Estimated Monthly Savings: $200
Brand name products are popular for a reason â€“ they are well-known, respected my many, and have perceived value based on their brand. They appear in all shapes and sizes, across a variety of products, from food and clothing to cars, cleaning products, furniture, and more.
When consumers see these products, it often triggers a feeling inside â€“ such as trusting the brand. Consumers may even covet a product because a certain brand produces it, and itâ€™s all the rage.
In reality, brand names are often more expensive than their lesser known counterparts. When trying to save money, an easy way to keep a little extra in your pocketbook is to purchase items that are not associated with a well-known brand.
So, how, exactly, does shopping generic save you money?
First, you donâ€™t spend as much money on the item. Even when you are grocery shopping, the small amounts can add up to significant savings. The larger your family, the more significant the savings in this area.
Second, do your research. When we are in the store, we are often in a hurry. Going quickly means you are most likely to choose brands that you associate with trust â€“ brands you have been hearing about your whole life. Researching beforehand will eliminate that impulse buy these items.
Third, name brand accessories, clothing, and shoes adds up. Set yourself a budget you can afford. If you must have the name brand item, make sure you save for it. Since these items are often desires rather than needs, avoid going into stores where you may be tempted.
Finally, truly seek to understand the difference between quality, quantity, and price. Many generic items are just as good and name brand items. Just because an item is more expensive, doesnâ€™t mean it isnâ€™t as good.