Buy Generic. Corporate spending on marketing and advertising is the number one reason name brand products are pricier than store brands. However, most generic products are just as good if not better than their name brand counterparts. I'm going to give you a few specifics where buying generic will save you big time!
What Are The Best Generic Products To Buy?
The first item I want to talk about is Cereal. The price of cereal has been rising over the last few years. One of the most basic cereals, Kellogg's Corn Flakes, had the highest average retail markup of 43.5%. A $5.50 box of brand-name cereal can cost $2.99 generic, and usually comes in a bigger package for less money. Always compare prices and ingredients with the less expensive generic brands and stock up on where there are big sales. Next I want to talk about Sugar, Flour & Spices. Plainly put, flour, sugar, salt, spices and other single-ingredients items are all the same. Government regulations actually require the same production and storage for generics as they do for name brands, so buying a label is like giving money away for something you use every day. And since the brand-name versions are rarely on sale or have manufacturer’s coupons, generic is the way to go. You're looking at a markup of nearly 100%. Solution? Buy your basic spices at a natural food store. For example, a $3.52 jar of bay leaves at the grocery store will cost you only 12 cents for the same amount at a natural foods store. They may come in a container which scares some people, but if you have a reusable container of your own, you can stock up and save big! And lastly, for items at the grocery store, never buy name brand cleaning supplies. Studies have shown that generic cleaning supplies are just as effective as name brands.
How Can I Save Money At The Pharmacy?
When it comes to medication, most consumers feel the most recognizable brands are the safest. That's why brand names often include the term "trust" in their marketing campaigns. However, the FDA requires that all generic meds be as effective and safe as the name-brand drugs. In fact, close to 50-percent of generic-brand medications are manufactured by brand-name companies, so there’s no reason to pay 30-percent more for your ibuprofen. The same goes for many prescription drugs as well.
Aside From Grocery Store And Drug Store Items, Where Else Should I Buy Generic Rather Than Name-Brand?
At the gas station. Just like pantry staples and other generics, buying "off-brand" gas gets your car the same gas as name-brand stations. The price difference can be about 20 cents a gallon. Some off-brand stations often get their gas from the same tank trucks that deliver to the brand-name stations. This can save you up to XX amount a year!!!
Any Other Money-Savings Tips To Help With My New Years Resolution, Andrea?
Yes! When shopping at the supermarket, I highly recommend bringing a list. That way, you stay focused and don’t get overwhelmed by deals on items you don’t need! Make a list of what you're getting and stick to it!
Also I recommend making big trips and shopping less frequently. That way, it lowers your chance for impulse purchases! And while buying in bulk CAN save you money (especially at places like BJ’s or Costco) many times stores will have deals designed to confuse shoppers who aren’t quick with their mental calculator. Make sure you are getting the best deal per unit price! Visit Consumer Savings Expert Andrea Woroch at her webstie