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2. Over-the-counter medications

Feeling under the weather? Don't dismiss your drugstore-brand pain, cold and cough medications. The Food and Drug Administration requires that any products with the same active ingredient must meet the same efficacy standards. In consumer-speak, that means your drugstore ibuprofen must be just as effective as its brand-name counterparts, which includes Advil, Motrin and Pediacare Fever, among others. And the price difference can be astronomical.

An added savings tip: While going off-brand is a great deal for over-the-counter and prescription meds, you can get even better deals by shopping online -- but it's tricky. Click here for advice on staying safe and saving money while buying medicine online.


Click here for a table showing just how much you can save with generic medication.

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