Do I spend too much on grooming products?

Charizard

Brendan Flowers wrote: »

As soon as I typed that line about the products I use every day I could see someone replying with an American Psycho reference! :P

Yeah just because it shocked others doesn’t mean I will change my ways. It just got me curious to know how much others spend on grooming products?

I would have even a year ago spent about 50 a month on my hair alone , Ive stopped now though, when you have a baby there is just no time to blowdry and straighten my hair, so I just keep it in the short swept over style.

Charizard

SarahMollie wrote: »

I think a face scrub is a good idea for everyone, as no matter what type of skin you have, our skin is naturally replacing itself all the time, and it just helps shift the dead skins cells. Once a week should be plenty though, you don't want to strip your face every day.

Think the whole "Manly" attitude really holds people back on this, their loss

Sue Pa Key Pa

Shower Gel (any will do)
Deodorant (has to be Sure)
Shaving foam (preferably Gillette)

I think that covers it

ScumLord

Just another thing on facial scrubs that use "micro beads" are causing serious damage to the environment.

https://www.beatthemicrobead.org/en/

These are in shower gels, face scrubs and toothpaste. All the manufacturers have been warned about the dangers but just don't care. It shows that any kind of concerns for the health of customers or the environment is secondary to selling their products. They'd sell you cancer and tell you it's good for you.

I also don't think scrubs can really live up to their claims. Skin shedding is something that happens all the time, it's a natural process at happens at a natural rate. I think scraping off a layer of cells where some are dead may have some long term implications.

Olishi4

ScumLord wrote: »

Just another thing on facial scrubs that use "micro beads" are causing serious damage to the environment.

https://www.beatthemicrobead.org/en/

These are in shower gels, face scrubs and toothpaste. All the manufacturers have been warned about the dangers but just don't care. It shows that any kind of concerns for the health of customers or the environment is secondary to selling their products. They'd sell you cancer and tell you it's good for you.

I also don't think scrubs can really live up to their claims. Skin shedding is something that happens all the time, it's a natural process at happens at a natural rate. I think scraping off a layer of cells where some are dead may have some long term implications.

Ye my mam mentioned that to me the other day!

I also heard that scrubs can do damage by making tiny scrapes that are not visible but still damaging long term.

I do use a soft brush designed for your face just with water and It does seem to make my skin feel good after using it but I don't use it too often, not regimental about it or anything.

keane2097

As a lot of people have said spend as much as you like on whatever you like.

There is an opportunity cost, however. For example, if you took that €50 and invested it in a standard index fund every month instead of spending it on eye cream etc it would be worth €28,500 after 20 years at a realistic 8% growth.

That's €12,000 that you're currently spending, plus €16,500 in interest.

Just a thought, as I feel the majority of people (maybe not you) are pretty clueless about the opportunity cost of outlays even as relatively trivial as this one.

SarahMollie

ScumLord wrote: »

Just another thing on facial scrubs that use "micro beads" are causing serious damage to the environment.

https://www.beatthemicrobead.org/en/

These are in shower gels, face scrubs and toothpaste. All the manufacturers have been warned about the dangers but just don't care. It shows that any kind of concerns for the health of customers or the environment is secondary to selling their products. They'd sell you cancer and tell you it's good for you.

Yes, actually this is an important issue. They've been banned in the US and looks like the EU will follow suit. They're totally unnecessary and very harmful to the environment. There are plenty of scrubs that don't contain these beads and as others have said, a simple sugar scrub made at home is another good option.

I've checked all the products I use and none contain these beads thankfully. I think awareness of this issue is on the rise and consumers will drive change even if government is too slow.

I do stand by using a scrub however. My skincare advise comes from a dermatologist and not a department store and my skin looks and feels good so I'm going to stick with it. I do try to be responsible with the products I buy though.

SarahMollie

keane2097 wrote: »

As a lot of people have said spend as much as you like on whatever you like.

There is an opportunity cost, however. For example, if you took that €50 and invested it in a standard index fund every month instead of spending it on eye cream etc it would be worth €28,500 after 20 years at a realistic 8% growth.

That's €12,000 that you're currently spending, plus €16,500 in interest.

Just a thought, as I feel the majority of people (maybe not you) are pretty clueless about the opportunity cost of outlays even as relatively trivial as this one.

Firstly, surely 8% is a very ambitious rate given that some banks are now charging to keep money on deposit. Also €28k in 20 years won't have the same purchasing power as it does today.

