Welcome to my 52 Ways to Save $100 a Month series. We’re serious about saving money in 2016. Sometimes it’s the little things and sometimes it’s the big things. I’m here to walk you through some little things that can add up to BIG savings. 52 little things to be exact. Every week, join me back here for another small money saving tip or idea that might not seem like significant savings until you see the overall yearly savings. It might just blow your mind. So pop in each Tuesday and read a new tip that will help you on your way to save $100 a month!
Buying generic instead of name-brand items can save you money. There’s no disputing that. There is quite the debate though on whether the quality is there when you choose knock-off items. Before we dive into the generic vs. name-brand debate, let me just say this: there are certain things I will always buy name-brand after much trial and error {ie. Charmin toilet paper for the win!}. But other things we are often brand loyal to unnecessarily. Buying the generic and often times nearly identical items can save you thousands each year.
Trial and Error: I’ve experimented through the years on all sorts of items and products. I’ve learned that knock-off pain relievers like Aleve, Tylenol, etc. work perfectly fine. So I’ll always buy generic for those. Generic brand mascara however doesn’t quite cut it for me. Generic gas? Perfectly fine. Generic orange juice? I don’t mind. Generic contact solution? Doesn’t cut it. Generic marshmallows? Can’t tell a difference. Generic clothing? Nope. Name-brand means higher quality here so I’ll spend a little more. Trial and error has taught me that. If you are curious about how name-brand vs. generic will stack up, simply test the item out and you’ll have your answer. And in many cases, that answer can save you big bucks.
Check the Ingredients: This one just might shock you. Place the generic version next to the name brand and compare the ingredients list. Seem identical to you? It probably is. There might be a fluctuation in the percentages of the ingredients, but chances are if the the ingredients are the same, the generic version just might work in place of the more expensive name-brand item. This is a little different when it comes to food items. Even though the ingredient lists might be the same, sometimes the taste just doesn’t cut it for me, so go the trail and error route to make sure the taste stacks up.
Say Yes to Drugs: Just like I’ll always buy generic pain relievers, I’ll also always buy generic prescriptions. There is almost always a generic version of a prescription drug available at a fraction of the cost. I’ve never found the item to be less effective, as it is regulated pretty heavily by the FDA. FDA requires generic drugs to have the same quality and performance as their name brand partner. Generic drugs are also required to have the same active ingredient, strength, dosage form, and route of administration as the brand name product. Using generic here will show you some significant savings while getting an equivalent product.
Do you use generics or are you brand specific? Are there certain items you’re willing to pay a bit more after your own name-brand vs. generic trails?
How Much Can You Save: 50%+ If we just look at prescription drugs, generic drugs can save you up to 80% on the cost of a prescription when compared with the brand-name drug. Most often, the savings range from 30% to 50%. Those percentages are pretty much inline with most generic vs. name brand purchases!
More Ways to Save:
52 Ways to Save $100 a Month | Clean Out Your Closet {Week 1 of 52}
52 Ways to Save $100 a Month | Break Up with Cable {Week 2 of 52}
52 Ways to Save $100 a Month | Barter Better {Week 3 of 52}
52 Ways to Save $100 a Month | Change Your Own Oil {Week 4 of 52}
52 Ways to Save $100 a Month | Adjust Your Thermostat {Week 5 of 52}
52 Ways to Save $100 a Month | Take Advantage of Your Perks {Week 6 of 52}
52 Ways to Save $100 a Month | Pack Your Lunch {Week 7 of 52}
52 Ways to Save $100 a Month | Make It Yourself {Week 8 of 52}
52 Ways to Save $100 a Month | Preserve Your Bounty {Week 9 of 52}
52 Ways to Save $100 a Month | Keep the Change {Week 10 of 52}
52 Ways to Save $100 a Month | The Art of Borrowing {Week 11 of 52}
52 Ways to Save $100 a Month | Ditch the Gym {Week 12 of 52}
52 Ways to Save $100 a Month | Clip a Coupon {Week 13 of 52}
52 Ways to Save $100 a Month | Start Your Garden From Seed {Week 14 of 52}
52 Ways to Save $100 a Month | Learn to Cut Hair {Week 15 of 52}
52 Ways to Save $100 a Month | Become a 1 Car Family {Week 16 of 52}
52 Ways to Save $100 a Month | Make a Phone Call {Week 17 of 52}
52 Ways to Save $100 a Month | Shop Christmas in July {Week 18 of 52}
52 Ways to Save $100 a Month | Grow a Garden {Week 19 of 52}
52 Ways to Save $100 a Month | Just Say No {Week 20 of 52}
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Deborah from FL says
When my son was younger and on a maintenance med, we would get different generic versions each month (from competing companies). And some was noticeably superior or inferior. His doctor said it was due the differences in “filler” not “agreeing” with him. The active ingredients may be identical, but the rest… who knows? I reached the point where i’d ask the pharmacy which company’s med was available at that pharmacy at that time. If it wasn’t a “good one,” i’d try another store. (Some months were more kanor intensive than others.)
