace, said Natalie Taylor, a behavioral financial adviser. We associate changing our appearance with increased worthiness.
“For example, you might think that if you can just lose 10 pounds, you’ll feel happier, people will be more attracted to you, and you’ll like yourself more,” she said.“But the truth is that liking yourself for who you are and what you look like now will help you feel happier and more confident, which will, in turn, make you more attractive to others, none of which requires you to lose 10 pounds!”
Don't waste your hard-earned money on the too-high cost of beauty, trying to secure something that is ultimately fleeting: youth.
And if you do decide that the cost of beauty is worth it, there are ways you can save money. For example, Cosme De provides designer and luxury beauty products at discounted prices. And browser extensions like Ebates can help you snag additional deals when you shop online.
The easiest way to stay on top of your expenses is with a budget. Here's an easy downloadable spreadsheet to get you started.
So how do you break the cycle of buying things you don’t really need to fill the void?
“Bring those subconscious thoughts to the surface next time you’re considering a beauty purchase and decide whether they make sense or not,” Taylor says. “In addition, getting in touch with your core values and working to align your time and your spending with those values can shift your focus when you’re making spending decisions, rather than those subconscious insecurities. This will help you step out of your old patterns of spending.”
Spending too much money on beauty products in the hope that they would make me happier may not be the way to go. Not only that, you'll save alot of money in the long run.
Want to save even more? Here are 25 ways to start saving right now.
Both you and your bank account will be much happier.
Additional reporting by Kelly Meehan Brown
This article originally appeared on CentSai.
Get essential money news & money moves with the Easy Money newsletter.
Free in your inbox each Friday.