Water Savings

Ideas:

• Purchase shower heads that cut down the amount of water flowing through them.  Some come with a cut-off switch so that you can "pause" the water flow when you are not actually under the water.  This is good if you shave in the shower or need time for the water to warm before getting in the shower.
• Purchase replacement heads for faucets that restrict water flow.
• Tune down your water heater.
• Ensure kids and even adults aren't putting clean clothes in the laundry basket.  For our kids, we try to have them use their PJs more than one night.  We also have them hang up their towels after baths so they can be re-used (assuming they are still relatively clean).

Energy Savings

Make these changes:

• Switch to flourescent bulbs in all outlets.  The only issue I had were dimmer-driven lamps.  I found that dimmer flourescent bulbs are not that great, but they are sufficient if you don't mind the limitations of the 20% dimming limit that I believe they have.  This technology seems to be improving but replacing as many traditional bulbs as possible will save money on your yearly light bill - not to mention you'll be supporting the "green" movement.
• Unplug your cell phone and computer plugs when not using them.  These still draw power if your notebook or phone is off or even disconnected.  
• Invest in surge suppressors or power strips for your TV/home theater or computer stations. These devices also continue to draw power even when they are off.  Turn off the power strips off at night or when you leave for work.  If you have a DVR or device you want to remain powered, then keep that on a separate outlet.
• Get a programmable thermostat that allows you to program each day and several times a day.  Ensure you get and follow the instructions for an energystar compatible thermostat.

Eliminate Unnecessary Expenses

The first thing I did when times starting getting tough was analyzing where my money was going.  I used mint.com and yodlee.com along with my online bankofamerica account.  I found recurring online services that I didn't really need.  I cancelled netflix and started using my Tivo to find movies coming up on television.  I also found a cool site called hulu.com for movies and tv shows.  Next, I cancelled our home phone service and we rely completely on our cell phones.  We haven't missed that service at all.  We saved about 100/month just by making these changes.