Mammoth AwardsIf you know how much some products’ prices were marked-up, you may never repurchase them.
Here are some products with notoriously high mark-ups, plus their lower-cost alternatives.
Coffee
You may buy your daily cup of joe from the coffee shop for convenience. You surely don’t buy it from them for cost, because if so, you’re grossly overpaying.
A large coffee from a famous shop could cost as much as $4 when you add in all the fixings. Make it at home, and it could cost less than ten cents per cup.
Will you need to make some initial investments to brew low-cost coffee at home? Sure, since you’ll need to buy a coffee maker, the actual coffee, sugar, milk, and any other additions.
Still, you’ll come out on top and save money in the long run, and you won’t have to wait in long lines anymore either.
Prescription Drugs
You may have certain medical conditions that make prescriptions an expense you cannot eliminate. You could lower that expense, however, which is excellent news if you’ve been paying a premium for name-brand prescriptions.
When you buy a drug from a big-name manufacturer, you’re not just paying for its ingredients that help you feel better. Instead, you’re also paying for all of the marketing costs involved with their advertisements, development costs, sales commissions, and more.
If you want an example, look at Prozac. This popular antidepressant can sell for $136 per bottle. Get the generic version called fluoxetine HCL, however, and you can pay as little as $3.
Why do doctors prescribe the name-brand versions?
They figure that your insurance will pay for the high cost.
They’re familiar with the name since they had a pharmaceutical sales rep pitch it in their office.
You can avoid paying more than you should by simply asking your doctor for the drug’s generic version when writing your prescription. This is especially helpful if you have a high deductible.
Bottled Water
Buying bottled water at the store or gas station may seem convenient when you’re on the go. And while such water is undoubtedly the healthiest drink you can have, you’re probably paying too much for it.
Instead of buying bottled water, purchase a reusable bottle, and fill it up with tap water. Due to the Safe Water Drinking Act, tap water is labeled as legal for human consumption as long as it doesn’t come from a private well.
If the idea of taking water straight from the tap doesn’t tickle your fancy, buy a filter for that added peace of mind. It’ll cost you a bit up front, but you’ll save loads in the long term.
Printer Ink
Do you ever wonder why printer ink is so expensive? Some of it has to do with the fact that manufacturers typically sell printers at a loss.
How do they make up that lost money? By charging a ton for the ink you’ll need to make that printer useful.
Instead of buying brand new ink cartridges, buy ones that are refilled via the Costco Photo Center or online. You can save around 50 percent off the regular price of printer ink by using this method.
