How do I handle memory management in Python for large datasets?

I'm currently working on a project that involves processing large datasets (think hundreds of megabytes). I’ve noticed that my program is consuming a lot of memory, and I want to optimize it. I’m using standard data structures like lists and dictionaries, but they seem to eat up a lot of memory as the data grows.

What are some strategies to manage memory efficiently when working with large datasets? Should I look into using numpy arrays, generators, or something else? Any tips or best practices would be greatly appreciated!

Thanks!