As prices increase, brand loyalty may need to take a back seat when it comes to finding ways to keep costs down and pad your budget. Not only is switching to generic alternatives an easy technique to try, but it can also save you and your family money each month.
Looks Can Be Deceiving
When you think of generic brands, what comes to mind? A common perception of the no-name options is that cheaper prices mean poorer quality. But that’s not necessarily true. Many generic products have similar or even identical ingredients or components in comparison to their name-brand counterparts, which means you can save without compromising on quality.
For example, generic food items are often made by nationally known brands in the same plant but are just packaged differently. Other times, they are manufactured by third parties and sold under the retailer’s brand name. This is called a private-label brand. Generic alternatives use less flashy packaging and often don’t advertise, which allows them to keep costs down.
When it comes to fancy packaging and flashy advertising techniques, looks can be deceiving. Sometimes it’s not about what’s on the outside of a product that makes it better quality.
5 Generic Products to Consider Switching To
Here are 5 products that you may not have considered trying a generic substitute for.
#1. Cleaning Supplies
If you have a favorite name-brand cleaner, the next time you’re out shopping, compare it to a generic alternative. You may be surprised to learn that it contains comparable ingredients that will give you the same results for a portion of the cost. Some people have found that generic and store-brand products work just as effectively (and sometimes even better) than name-brand products.
Another way to cut back on cleaning supply expenses is by buying off-brand paper products. The packaging may not be as pretty as the brand-name choice, but if your goal is to save money, you won’t mind this little change.
#2. Groceries
Nearly every grocery store offers generic or store-brand options at a lower price. Some may argue that generic foods taste different than the brand-name options, but others can rarely tell them apart. The next time you’re out grocery shopping, consider substituting a few name-brand items for the store-brand alternative. Your pallet may not notice the change, but your wallet will definitely appreciate the money you saved. Choosing to buy generic when it comes to food shopping can be a great way to help boost your family’s budget.
Another small yet cost-effective change you can make to your budget is switching to store-brand food storage items like sandwich bags, plastic wraps, and aluminum foil. Swapping for a less expensive alternative can also help your savings add up.
Even though groceries are a necessary expense, you don’t need to spend all your hard-earned money to purchase the items your family needs. A simple switch like purchasing generic items instead of name-brand items can help you save a significant amount of money. Now that you know about this easy money-saving trick, try it out the next time you go to the grocery store.
#3. Medications
The FDA requires generic medicines to conform to the same strict safety standards as the brand name. According to the FDA, a generic medicine works in the same way and provides the same clinical benefits as the marketed brand-name equivalent. The next time you or your family is in need of medication, consider reaching for a generic pain reliever or cough medicine. While there’s little difference between the name-brand and no-name medicine’s effectiveness, there is a noticeable difference in how much you’ll be saving.
#4. Gift Wrap
Birthdays, holidays, and other special celebrations can get costly when you tally up the prices for cards, wrapping paper, gift bags, and the gift itself. Since most gift wrap items are only designed for one-time use, you can save a lot of money by purchasing no-name alternatives. Don’t pay an arm and a leg for fancy expensive wrapping paper or gift bags. Remember it’s the thought that counts – not the wrapping paper.
#5. Personal Care Products
Birthdays, holidays, and other special celebrations can get costly when you tally up the prices for cards, wrapping paper, gift bags, and the gift itself. Since most gift wrap items are only designed for one-time use, you can save a lot of money by purchasing no-name alternatives. Don’t pay an arm and a leg for fancy expensive wrapping paper or gift bags. Remember it’s the thought that counts – not the wrapping paper.
Other Ways to Save
If you’re looking for other ways to save, consider participating in Peach State’s Visa Debit Round Up program. When you use your Peach State Visa Debit Card to pay for groceries, cleaning supplies, or medications, your total will be rounded up to the nearest dollar and the excess funds will be transferred to your Round Up Savings Account overnight.1 It’s that simple and the best part is, you don’t have to do a thing. Now that’s what we call smart savings!
1 A separate club account will automatically be opened when signing up for and using the Visa Debit Card Round Up program.