Further, you could make that argument on any spending thats no absolutely necessary (ie. light, heat, roof over your head, food etc), like eating out, fashion, holidays, drinking, concerts etc. I think people like spending at least some of their money enjoying life and doing things that make them feel good.

keane2097

SarahMollie wrote: »

Firstly, surely 8% is a very ambitious rate given that some banks are now charging to keep money on deposit. Also €28k in 20 years won't have the same purchasing power as it does today.

Bank interest rates and the rate of return on, say, an index of Fortune500 companies have essentially no relationship.

The average annual return for the S&P 500 since its inception in 1928 through 2014 is approximately 10%, so 8% is pretty conservative over 20 years.

Inflation will apply to your investment as well as your purchases, so if you like you can take your €50 spend on grooming products and increase it by 3% per year.

The rate of return on the investment will dramatically outstrip inflation (something which, as your post suggests, does not apply to money sitting in a bank account at all, which is also very important to be aware of).

SarahMollie wrote: »

Further, you could make that argument on any spending thats no absolutely necessary (ie. light, heat, roof over your head, food etc), like eating out, fashion, holidays, drinking, concerts etc. I think people like spending at least some of their money enjoying life and doing things that make them feel good.

You can absolutely make that argument about every penny of discretionary spending someone does, which is kind of the point.

You will notice that the first line in my post was 'spend whatever you like on whatever you like', but before you make up your mind what you like it's worth thinking about the opportunity cost, that's all.

In many cases it's vastly bigger than people might think.

SarahMollie

keane2097 wrote: »

Bank interest rates and the rate of return on, say, an index of Fortune500 companies have essentially no relationship.

The average annual return for the S&P 500 since its inception in 1928 through 2014 is approximately 10%, so 8% is pretty conservative over 20 years.

Inflation will apply to your investment as well as your purchases, so if you like you can take your €50 spend on grooming products and increase it by 3% per year.

The rate of return on the investment will dramatically outstrip inflation (something which, as your post suggests, does not apply to money sitting in a bank account at all, which is also very important to be aware of).

You make it sound like those are guaranteed returns though and they're not. The markets have recovered but if you needed your money around 2009 it would have been a very different story. The world today is a much more uncertain place and I'm not sure I'd be comfortable advising people to invest in the markets now based on past performance, as I think in time people will come to look back on much of the last 50 years as a golden age in the west (the last 10 years, less so, obviously)

Also, who's going to take €50 a month and invest it on your behalf? You've no mention of fees etc. I know people can trade themselves but realistically the vast majority don't and won't for whatever reason.

Anyway its irrelevant because I don't think the OP was looking for alternative investment advice, rather just to know if his spending was out of step. Anyway, FWIW I think investing in your appearance is good value for money anyway. Theres plenty of evidence that people who look after themselves (no just products, but diet and lifestyle also) tend to be more successful. Our society values youth so anything you can do to stop yourself looking old/tired/haggard is probably a good thing.

keane2097

SarahMollie wrote: »

You make it sound like those are guaranteed returns though and they're not. The markets have recovered but if you needed your money around 2009 it would have been a very different story. The world today is a much more uncertain place and I'm not sure I'd be comfortable advising people to invest in the markets now, as I think in time people will come to look back on much of the last 50 years as a golden age in the west (the last 10 years, less so, obviously)

Also, who's going to take €50 a month and invest it on your behalf? You've no mention of fees etc. I know people can trade themselves but realistically the vast majority don't and won't for whatever reason.

Anyway its irrelevant because I don't think the OP was looking for alternative investment advice, rather just to know if his spending was out of step. Anyway, FWIW I think investing in your appearance is good value for money anyway. Theres plenty of evidence that people who look after themselves (no just products, but diet and lifestyle also) tend to be more successful. Our society values youth so anything you can do to stop yourself looking old/tired/haggard is probably a good thing.

If you invested €100 in 1989 and had to cash in in 2009 your €100 would have been worth ~€600. The S&P500 would have returned you 5.5% annually over the last ten years (inflation adjusted!) which included the worst recession in living memory.

For anyone actually interested you can use Degiro to invest for essentially zero fees, from your computer, whenever you like. They have a boards forum incidentally.

I'd encourage you to do a bit of research on the topic because it's quite interesting, there's plenty of easily digestible information out there, and the worries you've expressed in these posts are actually pretty easy to assuage. See here for an introductory primer that many people enjoy.

I agree with your last paragraph - to some extent at least - but I would argue that understanding what your money is potentially worth to you is the most relevant point of information when making decisions about any spending, whether it's whether to buy a house vs rent, go to Starbucks vs buy a thermos, or whether €50 every month is a sensible amount of money to spend on grooming products.

SarahMollie

keane2097 wrote: »

If you invested €100 in 1989 and had to cash in in 2009 your €100 would have been worth ~€600. The S&P500 would have returned you 5.5% annually over the last ten years (inflation adjusted!) which included the worst recession in living memory.

