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Okay, so the generic brand cereal may have a sillier name (Krispy Krunchies) and a lesser known character on the box (Leon the Lion). Still, many consumers find that generic cereals taste just as good as their brand name counterparts. A 14-ounce box of brand name corn flakes will run you about $2.99, while generic corn flakes generally cost a mere 99 cents! Now, that's some serious savings.

If you're still in doubt, conduct a cross check of the brand name and generic cereal ingredients. You'll probably discover the ingredients are exactly the same. In other words, you're paying an extra two bucks for a picture of a corporate mascot.

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Just like prescription drugs, you can save some serious coin on over-the-counter meds, too. While you may be tempted to reach for the trusty Tylenol, Nyquil or Zantac, there are usually much cheaper versions of these popular over-the-counter meds on your pharmacy's shelves. The generic versions of these OTC meds contain the same active ingredients, and like their brand-name equivalents, these products must be approved by the FDA. Depending on the item, you could save tons of cash on generic meds.

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When you're ready to stock up the pantry with some baking basics, reach for the generic version. From all-purpose flour and butter to spices, salt and sugar, these generic baking staples are pretty much the same as the real thing with a much smaller price tag. The companies that produce these generic single-ingredient items are required to follow the same production and storage regulations as the brand name folks.

Still hesitant to go generic? Chew on this: Research suggests the average consumer can save anywhere from $200-$1,500 per year by purchasing generic products. While you may not want to subject your family to store brand cheddar or no-name beer, there are plenty generic products out there that are just as good as the real thing.