It is easy for all of us to get so caught up in our daily routines that when a big change happens, such as a downturn in the economy, it is extremely hard for people to adjust. However, with the current economy the way it is, everyone needs to make some changes and shift with the times. This may mean becoming more open-minded to accomplish this task.

Non-Brand Names – What is it that makes people so drawn to products just because of the brand name written on the box? With people beginning to cut back their spending and trying to save more, they are being more open to which products they buy. Before the turn in the economy, many people would not buy anything unless it had a brand name on it. But with the current downturn, grocery stores and other retailers have been pushing the cost savings of their store brand products to draw customers in. As consumers make the switch to generic and store brands to save money, it is questionable as to whether they will switch back once the economy turns back around.

Other Career Options – You might have graduated with a specific degree from college, but with the economy pushing back and jobs being difficult to find, people are looking towards other avenues for their careers that they would not have considered before. Being more open-minded in your career search broadens the amount of jobs that you can apply for and the amount of job offers you may get. Now is not the time to be super picky, especially if you are a recent college graduate without any experience. You should take jobs that you can get in order to get the experience. Once the economy starts to look up, then you should really focus on finding that job or field that you love.

Satisfaction with Current Situation – Making the best of your current situation (whatever that may be) will help you get through things until the economy brightens and you are able to stabilize your life. Many people who were unhappy with their jobs a year ago are now just happy to have a job and are finding ways to adjust to their situations at their current job. This may mean people are trying harder, finding things that motivate them, turning the negative things into positives, and seeking out ways to progress in their career at their company in order to keep their job.

Finding Other Ways to Save – If you or your significant other has lost a job, you have had no choice but to find other ways to save. This means you are becoming more open to cutting things out of your life that you were not willing to give up in the past. Although you may not have a choice, being open-minded makes the transition go smoothly. If you think that things will turn around for you in the future, then you can give something up and hope that it will return when the money starts coming in again. Finding alternative ways to save such as a CD, high interest savings account, or putting additional money in your 401(k) may also benefit you greatly. Putting money away somewhere that you cannot blow through really quickly will help you continue to save money for your future even though times are tough now.

Without making slight changes and being more open-minded, people would be finding themselves in an even worse situation. Although many are struggling to make ends meet, being more open-minded allows you to breathe a little bit and make the best of the economy and things you cannot change. Being open-minded in such tough times allows you to manage your fears and stay in control.

— By Hannah Waters, Geezeo.com

Photo by: Alvimann

By Althea Chang | MainStreet.com

If you’re still embarrassed or worried about the quality of no-frills store brand products or generics instead of those with brand names, face it: You’re in the minority now.

In fact, 55% of grocery shoppers say they frequently purchase store brands, and more than 77% say the store brands they buy “are as good as, if not better than, national brand products,” according to a survey commissioned by the Private Label Manufacturers Association, an organization that represents makers of store brand food, beverages, health and beauty aids and over-the-counter drugs. And in this economy, it’s no surprise.

The Store Brand Secret
Many of the national brands actually produce store brand products, so besides the packaging, you may not even notice a difference between generics and their brand name counterparts.  For example, Alcoa (Stock Quote: AA), the maker of Reynolds Wrap Aluminum foil, produces store brand foil. McCormick produces herbs and spices without its signature label, and Birds Eye, known for its frozen vegetables, produces a number of frozen and canned vegetable products, according to Consumer Reports.

One major reason for the deep discount on store brands is they “don’t carry heavy product development, advertising and promotion costs,” says Tod Marks, a Consumer Reports researcher who blogs by the name “Tightwad Tod” on ConsumerReports.org.

What You Save
By choosing store brand products from retailers such as Costco (Stock Quote: COST), Wal-Mart (Stock Quote: WMT) and Kroger and Winn-Dixie (Stock Quote: WINN) instead of buying national brands, you can save about 30% per week on the average shopping trip, according to the Private Label Manufacturers Association.

“Prices may vary from market to market, but the savings that consumers will achieve will follow the same pattern across the country,” says Brian Sharoff, president of the association.

Buying generic soda instead of Coke (Stock Quote: KO) or Pepsi (Stock Quote: PEP) can save you between 50% and 60%.  So can health and beauty products like aspirin, nasal spray and lotion. Picking up generic cereal and ice cream could save you more than 30%. You can save about 23% on store brand frozen pizza and more than 25% on dog food by going generic, according to the association’s data.

Online shoppers can benefit from store brands as well.  Drugstore.com shoppers (Stock Quote: DSCM) who buy 24-hour Claritin pay $31 for 45 tablets, but they can get 120 tablets of the Rite Aid (Stock Quote: RAD) generic version, loratadine, for a dollar less.

How They Stack Up
Many household products hold up just as well as brand names, according to studies by Consumer Reports. Kirkland Signature Premium paper towels from Costco work just as well as Bounty, the popular Procter & Gamble brand (Stock Quote: PG), and Great Value Slider food storage bags from Wal-Mart are just as durable as Ziploc Easy Zipper bags made by S.C. Johnson.

