These Generic Products Will Help You Save Big -- Savings Experiment

Store brand items cost less than name brands, but while they have a reputation for being worse in quality, that's not always the case. These days, there are plenty of reasons to buy generic, and not just for the lower price.

Contrary to popular belief, many "generic" store-brand foods are actually made by the same companies that produce the pricier, brand-name products. Heinz, Hormel and Tyson all produce private-label products for retailers, but they aren't vocal about it.

Also, when it comes to things like ice cream, trail mix, mozzarella and mixed vegetables, taste-testers at Consumer Reports judged 33 of 57 store-brand foods to be just as good or better than the big name brand.

For example, Target's Market Pantry ketchup was said to be just as good as Heinz ketchup. Meanwhile, Walmart's store-brand, Great Value, beat out their name-brand competition in taste, and at only a fraction of the cost.

So keep this in mind the next time you go shopping. While buying generic store brands will help you save big, it's the taste that makes these deals that much sweeter.