Why Money Matters

Rubbing Pennies started as a personal challenge to save $10,000 in one calendar year. As a young couple, we (Ian and Jen) know how important it is to live within your means, avoid acquiring a lot of debt and have a healthy financial cushion to fall on in case of emergency. On April 10, 2010, we set out on the journey of marriage with two steady incomes, a newly purchased home, one vehicle payment, and a very modest savings account. In an effort to beef up our piggy bank, we launched Rubbing Pennies in January 2012. This is our story of how we love the life we live, and how we can afford it.

Thursday, February 23, 2012

Generic vs. Name Brand

   In my college marketing class, we discussed "brand loyalty", which refers to customers who use a particular brand name product and never vary. I don't recommend this spending lifestyle for anyone trying to save money. Brand name products can be much more expensive than generics. Some are worth the extra money because the quality is better, but some are practically the same thing by ingredient and function.
   I wear contact lenses which cost me a fortune all by themselves. But when you talk about the price of contact solution....for saline water?!? I switched to the Wal-Mart generic "Equate" saline solution several years ago. The price difference is remarkable - $4.94 for a 12 oz. Equate brand combo pack vs. $16.92 for a 10 oz. OptiFree brand combo pack! Crazy. I also use the generic brand for things like sinus/cold medicines. Just make sure to check the active ingredients on the back. It's the same thing! My best friend and pharmacist, Dr. Piper (Marsh) Machamer, will tell you that too. You can save $5+ on a single purchase.  
    Save on other generics like cotton balls, household cleaners, things in the grocery/dairy section such as butter, sour cream, cheeses, etc. All of them have the same exact ingredients. Aside from generics, if you stay flexible on brand names, you can buy whatever is on sale and/or you have a coupon for and save money that way. Try this for toothpaste, soap, shampoo, etc.
   Don't get me wrong - there are some things I will not go generic on because of that quality issue. Or just absolute preference. My skin is very sensitive, so I use Aveeno shaving cream ($3.50/can) and Schick Quatro razors ($10/4 refill blades). Expensive, I know, but those products are the only kind I can use that don't make my skin mad. I also splurge on Bounty paper towels because yes, it is the "quilted quicker picker upper." They don't fall apart and you can rinse, ring them out and use them again. Love them. Toilet paper is something I cannot go generic on. Toilet paper is also one of the products you will see the most quality difference in. Don't skimp!    

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