How to Understand Generic Items and Save Money

The term generic is defined as: of, applicable to, or referring to all the members of a genus, class, group, or kind; general. There is a variety of generic items on the market opposed to the name brand. This article goes over some of the generic choices you can make that can save you a great deal of money. It’s fairly easy. Many years ago I was told by a pharmacist (my first job was at a drugstore) that I should always choose the generics when available. That was over 20 years ago, and that is what I have done.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Time to research what works for you
• An open mind to try new things

1. UNDERSTAND GENERIC – The retailer (Wal-Mart, CVS, etc) buys items from a manufacturer who sells the product only (no marketing costs are included) They can sell that item at their store for less money, while having competition against the name brands.
2. BUYING GENERIC OVER THE COUNTER MEDICINES – This can save you a great deal of money. Generic OTC meds from Mucinex to Aleve – if the generic label should compare closely to the name brand. Check your labels. Save some money.
3. BUYING GENERIC FOOD – Raisin Bran, Splenda, Domino Sugar, Luzianne Tea, Green Giant Corn. You can find generic forms of these items all over a grocery store. My suggestion would be to try a small amount first. I tried a generic form of Splenda from my grocery store yesterday, and I could not tell a taste difference – so I will continue to buy this. I did buy the smallest packet of 50 to try instead of the larger 200 pack they had available. Always make sure you’ve tried to make sure you can handle the difference. There are still name brands that I do use because I CAN tell. Or I may have a coupon where buying the name brand is less expensive than the generic. Don’t forget store brands of milk, butter and creamer. It does make a difference to your overall savings.
4. BUYING GENERIC PRESCRIPTIONS – My Ambien was $240 for 90 tablets, and the generic form was $30 for 90 tablets. Not a hard choice – except, I could tell the variance in the side effects. I would recommend if you are going to make a switch from a name brand drug to generic – try the generic to make sure you can’t tell a difference. Ask your doctor for generic prescriptions, but guarantee they can call in the name brand for you if it doesn’t work. In most cases, the switch should be seamless. Don’t forget to order your prescriptions by mail if you have that option. This can also increase your savings.
5. BUYING GENERIC VS. NAME BRANDS OTHER STUFF – If you can use generic opposed to name brand in batteries, diapers, lotions, shampoo, tissues, laundry detergent toothpaste, shaving cream, office supplies – you can save a LOT of money. BUT, try the generic out – sometimes it may not work for your family. Also, if you’re a coupon clipper – it may be cheaper to use the name brand.

Tips & Warnings

• If you don't like something you bought, share with folks at work.
• Don't compromise your safety.