Stretching your budget can be a very stressful thing to do at times. With so many bills fighting for our finances it can be hard to keep up. One of the biggest things that can make or break a budget is brand loyalty. Now don’t get me wrong, there are some brands that I am loyal to indefinitely. However, that loyalty can sometimes cost you. Today I am going to answer the question, “Is brand loyalty costing you money?”
When businesses set out to build their brand they want you to think of them whenever you buy a product. When you think of homeschool bloggers I hope that More Than a Homeschool Mom comes to mind. I hope that that brand is part of your life. Brands like Coca-cola, Pepsi, Nestle, M&M, Lego, and many more are banking on the fact that when you think of a soda, cup of cocoa, candy, or toy, you will think of them. It’s where they make their money. Is it breaking your budget though? Here are a few questions to ask yourself?
What is the price difference between the product and the generic?
Many products have a generic. If you read the back of the label they will have almost all of the exact same ingredients.
– Medicines – Did you know that generic acetaminophen has the same thing as a box of tylenol? Many of your cold medicines are the same. They have the same chemical makeup for a fraction of the cost.
– Pregnancy Tests – There are many pregnancy test options to you. You do not need to buy the $15 test. Opt for one from the dollar store. It will pick up the HCG in the same way without costing you as much.
– Clothes – There are many brands of clothing that will offer you the same quality for a fraction of the cost. Use your discernment as some things have lesser quality.
– Toys – Not all toys are created equal but sometimes you can find a generic toy that works the same way as the name brand without the extra cost.
– Food – Tastes can differ when you go generic so this could be a matter of personal preference. My favorite Mac n Cheese used to be the Velveeta Shells n Cheese. Now I get the same flavor and quality from Aldi with their brand for half the price. This means I can feed my family 2 meals instead of one. Did you know Wal Mart has a generic form of the girl scout cookies? Forget $4 a box. Pay under $2 a box. Save your budget and enjoy a delicious treat.
Are you paying for a name?
A lot of the time when you opt for name brand you are paying for the name not the product. The brand has built enough of a reputation that you will pay extra for the name. Look at the quality of the product. Is it really worth the extra money? If the quality can be matched by a different brand you are paying for a name not a product.
Is there a warranty or guarantee?
Sometimes it is better to opt for a name brand. If a brand stands behind their product and will replace it if there is a malfunction it may be worth the extra money. Make sure to look at the price difference before you buy. How much more are you paying for that warranty? Could you buy the store warranty and get the same benefits for a fraction of the cost?
Sometimes Quality Wins!
Lego is a great example of this. I have yet to find a Lego knock off that can rival Lego for quality. The company knows this and charges accordingly. There are certain items that you will pay more for due to quality. Here are a few of the things I will pay more for for the sake of quality.
Those are really my main ones. As you look at your item purchases, ask yourself, “Will I pay more in the long run by buying this? Will I have to replace it more often because of quality?” If the item is going to cost you less and still has the quality buy it instead of a name.