How much are you spending on your self-care routines?
Well, according to the latest research from Finder, Aussies are spending a small fortune on their physical appearance despite the cost of living crunch.
In fact, the survey of 1,073 respondents revealed that 2 in 5 (41%) – equivalent to 8.3 million people – indulge in self-care treatments every month.
The average Australian spends $431 on beauty services a month – which equates to $1.6 billion dollars a month and a staggering $19.7 billion a year.
| How much do you usually spend per month on the following personal care treatments/procedures? | ||
| Individual average | National average | |
| Botox/Filler/Plastic surgery | $131 | $372 million |
| Hair appointments | $75 | $517 million |
| Eyelash extensions | $39 | $134 million |
| Nail appointments | $39 | $158 million |
| Skin treatments/facials | $37 | $113 million |
| Teeth whitening | $34 | $103 million |
| Laser hair removal | $31 | $101 million |
| Eyebrow microblading or lamination | $20 | $61 million |
| Waxing | $20 | $65 million |
| Fake tanning | $5 | $15 million |
| Total | $431 | $1.6 billion |
| Source: Finder survey of 1,073 respondents, August 2023 | ||
Women are more saddled with the cost of beauty than men
Data from the survey shows that 3 in 5 women (57%) spend on these treatments compared to just a quarter of men (26%).
The research found that 34% of us have a monthly hair appointment – 46% of women and 22% of men – costing us $75 on average.
| In the past 12 months, have you done the following personal care treatments/procedures? | |||
| Women | Men | Total | |
| Hair appointments | 46% | 22% | 34% |
| Nail appointments | 32% | 10% | 20% |
| Anti-ageing injections (e.g. Botox) | 23% | 11% | 17% |
| Eyelash extensions | 24% | 9% | 17% |
| Waxing | 24% | 10% | 16% |
| Laser hair removal | 22% | 9% | 16% |
| Teeth whitening | 20% | 11% | 15% |
| Skin treatments/facials | 22% | 10% | 15% |
| Eyebrow microblading or lamination | 22% | 10% | 15% |
| Fake tanning | 20% | 9% | 15% |
| I have not done any of these personal care treatments/procedures | 43% | 74% | 59% |
| Source: Finder survey of 1,073 respondents, August 2023 | |||
Overall 1 in 5 (20%) are attending nail appointments, including 1 in 3 women (32%), for $39 a pop.
Meanwhile, botox is the most expensive appointment costing $131 a month on average ($372 million nationally).
Eyelash extensions ($39), facials ($37), teeth whitening ($34) and laser hair removal ($31) followed.
Should we invest in other things instead?
Finder analysis shows that if that $431 a month we spend on self-care were to be invested monthly into a high-interest saving account earning 5.65% – it would grow to a staggering $30,373 in 5 years.
That’s $4,082 in interest.
This means that we should invest in ourselves and our self-care, but it’s important to be clear about what it’s costing you – now and in the future.
It’s all about balance – there are ways to take care of yourself without breaking your bank account.
How to build your savings fund:
1. Work out how much money you need to save.
Goals are easier to achieve if they're specific, so work out a figure and write it somewhere you'll see often to keep you on track.
Try to aim for at least 3 months' worth of living expenses saved.
2. Analyse your current expenses
Take a look at your transactions for the last few months and what you're spending on living expenses versus everything else.
From here, you should be able to find opportunities to cut back on your spending and work out how much you can realistically save each month.
3. Pick an account for your emergency savings fund.
Even if you've already got a savings account, it's a good idea to open a separate savings account dedicated to emergencies.
Keeping the money in a different account will help prevent you from dipping into it for things that aren't urgent.
4. Monitor your progress.
After a month, take a look at your progress and see if you can increase your monthly goal or if you need to relax your target a bit.
