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Many people just assume that a store brand product is inferior to a brand name product. They look at two items side-by-side and choose the one whose name they recognize, assuming it's better, because they've never heard of the store brand product. This often leads to a sense that store brands must not be terribly good at all. However, this is simply not true. What's true in most cases is that the store brand item is functionally identical to its brand name brother. You may notice a difference in an item occasionally but probably not very often.
Here's an example of this. You could buy Del Monte green beans or the store brand green beans. Chances are you won't be able to tell any difference between the two except you'll save $.60 or $.70 by buying the store brand. The same is true of cereal. If your store sells golden grahams under its own name, it will probably have exactly the same ingredients as brand name "Golden Grahams" and it's likely that they'll taste the same – but for a $1.25 or a $1.50 less. Again, you might wonder if it's worth saving $.60 on green beans or $1.25 on a box of cereal but if you do this on a continuing basis the money adds up. Pretty soon that $.60 you save today is six dollars and that $1.25 is more than $10. This is not being cheap. It’s being frugal.
There's also a philosophy called minimalist living, which is another way to live frugally. The following video explains minimalist living and how it would save you money.