The High Cost of Beauty

Uh oh ladies. An article in the Chicago Tribune details increased spending among women in their teens and twenties on beauty products. While putting your best foot forward is always a good thing, it’s not a great idea when it comes at the expense of your savings account.
It turns out that we are spending more than twice as much today on waxing, tanning and lipstick as our moms did in the 60’s.
Companies who have been documenting our spending have found that we tend to [over]pay for our beauty regimens in cash and then charge necessities like groceries and gas. As a result, money that should be going into a savings account is spent paying off a credit card balance.
The article urges young female consumers to set goals (like paying off your credit card, or saving $50 a month), try DIY services (L’Oreal Jet Set works great for me) and spend on quality (salon hair color lasts a lot longer than the stuff in the box).
Oh yeah, and pay your bills online. Women in their 20s rack up a huge amount of debt on late fees alone.
The bottom line: you don’t have to abandon your beauty regimen — just make sure you spend as much time researching savings & investment options as you do at the salon.

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