While being young, broke and beautiful is all well and good, some people’s finances are more jacked than others. That’s why we’ve invited Betsy Crouch (aka Coach $izzle) to come onboard and dole out some much needed advice. She is a professional financial coach after all. If you’ve got a question you’d like answered please email her at. Maybe your question will be the next one answered.
The cheapest haircut is the one you give yourself.
The Wall Street Journal reported an increase in hair clipper sales as a sign of an increase in DIY haircuts, due to the recent economic downturn. We know that select Broke Asses, Frugals, and people with simple haircuts have been cutting their own hair for years. My Dad has been giving himself the same simple short nice looking haircut for over 40 years, with scissors! Think of how much money he has saved…
Ask three people about haircuts, where they get their haircut, if they think you should cut your own hair or if they would consider cutting their own hair, and you’ll find out that this is a charged topic, if you didn’t already know.
When it comes to haircuts I have gone to many different places and stylists. Over the last several years my haircuts have cost around $70 to $80 plus tip, every 10-12 weeks. A week ago I woke up one day and said, “I NEED A HAIRCUT!” I thought about calling one of the last two people who cut my hair, and I thought, “I don’t want to spend the money,” “I am going to be traveling and pulling my hair back, why should I pay to get a nice haircut,” “They won’t be available this afternoon which is when I need the haircut,” etc. So, I gave myself a haircut.
My first thought about this is that it was radical to cut my own hair. Well in our culture since there is so much emphasis on image, and it is much less common for long haired people to cut their own hair. Then I thought, “why is this so radical?” It is my hair and it is going to continue to grow, why would I not invest the time to get good at cutting my own hair. After all, I could save that money and put it towards something that is a higher prioritiy for me. What is a higher priority for you?
If you invested the money you saved from haircuts for one year only, assuming 8% average annual return, in 40 years:
$300 invested, in 40 years: $6517.36
$500 invested, in 40 years: $10,862.26
$1000 invested, in 40 years: $21,724.52
You may say you don’t want to invest that money, and that is fine. Just know the potential value of your money is the greatest when you are young! “The most powerful force in the universe is compound interest,” said Albert Einstein. If getting your hair cut is a high priority and you love doing it, please go to see your stylist often and tip well! Then “we” the DIYs won’t feel quite as bad for not supporting the industry.
My conclusion after all of this is that I don’t really want to become good at cutting my hair…I don’t think. I know I will want to have a nice haircut one of these days and it isn’t practical for me to basically become a professional stylist. What I need to do is find an inexpensive stylist who I really like who gives me a reliable haircut.
I think I did pretty well with my haircut. It isn’t totally even, but I have a LOT of hair and it is really curly, and therefore pretty forgiving. Don’t get me wrong, it is not a great haircut, but everyone who I have gotten opinions from have said they are surprised that it wasn’t bad! Good start.
So this week I am asking you the question. Which salons and stylists are the best for an inexpensive haircut in San Francisco and New York? I know it sounds like an oxymoron, but I know they exist!
What do you think of DIY haircuts?
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