Generic vs Brand Name

Ahhh the age-old brand vs generic argument. If you’re trying to save money, you need to consider buying generic items.

If you’re looking to save money at the grocery store or save money at the pharmacy you need to start buying store brand items. Store brand food will save you 30% on average. Store brand medicine, like CVS brand, Rite Aid brand or Walgreens brand pain reliever, or acid reflux medicine, will save you 36% on average. But here’s the real kicker, when it comes to prescription drugs, you will save the most money choosing the generic alternative. In fact, generic prescription drugs are, on average, 80% cheaper than brand name medicine. So if you have a monthly prescription to refill, ask your doctor if you can switch over to the generic version.

Consumer Reports Study

A recent Consumer Report study of 24,000 people who compared store brand and brand name items found that 78% of people came to the conclusion that store brand items are of equal quality. The crazy thing is that most of us don’t buy store brand items. Why? Big name brands that spend millions of dollars annually have convinced us that generic items are not as good as brand name. But the recent Consumer Report study just proved us all wrong.

Scroll down to check out the top 5 items you should buy generic.

What to Buy Generic

Choosing generic staples like store brand pasta and beans will save you a lot of money at the grocery store. Choosing generic medicine, like generic Benedryl, will save you about 36% at the pharmacy. And choosing generic prescription drugs will end up saving you major money in the short and long term.

Store Brand Foods

As previously mentioned, store brand staples are some of the best ways to save money at the grocery store. If you’re loyal to brand name items, start small. Start by purchasing store brand staples. When you buy generic staples you don’t sacrifice quality or taste but end up saving yourself serious cash.

Frozen Fruits and Vegetables

Frozen fruits and vegetables are some of the best things to buy generic. Because frozen fruits and vegetables are single ingredient foods, you won’t notice a difference between their brand name counterparts. In fact, it’s likely that the store brand items are picked at the same farms and processed at the same factory as the brand name fruits and veggies. When it comes to frozen fruits and veggies when you choose the brand name items you’re paying extra for the marketing and fancy packaging.

Dry and Canned Beans

Similar to frozen fruits and vegetables, dry and canned beans include very few ingredients. Buying the grocery store’s brand of dry and canned beans is going to save you money and you won’t even notice the difference.

Flour, Oats & Sugar

Splurging for brand name staples like flour, oats, and sugar won’t make your baked goods taste any better. In fact, NPR did a study looking at the items that professionals buy generic. According to the study, professional chefs and bakers are more likely to purchase store brand. In fact, they found that the professionals favored generic flour, oats, and sugar.

Store Brand Medicine

Store brand medicines have the same active ingredients as brand names. In fact, the FDA requires non-brand name medicines to contain the exact same active ingredients in the exact same quantity of the brand names. The only difference is the inactive ingredients. Inactive ingredients include the colors, flavors, and fillers. AKA: things that don’t matter. So next time you’re at CVS, skip the Tylenol and Pepto Bismol and go with the store brand.

On that note, if your doctor allows it, choose generic prescription medicine at the pharmacy. On average, generic prescription drugs are 80% cheaper than the brand name options. Again, check with your doctor. But if your doctor gives you the OK, switch over to the generic version and keep more of your hard earned money in your pocket.

Check out this video to learn more from the FDA about generic drugs.

Final Thoughts

If you’re looking to save money, one of the easiest ways is to stop buying brand name items. Now, bear in mind, not all items are made equal. However, when it comes to staples, like pasta, beans, and baking ingredients, you won’t even notice a difference when you switch to the store brand. At the pharmacy, you should always go with the store brand, if your doctor gives you the OK. Generic drugs have the exact same active ingredients, which means they’ll be just as effective as their brand name counterparts.

If you’re looking for other ways to save at the grocery store, check out how I use grocery store apps to my advantage.