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This research work presents a novel technique of Optimized and Cost Effective Power Management System (OCEPMS) for domestic users. The technique incorporates all the three important aspects of an Optimized and Cost Effective Power Management System and gives a complete microcontroller based low cost solution. These aspects include: power factor improvement, voltage optimization and surge / spike suppression. For power factor improvement, an algorithm is devised which automatically switches capacitors based on real time calculated requirements. A soft switching mechanism is used for the purpose of bringing capacitors in or out of the circuit depending upon the overall inductive load. For voltage optimization purpose, a circuitry is included in the design which manages incoming voltage and regulates it to a level more suitable for home appliances. Furthermore, to protect the system from dangerous and harmful surges and spikes transmitted through supply line, a surge suppression circuitry is also incorporated in the design. The proposed design is physically developed and experimentally tested with various domestic loads like compact florescent lamps, chokes, pumps.