Today’s tip is to buy generics for the stuff you don’t care about — while continuing to buy brand-name for the stuff you do care about.

The cost difference between generics and brand-name goods can be significant when you add it up, but the differences in quality have been steadily dropping for years. Yet we tend to buy what we know. We buy our CK underwear and wear our Nike shoes. It’s what we know for the things that are important to us.

If you want to save $1,000 this month, you have to prioritise what is important and what is not important to you because you can’t have the best of everything when you’re trying to save. So buy brand-name for the stuff you care about, and cut costs mercilessly on commodities you don’t care about by buying generic.

If I were to ask which of your purchases you don’t care about, what would you say? Do you care about shampoo and conditioner, pet food, toilet paper, where you live? Maybe you don’t really care about your bread but buy the most expensive because you don’t know any other brand. Most of us think like this.

We’re also hesitant to experiment with downgrading. Maybe it will work for you maybe it won’t, but the point is, you won’t know until you try.

Total savings $50 to $200 per month

Last thing to do

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