I have some other programs which show real time memory usage and I notice, that past 4 or 5 open Tabs in Firefox my memory usage starts really spiking up.

Usually, I just shut down Firefox and open it again, but that is not a long term solution. Any recommendations?

This could be because of some memory leaks in firefox extensions.

Check out this excellent article on "Firefox Tweaks, Extensions and Optimizations" hopefully some of the hacks in that article will fix your problem.

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