For anyone actually interested you can use Degiro to invest for essentially zero fees, from your computer, whenever you like. They have a boards forum incidentally.

I'd encourage you to do a bit of research on the topic because it's quite interesting, there's plenty of easily digestible information out there, and the worries you've expressed in these posts are actually pretty easy to assuage. See here for an introductory primer that many people enjoy.

I agree with your last paragraph - to some extent at least - but I would argue that understanding what your money is potentially worth to you is the most relevant point of information when making decisions about any spending, whether it's whether to buy a house vs rent, go to Starbucks vs buy a thermos, or whether €50 every month is a sensible amount of money to spend on grooming products.

Just because its possible to do well, doesn't mean everyone does well. There are always going to be winners and losers. I think the picture you're painting is too one sided and I'm trying to offer balance.

Also, I'm sure there are ways for individuals to invest small sums, but like I said realistically most people won't bother out of fear of the unknown, lack of long term thinking, whatever.

Finally, money isnt everything for some people. Many are happy just having enough to maintain a comfortable standard of living and don't want to know about global stock markets. Not everyone is going to make decisions on purely financial criteria, nor should they arguably.

keane2097

SarahMollie wrote: »

Just because its possible to do well, doesn't mean everyone does well. There are always going to be winners and losers. I think the picture you're painting is too one sided and I'm trying to offer balance.

Also, I'm sure there are ways for individuals to invest small sums, but like I said realistically most people won't bother out of fear of the unknown, lack of long term thinking, whatever.

Finally, money isnt everything for some people. Many are happy just having enough to maintain a comfortable standard of living and don't want to know about global stock markets. Not everyone is going to make decisions on purely financial criteria, nor should they arguably.

Ok but you seem to be basing your attempted balance on no information. You don't appear to know what an index fund is. That's fine.

TBH, my post was just intended to make people think a bit about what they use their money for. There's a wealth of information out there and I'd encourage anyone interested to put some thought into it.

I think there's not much point having you dream up ways you could lose the 12 grand you would otherwise have spent in the chemist any further, the point is made.

SarahMollie

keane2097 wrote: »

Ok but you seem to be basing your attempted balance on no information. You don't appear to know what an index fund is. That's fine.

TBH, my post was just intended to make people think a bit about what they use their money for. There's a wealth of information out there and I'd encourage anyone interested to put some thought into it.

I think there's not much point having you dream up ways you could lose the 12 grand you would otherwise have spent in the chemist any further, the point is made.

Well, I think you're coming across as more than a bit smug, but if you want to go on about index funds etc, I'm sure there is a more appropriate forum/thread for that.

I don't need to know everything about finance to know that the stock markets aren't a magic pot of gold for everyone. And the points I made stand true, the vast majority of people are just not interested - they just want to spend their money on things they enjoy and maybe use a pension instrument to save for the future in a hassle free, tax efficient way and this will likely be their only interaction with the stock market. You're just spouting numbers as you know that this isn't a thread where people are likely to fact check them. You also make no adjustments for costs and taxes, just nice gross numbers. If you've going to advise people, then give the figure they're going to be able to walk away with. Maybe point out that there are downsides as well as upsides, even if in your belief its still worth it anyway.

Again trying to get this thread back on track - the OP said he wasn't minded to change his behavior anyway, its purely for people to compare what their spending habits are in this area.

Wibbs

SarahMollie wrote: »

Again trying to get this thread back on track - the OP said he wasn't minded to change his behavior anyway, its purely for people to compare what their spending habits are in this area.

Indeed. This thread has gone way off topic, so let's return to the topic please and leave the Wall street talk out of it.

Permabear

This post has been deleted.

woodchuck

Woman here, but don't think I spend too much... daily user of shampoo, conditioner, shower gel, face scrub, razors (and toothpaste, floss, mouthwash, deodorant if we're counting those!). They tend to last me ages though, so might not buy anything for weeks/months, but then spent 20 or 30 quid in one go.

Also have the occasional splurge on a nice body scrub But again, it lasts me ages!

Gael23

I do buy expensive products but they last me for ages
My face moisturiser is €40 but I only use 2 and a bit tubs a year.
Shampoo is €15 but again lasts a few months, a little goes a long way with short hair and I don't use conditioner.
Face scrub and wash could be €20 each I scrub weekly and wash most days. A tube of exfoliating lasts me a year and would get a few months from a tube of wash but it's twice the size.
Hair wax is €15 twice a year and I do like good shaving cream but again a little goes a long way.

So yes when I buy grooming products I could spend a lot but might only be twice a year.