Simple and helpful, but could use 10.10 clarification
There are several ways to manage and free up memory. Depending on your reasons for wanting to free up memory some ways are better than others. Using the Terminal along with Activity Monitor is, of course, the power user way (actually every OS X user should understand how to use the Terminal to some degree). Boost&Memory is a nice utility for freeing up RAM and I’ve been using it for several years. It’s also very useful for keeping an eye on your memory usage. The simple but effective menu bar icon shows your total RAM usage. If you find yourself needing to make room (you should know why you want to do this and not just clear out memory any and all times; the OS is managing it for you), Boost&Memory allows you to take a quick glance at the menu bar (which means it’s there in any window or space), and then click “Free up memory”. That’s it!. Simple and effective.
It still works with 10.10 Yosemite, but maybe not perfectly. It’s now much quicker to use the Terminal, but I don’t know exactly what procedure Boost&Memory uses for purging memory, so it’s hard to tell if it’s still 100% compatible with 10.10. In 10.10 it’s much slower than it was in previous versions of OS X. Perhaps it has to do with the need for root permissions in 10.10. Regardless, the developer should either release a statement about this, or release an update. Still, I keep it installed as a memory meter. Yes, there are other ways to monitor your memory, but I like the simplicity of Boost&Memory.
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Memory Cleaner: Free Up RAM