Despite Tight Budgets, Americans Are Buying Lipstick

Persistently high prices are forcing many Americans to get creative with their budgets. However, most Americans may be cutting back on everyday purchases to afford the occasional splurge, as found by the latest report by Harris Poll’s Thought Leadership and Futures Practice and covered by Barron’s.

The Year of Cost-Saving

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More than 8 in 10 (81%) Americans have implemented cost-saving measures this year, such as trading down, shopping at less expensive retailers, or substituting cheaper alternatives for name-brand products, and (69%) have cut out more “in-between” spending this year.

Cut Back on Everyday Basics

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Nearly 3 in 5 (58%) Americans (and 67% of Millennials) would rather cut back on everyday basics to afford the occasional splurge.

And over half (54%) have splurged already on something in 2023, such as high-quality home items and accessories, a luxury fashion item, and luxury beauty/skincare products, with more younger Americans having splurged (Gen Z: 75%, Millennials: 68%).

Splurging Into Trouble

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3 in 10 (30%) Americans say they have splurged on premium experiences or luxury items they couldn’t afford, especially younger consumers (Millennials: 50%, Gen Z: 40%).

Lipstick Effect

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This is often called the “the lipstick effect,” as research has shown that lipstick sales tend to pop during recessions, even when consumer spending is otherwise depressed. Consumers spend small amounts of money on small splurges as other spending is tight.

Conscious Approach

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“It is both surprising and fascinating to witness Americans adopting a conscious approach to balancing their expenses, making deliberate choices to cut back on essentials while treating themselves to the luxuries that bring them joy,” says Abbey Lunney, Managing Director of Thought Leadership and Trends at The Harris Poll.

Mindful Spending

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Mindful Spending is spending money on what you need and what brings you joy and acknowledging that. Mindful spending means taking the time to appreciate where your money is going and what your money is doing for you. Mindful spending allows you to have joy and contentment when you spend money wisely.

Brings You Joy

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This means that you need to first know what you need and then know what brings you joy.

First needs and then joy. I’m guessing you know that already. Once you have figured out what brings you joy- which is easier said than done, you can decide to spend purposefully on those things. Depriving yourself of things that bring you joy doesn’t help anyone- least of all yourself. Spending on things that don’t bring you joy also doesn’t help anyone and is a waste of money.

The IRS Adjusted Its Tax Income Brackets — Are You Ready?

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Have you heard that the IRS adjusted their tax brackets? The reason behind the IRS adjusting its tax income brackets for next year is tax consolidation, which aims to simplify the tax code. You might have already heard about it.

The IRS Adjusted Its Tax Income Brackets — Are You Ready?

Travelers Beware: 10 Most Dangerous Cities In The World To Avoid

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There are endless sources of inspiration for travelers nowadays, and with pandemic travel restrictions having been largely lifted, you can explore nearly every corner of the world. However, there are some places that you are better off avoiding- dangerous cities.

Travelers Beware: 10 Most Dangerous Cities in the World To Avoid

20 Legal Things That Will Probably (Hopefully) Be Illegal In The Next 20 Years

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In today’s modern world of legalities and regulations for everything, there are certain things that people are eager to see illegalized in the next two decades, despite the complex legal landscape or things people think will become illegal in America.

20 Legal Things That Will Probably (Hopefully) Be Illegal in the Next 20 Years

15 Things That Are Really A Scam But Have Been Normalized By Society

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Have you ever seen something that is so crazy and ridiculous that you are sure it’s a scam but is actually normalized by society? Do you know that society is being scammed, but everyone is just acting like it’s normal?

15 Things That Are Really a Scam but Have Been Normalized by Society

10 Crazy Myths About Women Men Actually Believe

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In our society, many myths and stereotypes exist about women. Unfortunately, some men still believe in these myths, even though they have been debunked time and time again. Here are some of the crazy myths that men believe about women.

10 Crazy Myths About Women Men Actually Believe

Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.