Do you spend more on your hair than your pension?
When it comes to keeping our tresses looking their best men spend £364 per year on cuts colour, shampoo, conditioner and styling products. Women spend more than double at £751 per year. With an average cut being £18.50 for men and £42.63 what can be done to save money on your new do?
- Opt for a dry cut – save on the cost of washing and drying
- Check your options – a senior stylist will cost more than a newly qualified or senior stylist
- Go on a weekday – Or try and get a cancellation gap. Some salons will offer a lower rate for those who can fill in any last-minute gaps
- Go to college – Trainee hairdressers are always looking for volunteers to practise on, but don’t worry they are always well supervised.
- Compare – Save money on your hair care products by comparing the costs online to see if it is cheaper to buy in bulk or get bigger bottles.
But what will you do with all that money saved?
The Office for National Statistics (ONS) has said the average retired household now spends £21,770 a year. To earn a pension of at least £20,000 you should be saving at least £246 a month (at 25)
|Age when savings begin
|how much should you be saving each month to get a pension of £20,000 a year?
At 5% growth, an annual investment in to an ISA of £751 over those 20 years could give you lump sum of £22,338. Even saving the amount men spend, £364 per year, for 20 years at the same growth of 5% could give you £10,827.
This projection is illustrative only not guaranteed, and such forecasts are not a reliable indicator of future performance. Fees and costs included in the calculations were assumed examples only.
If you don’t want to give up your salon brand for a supermarket one there are plenty of other ways you can save extra money:
- The Energy Saving Trust has a free home energy check tool on its website that can save some households £250 with its personalised advice at hec.est.org.uk
- Make your lunch instead of buying it and you could save up to £5 per day
- Not all companies are listed on Price comparison websites including two of the biggest Zurich and Aviva. It pays to get advice on the most appropriate policy for you.
There are plenty of ways you can curb your everyday spending. And we can help you invest the savings you have made in the most suitable way for your current and future plans.
The value of your investments and any income from them may fall as well as rise and is not guaranteed. You may get back less than you invest.