How to save $8,919.45 a year

Potential annual savings: $161.20

Generic brands of food and drugs can cost 20% to 50% less than the name brand and you're not likely to tell the difference. "Don't be afraid to try a cheaper brand," advises ShopSmart deputy editor Sue Perry.

For example, just buying the store's own brand of butter instead of Land O'Lakes can save about 25%. If you switch to your supermarket's generic brand of milk as well, that will translate into about $3 a week in savings, and that does a wallet good.

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