Face value: How to control the cost of looking good

Spending on hair, skin and beauty-related products and services is a big business for both women and men. New research suggests we’re paying more attention to it.

Alex O’Neil, right with sister Amber, spends up to $300 a month on beauty products. Picture: AAP/Emma Brasier

Beauty cost blowouts can put a shadow over household finances, but new research suggests Australians are savvy spenders when it comes to personal care.

Almost two-thirds of consumers have a budget for their hair, skin and beauty, and about three quarters stick to it, according to new research.

More than half are spending less than $50 a month on these products and services, the Beyond Bank Australia national survey found.

Beyond Bank’s general manager customer experience, Nick May, said personal discretionary spending was being reined in as Australians adjusted to a tightening economy.

“Normally, at this time of year, with the party season and warmer weather arriving, we’d expect to see a significant rise in this type of discretionary spending,” he said.

Sisters Alex and Amber O'Neil are budget for beauty products. Picture: AAP/Emma Brasier

“Instead, we are seeing the opposite and it shows that people are managing their personal finances very carefully.”

Rise High Financial Solutions director Marissa Schulze said spending on hair, beauty and personal care was generally predictable.

“It’s different to clothes and shoes, where people can have an endless amount,” she said.

“It’s less impulsive.

“If you have been using a product for a while you have the ability to fairly accurately predict how much money you need.”

Ms Schulze said consumers could cut costs by experimenting with cheaper products, checking for promotions from their favourite brands, and being proactive about comparing prices among retailers.

MORE NEWS

Wear designer labels on a budget

Takeaway foods are eating our wallets

“Online there’s some really cost-competitive options to get exactly the same brand at a cheaper rate,” she said.

Alex O’Neil, 23, is a relatively big spender on beauty products and services.

“I roughly spend around $200 to $300 a month on beauty which I budget for,” she said.

“I love to take advantage of loyalty and reward programs.”

Ms O’Neil said budgeting was tricky because she could “easily get carried away with new and exciting beauty products”.

@keanemoney

SHAVE YOUR COSTS

• Shop around and consider discount retailers and chemists.

• Check your favourite brand’s timing of promotions and free gift offers. Sign up to their emails or SMS alerts.

• Supermarket hair colours can be much cheaper option.

• DIY facials can save a fortune compared with visiting salons.

• Frequent travellers can create a free collection of hair and body products from hotel rooms.

Originally published as Face value: How to control the cost of looking good