Posted by Maneesh Sethi :: October 1, 2007 @ 11:42 am

Earlier, I wrote about the benefits of buying used items. Now let’s look at buying generic.

The Simple Dollar has written a great article on how to get over the taboo of generic and store-brand goods. The Simple Dollar makes a good point--yes, buying the same reliable brand is a good way to make sure that your product is of a certain quality. However, what are you losing by not looking at the other potential brands? In many cases, the products with store brands are exactly the same as the name-brand products.

The Simple Dollar article recommends that you look at the ingredients and choose based on whether the price difference is worth the potential quality difference. In many cases, it certainly is--paying six or so dollars less for laundry detergent, for example, can save you a lot of money in the long run. However, if the quality difference is not worth the cost savings, then don't buy the generic item.

For example, name-brand Q-Tips have more cotton than non-name-brand swabs. I love Q-Tips---I'm actually in a Facebook group about them. I'm willing to spend the extra couple of dollars to get the better ones. However, I don't care if I get Rice Krispies or store brand Crispy Rice, so I choose the cheaper one.

We here at Lending Club urge you to take stock of your purchases, and see if you can switch up your shopping to get some more generic items.

How much could you potentially save by purchasing generic-brand items? Is it worth it to you?