The true cost of beauty and tips to help you save

(InvestigateTV) — A survey by NerdWallet found many Americans are going into debt to make beauty purchases like hair and nail appointments, cosmetic procedures, as well as makeup and hair products. 

It also found about 15% of Americans used a credit card to make beauty related purchases that they didn’t pay off, and that 9% used buy now, pay later.

Kim Palmer, a personal finance expert with NerdWallet, said the cost of beauty is no longer considered a luxury.

“A lot of Americans are telling us they feel they need to spend on beauty products and services just to be successful in their career and relatedly their finances and so people really consider beauty spending to be an essential part of their budget,” Palmer said. “About 75% of Americans say they’ve spent money on beauty products or services.”

To help stay on top of spending, Palmer advised people to audit their finances. She advised them to go back and look at several months of credit card statements to see where they can cut back if they are going into debt.

“It’s also worth considering if you have access to a Health Savings Account, or a Flexible Spending Account in some cases, some of these purchases that are considered under the beauty umbrella may qualify for some of these tax advantaged accounts that include a lot of health care services,” Palmer added. “Especially when it comes to things like dental services, so it’s worth seeing if you have access to those types of methods of paying.”

Palmer said track how much is spent on shampoos, moisturizers and makeup because it might add up to more than expected.

If that’s the case, it is possible to pare back and save by doing some of these services, like getting your nails done at home.

A do-it-yourself approach could help save money.

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