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For about the past year, I have been mulling over the idea of cutting my own hair, instead of going to the barber. However, today, I am proud to report that I gave myself my first ever self-conducted haircut! It was quite a fun experience.
What got me started thinking about this?
Since during the past two years, my hair has started thinning out, it has also become easier to cut. Whenever I go in to the hair cuttery, I tell them that they can either cut it using scissors or with the electric razor.
Usually, the hair stylist opts for using the electric razor 100%. He or she simply slaps on the #4 blade guard for the top and the #3 guard for the sides of my hair, and goes to work! And, viola! Five minutes later, he or she is finished!
How much could I save by cutting my own hair?
These are the kinds of analysis I love doing!
Assumptions:
- Frequency that I need to get a haircut = Once every 5 weeks
- 52 weeks = 1 year
- Equates to 10.4 haircuts per year
- Price I pay (including tip to get my haircut) = $17
- $17 x 10.4 haircuts per year = $176.80 per year, increasing at the rate of inflation (3.2%)
- Cost to purchase the Wahl automatic trimmer/haircut kit
from Target I bought several weeks ago = ~$30
- I start cutting my hair from now (age 24) until I am age 70 (at which time, I will probably have no hair)
Using these assumptions, I put together the spreadsheet which can be accessed at the Google Docs link below.
As you can see in the table below, the total cost savings that I could realize by cutting my own hair are truly incredible (over $18,000)!
Even more incredible than that amount of savings is to consider the total value of money that we could have if I invested the money I saved from not having a barber cut my hair, and invested it in an index mutual fund, earning 10% per year.
The total that I could have access to at age 70 would be almost a QUARTER MILLION DOLLARS.
How to decide if cutting your own hair is right for you
As I was cutting my hair today, I realized that the exercise would definitely not be good for everyone. There is a certain level of comfort, good-feeling, and satisfaction that one gets from going to the hair stylist.
In addition, after cutting your own hair, you have to deal with the clean up part, and getting hair off of you. These activities would of course be taken care of by the barber if you had gone to him/her.
Aside from the two points above, the biggest factor I think that should influence someone to cut their own hair is the length/ease of cutting for your hair. In other words, I think this probably works best for guys’ haircuts, since they are very hard to mess up.
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Related articles about cutting your own hair at several of my favorite personal finance blogs:
