A few weeks ago, we talked about name-brand vs generic grocery store purchases. I gave you a list of the items that I personally purchase generic, and those that I purchase name brand.
And then I got to thinking... how much money do I really save by buying the generic equivalents of items? I know I usually see a 40 or 50 cent price difference on products- does that add up to a noticeable difference?
So, in the name of saving money and blogging, I did some research.
(I've never claimed to be an expert researcher, so you'll have to ignore the blatant disregard for scientific procedure in this experiment)
Basically, I went to our neighborhood Wegmans and picked out a bunch of items that I frequently purchase (many on a weekly basis). I wrote down the Wegmans brand price and a comparable name brand price.
I chose the name brand that I would most likely purchase if the generic brand wasn't there, not the most expensive version or anything. (Originally in this chart I wrote down all the name brands, but it looked cluttered so I left them off. If you want to know the brands let me know and I'll tell ya, haha :) )
Note: I do realize that Wegz is the best grocery store in the whole entire world, and my study is biased because you might not have one in your area. But I'm sure other stores have equally as well-priced generics.
Alright. Without further chatter, here's how my costs compared:
Whoa. How crazy is that?! A difference of almost $7?!
I think it is interesting that none of the price differentials are HUGE- none differ by over $1.00, but 30 cents here and 65 cents there really does add up!
(BTW- I didn't include fresh vegetables, other than the baby carrots, since there weren't really a generic vs. name-brand option for those. Don't worry, I really do eat vegetables!)
I know this is just one example and perhaps not all examples will be this big of a price differential... but I believe that every little bit of savings helps.
So if you don't mind the taste of the generic version, go with it! Think about it- if you're saving even just $5 per trip, and you shop 3 or 4 times a month, you can easily be saving $20 per month!
So in the case of generic vs. name brand food and whether it really does save you money... I think we can agree that YES! Generic will really save you money in the long run. Even though the little price differences might not look like much :)
Also, in OTHER BIG NEWS!
I am launching my one-on-one Budget Coaching program one week from today!!
Budget Coaching is a 3 month program where you & I work one-on-one to create the perfect budget for YOUR life and YOUR personal financial situation.
For those of you who have been hesitant to create a budget because you’re not sure how to do it or you just plain don't want to do it-- this is your answer :)