Over the last decade, essential oils have grown into a big industry. Current estimates place the projected value of the world’s essential oil market by 2020 at $11.5 billion (£9.26 billion), making it one of the world’s fastest growing industries.

The reason for the rapid growth in popularity of essential oils is simple: they’re massively useful for everything from physical health to mental health, cleanliness, beauty, hair care and more. It’s tough to find a single aspect of life that essential oils don’t improve in at least one way.

But is it possible for essential oils to improve your financial life, much like they can improve your health and wellbeing? From replacing costly beauty products to simplifying everyday life around the house, you might be surprised to learn the ways in which essential oils can save you money:

Replace expensive skin creams

Great skincare products are far from cheap, with full routines from well-known brands adding up to hundreds of pounds every few months. Luckily for your wallet, essential oils such as argan oil offer many of the benefits of costly skincare creams at a fraction of the price.

Some of the most effective oils for skincare include geranium oil, lavender oil and cypress. Due to the strength of many essential oils, many skincare experts recommend mixing them with an existing skin cream or moisturiser to avoid potential skin irritation.

Earlier this month, People covered essential oils for skincare and beauty, noting that many of the world’s biggest stars are adding them to their skincare routines. Since essential oils cost a small fraction as much as many skin care products, they’re great cost-cutting products.

Simplify cleaning up and tidying

Did you know that essential oils double as powerful household cleaners? Since essential oils are highly concentrated, they act as a great alternative to chemical-packed detergents, soaps and other home cleaning products.

One of the easiest ways to use essential oils at home is as an all-purpose cleaner. Mix up to three drops of tea tree and lemongrass oil with hot water, then use them from a spray-top for cleaning surfaces in the kitchen and bathroom.

Essential oils also double as an inexpensive, organic bathroom cleaner. Try mixing four to five drops of eucalyptus oil and the same amount of tea tree oil with water for a simple shower and bathtub cleaning solution. Once you’ve cleaned up, rinse with water for a flawless bathroom.

Act as a cheap, healthy sunscreen

Finally, essential oils can be blended together to create an inexpensive, highly effective, organic sunscreen. Better yet, they can be stored long-term in a tupperware container to replace regular SPF sunscreen, saving you money and protecting your skin over the long term.

For a simple sunscreen blend, mix zinc oxide, shea butter, lavender oil and coconut oil to create a thick, comfortable organic sunscreen. For even better protection and healthier skin, try adding helichrysum oil to the mix.

Need to avoid mosquitos while in the sun? Essential oils can also act as a surprisingly effective, skin-friendly mosquito repellent. Blend citronella oil, eucalyptus and lemongrass oil with coconut oil to keep bugs away at the beach or in any other outdoor setting.