Three products you shouldn't be spending money on
Published Thursday, October 13, 2016 9:23AM EDT
Last Updated Thursday, October 13, 2016 10:31AM EDT
Saving money by cutting back on vacations and dining out seems easy enough, but are there other places where you can afford to be thrifty?
From baby products to medications, there are lots of items we seem willing to buy at a higher price, even when a lower priced item is available.
Kerry K. Taylor, a consumer expert and blogger with Squawkfox.com says there are ways to cut spending, and keep dollars in your wallet longer.
Here are a few of the products where you may be able to start saving now:
Buying disposable pods for your single-cup brewing machine can rack up big bills for your java. But there are ways to cut corners.
“This is where being a sustainable consumer can really save you big money,” says Taylor.
Do some research on your coffee machine model, and if possible, buy a refillable filter.
“I did the math, and comparing costs you’re going to save 61 per cent on the exact same coffee,” Taylor said. “That can add up to about two cups per day, and $300 a year.”
Brand name vs. generic drugs
In her research, Taylor said she’s found that the ingredients in brand name and generic medications are effectively indistinguishable.
“Health Canada says, the medicinal ingredients and the way the dosage is calculated has to be exactly the same as the brand name, so you’re going to save 30 per cent by going no-name,” Taylor said.
Parents, especially new parents, Taylor says, typically want to buy all baby products brand new. But Taylor’s rule of thumb for new parents is, “Buy 80 per cent used, 20 per cent new.”
“You’re going to save a small fortune, because kids grow so quickly,” Taylor said.
She recommends shopping at consignment stores or thrift shops for baby products.
“And go on Facebook. There are so many Facebook groups for parents that they’re just unloading this stuff for cheap,” Taylor said.
Whether new or used, Taylor recommends checking for safety recalls before making any baby product purchases.
Click to watch Taylor's tips on other products, including mattresses and gasoline.