In addition to household products, some store brand foods have passed Consumer Reports taste tests, proving that they’re just as good as national brands.  Instead of Kellogg’s Mini-Wheats, you can try Kroger Mini-Wheats, or instead of Kellogg’s Frosted Flakes, you can opt for Malt-O-Meal Frosted Flakes, Consumer Reports says.  For oatmeal, try Wal-Mart’s Great Value Quick Oats 100% Natural or A&P’s America’s Choice Instant Maple & Brown Sugar oatmeal.  Kroger’s Self-Rising Crust 4-cheese Pizza and Winn-Dixie’s Prestige Premium chocolate ice cream were also highly rated in taste tests.

When Store Brands Don’t Cut It
If you’re particular about the tartness of A1 Steak Sauce or the exact flavor of Miracle Whip, generic options may not be right for you. Store brands that emphasize value may contain cheaper ingredients, and even when national brands manufacture a different type of product to be sold as a store brand, they make it to the store’s own specifications, which could mean a change in ingredients, Consumer Reports says.

Check the ingredients list, take a look at the product itself if you can and decide what qualities you’re willing to give up for the savings.  And If you’re partial to Kleenex Cottonelle toilet paper with Aloe and Vitamin E, you may not be able to find a suitable generic. But if you’re really trying to cut back on spending, the store brand may be good enough.

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• 5 Questions to Help You Spend Smarter (geezeo.com)

If you have a family and times are tough, you have to find ways to cut back in order to continue supporting your family and keeping them strong. Times are tough for many people. Finding ways to save money has become a new way of life for many. However, saving money does not have to be as difficult as one may think.

1.) Leave the Brand Names Behind – Brand names are no longer a concern for many families. Instead they may buy food at the grocery stores that are the generic brand in order to save money here and there. Brand names and generic names typically have the same ingredients; the brand names are just what people used to buy more often. You may even hear of commercials on the radio or TV for grocery stores now advertising their own brands to customers.

2.) Spending More Time at Home – On the weekends families find more activities that they are able to do at home. Families spend time outside in the sun when the warm weather kicks in. Or, they are renting a movie, or playing board games together.

3.) Packing Lunches for School/Work – It is incredible how much money you can save each week just by packing a lunch. When you are packing a lunch for your kids to take to school, just take a little bit extra time and pack one for yourself as well. Although it may take a little bit more of your time in the morning, you may find that you are saving a great deal each week on food. Making your own coffee is a great way to save, too!

4.) Budgeting for Meals Out Each Month – Yes, everyone loves to go out to eat, but there is a time and place for everything. People have seen themselves cut back and budget for how much they are going to eat out each month. This way they are not finding themselves spending more money out than they would like to or than they can afford. Putting some money into your budget which allows you to eat out each month will not only satisfy your cravings for take-out but it will help you save each month.

5.) Taking Advantage of What They Already Own – Many families no longer have the luxury of buying a new wardrobe every time the seasons change. Instead they are taking advantage or what they already own or accepting hand-me-downs from family and friends. The same goes with things like appliance purchases. If something like the refrigerator breaks people are looking to get them repaired or buying a gently-used (“pre-owned”) appliance instead of investing in something completely new.

Many of these changes require some adjustment. But, these changes can definitely help you save your family money. Tell us what you do to put more money towards a mortgage, student loans, or other family bills.

Photo By: Alvimann

Here are some important questions to ask yourself before shopping with a credit card:

1. Do I really need this?
Let’s be honest: many things we buy as consumers we never really NEED, so you should definitely prioritize your spending. Make sure you have room left in your budget for the necessities (i.e. groceries, prescriptions, electric/heating bills, etc.) before you spend on things you WANT. A new pair of shoes doesn’t typically fall in the list of things you need, unless of course you have none to wear! Every purchase you add to a credit card will add up if you do not pay in full at the end of the month.

2. Will I wear this more than once?
Sale items are always very tempting but are also usually impulse buys. A pair of jeans for $19.99 is very tempting. However, if you are only buying them for the price but don’t think you will wear them more than once, what is the point? Make sure you are going to get the most out of what you buy. You don’t want to be stuck with a bunch of unwanted purchases just because they were on sale at the time. Again, every purchase on a credit card will quickly add up; with interest rates likely to negate any “savings”.

3. Do I have something similar to this already?
Consumers tend to repeat purchases out of habit or personal preference. Is black t-shirt is very similar to another black t-shirt that you already own? If you are in a crunch for money, don’t spend on things that you might already have. Do laundry more if you love that black t-shirt so much, but it is a waste to double up on something you already have (or something that looks almost identical). It’s not much fun seeing multiple, yet similar purchases on your credit card bill. It’s like a bad case of double-vision. (And double-cost!)

4. Is the brand name worth it?
Brand names frequently carry an association of quality with them…but they also have a hefty price tag! Sometimes, you can get the same quality for a lot less if you choose a less popular brand. Even so, if you’re planning to purchase this with a credit card you might just choose to wait until you have the cash to pay for it.

If you feel like to purchase things just for the sake of it, leave your wallet in the car and do some window shopping instead. It is always better to save your money than regret a foolish purchase at the end of the month when your credit card bill arrives. Use your credit card wisely and you’ll actually be able to do more shopping, not less.

Photo: Álvaro Daniel González Lamarque

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