Save Money Buying Generic Store Brand Products
This calculator can demonstrate how much, over time, buying generic store brand products can save you. To take it even further, this calculator will show you how much you can earn in interest if you decide to invest all or part of your savings. First input your current age, the age you wish to retire at, and the age you expect to live until. Then enter the price you are currently paying for a premium product or service, followed by the price of a more affordable equivalent. Finally, enter the amount of times you purchase this item or service, as well as the interest rate you expect to obtain if your savings are invested.
Press CALCULATE, and you’ll see your savings per purchase, per month, and per year, as well as between now and your retirement and now and the end of your life expectancy. You’ll also see how valuable your investment will be when you reach retirement, and you’ll be furnished with an amount per week that you can withdraw from your invested savings per month, as well as the total value of the investment between now and the end of your life.
Today's Columbus Savings Rates
The following table shows current rates for savings accounts, interst bearing checking accounts, CDs, and money market accounts. Use the filters at the top to set your initial deposit amount and your selected products.
Buy Generic and Save Big Money
In light of the tough economy, people are looking for ways to save money. One such way that has been proven to help consumers do this is buying generic products over name-brand. These types of products can include anything from food to toiletries to cleaning products and much more.
Generic vs. Name Brand
If you wonder what buying generic is all about, keep this in mind the next time you go to the grocery store or your favorite retail chain. Do you see that box of cereal sitting on the shelf? The name brand most likely costs nearly $5 for one box of cereal. If you look a bit to the right or left on the same shelf, chances are you see the same kind of cereal but with a generic brand. You might be surprised to discover that the generic-brand cereal has the same ingredients as the name brand but costs 35 percent less.
That's right! The generic brand can cost as little as $3.25. And that's not the sale price or the price after you redeem your coupon. Even though the generic brand is much less expensive than the name brand, the quality is still the same. Better yet, your kids will taste the cereal and not even know the difference. How can this be?
One of the main reasons name brand products are much more expensive is because you are also paying for the marketing, advertising, and development that goes into making a product known. Think about it. When is the last time you saw a commercial for a generic product? The answer is probably never. These products generally don't need advertising. All they need to get sold is to cost less in price when compared to name-brand products.
The Switch to Generic
At one time, the only product people ever bought in the generic form was prescription drugs. Even though grocery items and other household goods came in generic forms, consumers weren't ready to embrace the thought of not buying their favorite name brand products. The stigma associated with buying generic didn't help matters any. They felt if they bought generic or cheaper versions of a product, either the quality would suffer or people might think they were poor.
In recent years, however, mainly due to the recession that hit Americans hard in 2008, consumers began buying cheaper, generic versions out of necessity. According to a survey done in 2010, 93 percent of grocery shoppers admitted to having changed their shopping habits. This change included buying more store-brand or generic products in lieu of name brands.
Generic Products to Buy
There are certain generic products in particular that, when you buy them over name brand, save you a lot of money. Not only are these product less expensive, the quality is just as good. Some products experts recommend to buy in generic form include:
- Over the Counter (OTC) Medications
- Cereal
- Pantry staples, such as sugar, salt, spices, and flour
- Soda and other beverages
- Gasoline
- Make-up and personal care products, such as soap and shampoo
- Produce, such as fresh and frozen fruits and vegetables
- Cleaning products
- Dairy products
While experts recommend buying the above products in their generic forms, there are a few products that are questionable. For example, some experts state that generic batteries not made with alkaline won't last as long. But those generic batteries that do contain alkaline have been proven to work just as well. Other products where there are differing opinions about generic or name brand include infant care products, such as formula and diapers, and household paint.
Buy Generic and Save Big
If the high cost of name brand products is a concern for you and your family, buying generic has proven you can save big. Some people who buy mostly generic products state they have saved as much as 40% on their total bill. Combined with their bill for medications, the savings are as high as 50 percent.
If you still have your doubts or are leery that buying generic isn't always better, go to your nearest grocery store or favorite retail chain store. Pick up a name brand product then the store-brand version or generic next to it and compare the ingredients. Chances are they will be exactly the same. This principle not only applies to food but beauty products and many other household items such as laundry detergent and cleaning supplies. By making the switch to generic products, you will be doing yourself and your bank account a huge favor.
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