What do you associate with the word "generic?" Do the words "inferior" or "tastes like cardboard" come to mind? Or do you, like so many people, associate name brands with people who are well to do, while people in poverty opt for generics? All of that is hogwash. The truth is that generics are often a great buy because the quality of the product is exactly equal or better than the name-brand counterpart. Here are six winners.

Cereal. There is no reason you should be paying $4 a box for cereal when you can buy the generic brand 30 percent cheaper. In several blind test studies, kids who were given generic and brand-name cereals could not tell a difference. If your kids are picky about their favorite cereal, try combining the name brand and the generic brand in a plastic container so they can't see the difference. Gradually move the mix to more and more generic, until they've made the switch.

Medication. If you are buying name brands such as Advil, Tylenol, Bayer Aspirin, Prilosec, Zyrtec, Claritin and Sudafed, you are wasting your money. You are paying up to three times as much as that medication's generic version. By law, all medications sold in the U.S — both over-the-counter and prescription — must be exactly the same quality, strength, purity and stability as their brand-name counterpart. Generic drugs are safe, effective and FDA-approved. According to Gary Buehler, M.D., director of the FDA's Office of Generic Drugs, "People can use them with total confidence."

Pantry staples. Government regulations require the same manufacturing and storage procedures for all staples such as flour, sugar, eggs, milk, salt and so forth, no matter the brand. Buying the generic brand is just as safe and tastes the same. Buying generic is almost always cheaper, except for those rare occasions when the brand name is on sale for less than its generic counterpart.

Infant formula. The FDA strictly regulates and requires the same nutrients in all infant formula, so your baby will get the same benefits from the name brand and the much less expensive generic option. Generic formulas have to follow the same manufacturing and safety guidelines as well, so there's no added risk. You can be confident in generic infant formula.

Cleaning products. I cannot say that all generics are equal to their name-brand counterparts. However, some generic cleaning products are equal or even better. There is a wide consensus that name-brand paper towels and window cleaner are usually worth the money. Generic paper towels tend to be too thin, and generic window cleaner often leaves streaks. However, off-brand scouring powders, disinfecting wipes and bathroom cleaners are nearly always equal to or even better than the name-brand options.

Non-perishables. The generic option of products such as pasta, canned fruits and vegetables, crackers, cheese, soda, bottled water and so on, tend to be equal in quality. Here's a good rule of thumb as you make the decision: The fewer ingredients an item has, the more likely that the generic brand tastes just as good as the name brand.

National brand manufacturers spend a lot of money on advertising and attractive packaging to sell you a product that may not be better than the generic one. And in some cases, the generic and name brand companies are the same. Hint: If the labels say the products were made in the same town, chances are pretty good they were made by the same company.

Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website. You can email her at [email protected], or write to Everyday Cheapskate, P.O. Box 2099, Cypress, CA 90630. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.