The Addiction: Beauty Products
Why It's Making You Poorer: A few years ago, Beth Kobliner, a member of The President's Advisory Council on Financial Capability and author of Get a Financial Life: Personal Finance in Your Twenties and Thirties interviewed a teacher who had amassed $25,000 in credit card debt. Kobliner asked what the woman had gotten for her money. The woman paused for a moment before finally replying, "Well, a lot of makeup. A lot of lipstick." Sound crazy? We might not all be in danger of racking up that much debt, but it’s easier to spend more on makeup than we think we do: A 2008 study by the YWCA found that American women spend an average of $100 a month on cosmetics.