Wasting your money

There are thousands of ways that you can waste your money. The most serious wastes of money are sometimes the least obvious and a part of what has become the social norm. The truth is that everyday, everyone is just wasting money without thinking about it and that is the problem. Here is one way we frivolously waste money.

Brand names versus Generic

You can save quite a bit of money purchasing the generic brand over a brand name. Usually the only difference between a brand name item and the generic brand is the packaging and the company’s advertising budget.

Companies pay big money to a team of people who breathe their products and constantly think of ways to build brand awareness and when their budgets are big they usually always succeed. Think of the brand Pampers, Mr. Christie Chips Ahoy Chocolate Chip cookies or Huggies baby wipes and compare to a generic brand that doesn’t have flashy packaging. When we are purchasing these brands, we are telling the company that we love the artwork, the quality of printing, the colour, their magazine and television commercials so we’re willing to pay more money for the product. This doesn’t necessarily mean that the product is better. Most of the generic brands are just as good if not better. Read labels first to make sure that the ingredients are the same.

This is not only true when it comes to food items. Drugs, clothing and electronics also come into play here. Many of the generic and brand name electronics are manufactured the same way, using the same parts and the only minor difference may be options or accessories that may not be worth the extra pay.

Most of us live by if it’s not a brand name then it’s simply no good, the “you get what you pay for” rule. The question which is better a brand name or generic has been in play for a long time so it really comes down to personal opinion. It doesn’t cost to try the generic brand, actually it will only cost you less!

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