It’s another week in the 52 week challenge! How are you doing so far? Are you keeping up with putting the money in your jar or bank each week? If you need help with weekly reminders, then sign up for our 52 week challenge newsletter!
52 Week Money Challenge: Save With Generic Medication
Here’s this week’s money savings tip: Buy Generic Medication
If you have ever been sticker shocked by the price of medication, both prescription and over the counter, this week’s tip is for you.
Did you know that whether it is prescription or over the counter, all medications have the same formula per type of medication? The FDA regulates the formulas of these medications to carefully ensure that they not only contain the same active ingredients, but also the same strength and form of administration. This means that when you buy name brand medications, you are paying more for them for no reason other than the label.
When getting prescriptions, most drugs lose their patent within 20 years, some sooner. They cannot renew it in most cases, so generics can start to be made. Generics must meet the following standards:
- Contain the same active ingredients, dosage and administration
- Be manufactured in the same strict way according to FDA standards
- Be used for the same indications of the name brand
What does this mean to you? That dollar store allergy medication that you are buying may look different and contain different inactive ingredients, but it will work just as well as the name brand equivalent. So unless you have a coupon for the name brand, stick with the off label brand for big savings. The same pill that costs $1 each in the name brand could cost a quarter.
When filling prescriptions, always ask if there is a generic form available. Some drugs may not have it because they are too new, but it is very worth asking about since you could pay half or less to fill your prescriptions. Be aware, though, you may not always be able to get it even if there is a generic available because inactive ingredients can vary in generics from the original and your doctor may not want you to have them due to sensitivities or allergies to them.
Some great places to get generic over the counter medications are:
- On end caps in larger stores like Walmart. Some Walmart stores even have a whole line of 88 cent packs containing 10-20 pills.
- At your local dollar stores. Look on the labels and see what they compare to. The wording will often read “Compare to the active ingredients in…”
- Big box pharmacies. You will often find several generic versions of the same medication at these stores.
- Amazon. You can buy generic medications on amazon for a pretty decent price most of the time and get free shipping!
It’s not too late to join the 52 Week Money Challenge.
Why should You join the 52 week money savings challenge?
Most families are on the constant look out for ways to save more money. This challenge is easy and doesn’t require you to do a lot each week. It starts out with just saving a $1 on the first week. Or, if you’re doing the challenge in reverse, then $52 bucks.
It’s an easy way to save money and it does work if you apply just a little self-discipline and you are determined to save money. And having a goal is a good way reach your saving objective. Below are a few saving goal:
- You can use the money you saved to pay for your Christmas at the end of the year.
- Go on a vacation
- Jump-start a college fund
- Pay off debt
- Buy a car
- This could be your first time actually saving money in a bank account
The reasons for saving extra money are endless!But the key is getting started!
People tend to do better when faced with a challenge (of any kind).
- You will receive a weekly email reminder telling you to make your deposit into the bank or jar
- You will also receive a weekly savings tip on a way that you can save that week.
- You will receive inspiring stories and ways to save money each week!
- Many people and blogs start out doing this challenge within their communities. But by March, most have fallen off the band wagon. As you can see,by just looking at our 52 weekly challenge archive, you can see that we kept up with it each week.
- I’ve personally and successfully completed this money saving challenge two years in a row! I am doing this challenge right along with you and to encourage you along the way. And if you need to tweak it to fit your families needs, save more , etc. then I am here to help you with that too!
- You can find out more about the 52 Week Challenge HERE
So, let’s get started! Sign up today to start receiving the 52 week money saving challenge newsletter!