Wednesday, March 14, 2007

Consider Buying Generic Substitutes

When it's time to buy groceries, don't overlook generics. Buying the "off-brand" item can save you significant money, without really sacrificing quality.

One great example is canned goods. What's the difference between "Old El Paso" refried beans and the store brand? Price. I'm willing to bet that you couldn't tell the difference between the two in a blind taste test. If there is some noticeable taste difference, you can probably remedy that by adding a little spice (or salsa) of your own. Why pay $1.25 for a can of beans, when you get basically the same thing for 70 cents?!

Another critical time to think about generics is with medicine. Prescriptions will likely be dispensed with generics, since they are FDA-proven to be the same as the name brand pill. Your insurance company wants to save money, so they'll make you get the generic version, unless your doctor specifically says otherwise.

You can definitely control which over-the-counter medicine you buy. Don't opt for Robitussin cough syrup, when you can save several dollars by getting the store brand. If you read the labels, they have exactly the same active ingredients, which is what you really care about.

Do yourself and your wallet a favor: think generic.

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