What does your morning “get ready” routine look like?
For most of us, it usually goes a little something like…
???? Wash face
???? Apply Serums
???? Moisturize
???? Sunscreen
???? Apply makeup
???? And step into your day!
Women are spending some serious cash every year on beauty products, while most men (usually) aren’t.
Our society places a high value on beautiful women who take extra special care in their appearance, while men are praised for their ability to “bring home the bacon” and support their families…(though these roles are thankfully shifting more and more!)
Think about that for a moment…
If societal standards are influencing how much women are spending on their beauty products, and men are free from that expectation…
…how does that change the way women are spending their money?
With the help of my dear friend Simon Doran, an Investment Advisor at National Bank Financial, we were able to pull up some numbers…and to be honest I was shocked.
I considered my routines and calculated the cost of all the beauty products I use for one year (not including essential items like shampoo or toothpaste) and it totalled $4430!!
I tend to use clean and cruelty-free beauty products, and I’m willing to pay a slightly higher rate to feel confident in what’s going on my skin.
Now, we looked at this cost of beauty from an investment standpoint and gathered a couple of stats from some studies on women vs. men investing habits, and this is what we found:
“In a recent survey by Lexington Law — which asked men and women what they’d do with an extra $1,000 — men were 35 percent more likely than women to say they would invest the money.” (Source: NBC News)
That’s a big discrepancy.
But what do these numbers mean beyond their financial value?
“There’s more to this than just the numbers. Money is choice. Money is freedom, Katchen says. Women who aren’t investing are losing out on a sense of pride and confidence that comes from reaching financial goals. Investing and watching your balances grow over time is empowering. It takes the fear out of the future.” (Source: NBC News)
Let that sink in…
Women face a constant barrage of messaging that prompts us to make purchases based on insecurity peddled by the media.
We see glossy marketing campaigns that have us spending our hard-earned money in the now.
…and missing out on investing it and saving towards our future financial growth.
If instead, we invested that money, we would see massive financial gains…
Just look at this:
Investing in the market at a moderate 8%, that $4430/year on beauty would yield $380K in interest alone after 30 years!
Now, all this isn’t to say you should stop spending your money on beauty products and the routines you enjoy. I actually bought a new face mask this week that I LOVE.
You should do absolutely anything that makes you feel confident and happy!
This is simply to highlight the information, so that we can all be a little more conscious and aware of how we’re spending and whether or not it feels aligned.
My biggest take-away from this exercise?
I haven’t been investing because I don’t feel confident in that area but I really want to learn how. In order to be able to invest I’m going to have to have to give up some of my quick-fix splurges and I actually feel really good about that.
Consider your financial goals.
Get clear on the number you want to save.
Invest for your future.
Get personal with what you want in the future to protect yourself from the constant marketing telling you to ‘Buy Now!’
How do you feel about your own beauty routine after reading this?
Excited to hear your thoughts after reading this and seeing the graph!
If you are interested in being a guest on the Raw Beauty Talks Podcast to chat about this, be one of the first few people to reply to this email and we’ll set up a call to record together!
Remember:
- Do what makes you happy.
- Feel empowered.
- Take control.
- And move forward with clear and confident spending!
