4. Basic skincare and beauty

Next time you hit the drugstore to buy your favorite body lotion take a hard look at the drugstore-label version that's likely sitting right next to your brand of choice. "It's very easy for companies to back-formula out and reproduce a product," says Paula Begoun, author of "Don't Go to the Cosmetics Counter Without Me." "With simple products, there's nothing very elegant about the couple-dollars-more-expensive original."

That said, be wary of the generic versions of much pricier products that use an exotic ingredient to get results -- namely, anything in the anti-aging or acne-reducing categories, cautions Begoun. Chances are that inexpensive anti-aging cream doesn't have enough of the active ingredients to do much for your fine lines and wrinkles. Wondering what else is worth splurging on? Click here for some ideas. Read our story here for other cheap deals.

Click here for a table showing just how much you can save with drugstore-label generics.