Anyway, just thought i’d throw that out there. 🙂
Oh, and Charmin all the way! Generic TP, no way! 😉
Lauralli says
I’m like you. Brand specific on certain things, not on others. Depends on the item. While I do use generic orange juice because there is no way I’m spending the amount of money they are charging for name brand–there is a huge difference! I buy the good stuff when we’re having company. I just live with the other the rest of the time. Also, my pediatrician has always said generics are fine on medications. Until she had to have ACL knee surgery. She bought some Advil and could not believe the difference there was! So, if we have some major pain going on, we take those. Just general everyday aches and such, generic.
Chris says
Ditto. I will test to determine quality. I don’t want junk ingredients for the sake of price. With prescription meds we will go with the generic unless our family doctor explains why to go with the name brand. I am on thyroid meds and had to determine which was best for me. Also, since we are a Costco family, our doctor said to look for the USA made vitamins and supplements in their pharmacy. She was born and educated in another country and strongly advises buying made in the USA for the quality. Generally speaking, we try to buy American whenever possible. Cheap can come at a price.
Mable says
My doctor said he uses generics whenever possible for patients but advises patients with heart conditions to buy the original formulations and not generics. The fillers can change the time delays on meds that are expected to release slowly over a 12 or 24 hour period, which can be dangerous for congestive heart failure patients.
We use generics almost exclusively, although I have to say that ketchup is one where we like our name brand better than any generic that we have tried. Also mozzarella cheese has a texture difference in the cheaper versions.
Sometimes with coupons we can get a name brand for the same price as a generic and in those cases I get as many as I can.
Laura Tieri says
I buy the store brands a lot. I also shop at Aldi which has non name brands for a lot less. I remember seeing stories on tv about how some name brands & store brands are manufactured in the same plants with the same products. They just slap on different labels. A couple of times the workers in a certain store had told me that some store brand items like their milk & crayons were the same as the name brand ones, just different packaging.
By the way, I just discovered your blog & I’m loving it! I have some catching up to do though! :0)
linda says
diabetic don’t do well with generics sometime either- there is a difference- reason they are cheaper.
Carla says
I worked in clinical research for 25 years on investigational drugs. Generally the generics are fine but there are times they aren’t. One of the reasons generics are cheaper is that the patent is off the drug. So there is not one company that can now set the price. Also the generic companies are not trying to recoup all the money they spend on research and development.
Kristy says
I received the generic form of Synthroid. HUGE difference. I cannot take it. The pharmacy has a note on my file that I must have brand name Synthroid, not generic. Food items – I test and decide. Our local grocery store here in Georgia is Ingles. I actually prefer many of their store brands over the national name brands. I do prefer Kraft cheese blocks to just eat plain, but in cooking, it doesn’t seem to make a huge difference. Many stores will refund your money if you try their brand, and you don’t like it. I tried Target’s contact lens cleaner. I didn’t like it, so I returned it. They refunded my money. Enjoy your blog very much!!
Terri David says
Don’t buy generic pet food. It can contain really cheap ingredients that can cause health problems. I knew someone that bought generic dog food and the dog’s hair fell out. Switched back to a better dog food and the hair grew back. It’s my philosophy that you should buy the best quality pet food you can afford and you will save a lot of money on vet bills. Your animals will appreciate not having health problems.
Cassandra says
We try to avoid generic medications whenever possible. The companies that make the generic version have a 10% margin for difference in ingredients. (My husband worked for a pharmaceutical company and has seen the rules/regs). For some meds that is okay, unfortunately, for the meds we take, that 10% margin is unacceptable. What we have had to do is to find out if the company that makes the original also makes a generic version of it. Most of the companies make both. Once we figure that out we request that specific company and make sure we use the NDC identifier when we ask for that med. For other meds where that is not possible, we will go the Prior Authorization route with our medical insurance and our doctor’s help to get the name brand approved at the generic rate. Most of the time that has worked well.
Vivian Blossom says
My husband has a fit if I shop at Walmart, so I have to be secretive! I purchased some kitchen towels at Fred Meyer, and wanted to get another one of the same pattern. I went to 4 FM stores and couldn’t find it again. I happened to go to Walmart and lo and behold…they had the same pattern! And for half the price I had paid at FM! When I got home, I compared the labels and they were exactly the same. In fact, the one I got at FM said “made for Walmart” on it! So, I really believe that many of the generic items are made by the same companies that make and pack the items that are the name brands. Check your labels and the Internet!