Save Money – Just Buy Generic!

Posted by Suzanne Wells Published in Saving Money

Are you a name brand person or a store brand person? Or both? Did you know that many manufacturers produce the exact same product under a private label, or store brand? Yes, it is true, and you can save a lot of money just by switching to the store brand.

Buying over the counter medications is one category where you can really save money if you buy generic. According to the FDA, “” a generic drug is a copy that is the exactly same as a brand-name drug in dosage, safety, and strength, how it is taken, quality, performance, and intended use.” (www.fda.drugs) So basically, according to the FDA standards, generic over the counter medicines must be exactly the same as the name brand.

Here is where the money saving part comes in. For example,Wal-Mart’s Equate brand Ibuprofen is $4 for a 200 count bottle. A bottle of the name brand Advil costs around $15.50. That is a 74% savings! And there is no difference between the two, except for the label.

Another great example is batteries. Costco’s Kirkland brand of AA batteries, pack of 48, costs $9.98. A pack of 36 AA Duracell batteries costs $12.99. That is a 42% savings on a product that is exactly the same!

You can find generic products right next to the name brand products on the store shelves. Give them a try. Not all generics or store brands are the same (I buy Charmin toilet paper instead of the store brand), but you can see huge savings if you make the switch to generics on products that you consume on a regular basis.