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18
oct
0
one26 30 Day challenge save $1000 tip 17

Tip #17: Buy generic for the stuff you don’t care about

Posted by nculpittBlogNo Comments

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

Leave a comment on this post describing how much you’re saving with this tip and any unusual techniques you use to make this tip work.

Check back tomorrow or subscribe to our daily challenge emails to get them in your inbox & let us know how much you’re saving.

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About nculpitt

Recent Posts

  • Relationships and Money at Christmas 16/12/2014
  • Tip #30: How I’m saving $25,000+ in 2015 04/11/2014
  • Tip #29: Stop being silly and pay money to save money 03/11/2014
  • Tip #28: Use price-protection guarantees to always get the lowest price 02/11/2014
  • Tip #27: Use barriers to prevent yourself from spending money 01/11/2014

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