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Don't throw out used-up lipsticks -- you would be surprised at how much is still in the tube when you think you've used it all up! Dig out the remainder of the tubes with a toothpick and put in a small cup. Melt (a little bit at a time) in the microwave until you can stir them together and re-fill one tube. NOTE: This doesn't seem to work quite as well with the long wearing type of lipstick as it does with the normal wear lipstick.
A different option is to use a lipstick brush to apply what lipstick is left in the bottom of the tube. Retractable lip brushes are the best because you can carry them in your purse without making a mess.