When you’re trying to get out of debt and build your dream future; you want to focus on eliminating waste. One easy way to cut down spending without cutting down on quality of life is to stop buying brand name products. Here’s why:
Store Brands Cost Less
This should come as no surprise at all. If you’ve been round a store recently, you’ll notice that they own brand nearly every product on the planet now. Those own brands are usually much cheaper than the “big brands”.
If you could save just $2 a month on shampoo, for example, you’d bank $24 a year. Do that with 20 products (which is easy) and suddenly you’ve got an extra $500 at the end of the year!
Store Brands Are Normally Just As Good
In fact, not only are store brands normally just as good as big name brands, they’re often the exact same product but in a different box/bottle. Yup, the big name brands sell the spare capacity in their production lines and the store brands take advantage of it.
You can’t say categorically that one is the same as the other because that would upset both participants in the corporate game but trust me, they are.
Store Brands Stay Consistently Cheap
You may occasionally find a great deal on a brand name product which makes it cheaper than the store brand for a week or two but in the long run, they are designed to occupy a premium price position. When the price comes down, all it really means is that the price will go up again.
Store brands tend to stay in the same price bracket all the time. That makes it much easier to plan your budget for shopping.
So, don’t waste money – ditch the name brands today. Save a fortune.