One way we have been significantly saving money is by eliminating satellite and cable from our diet. We've had both Dish Network and Comcast in the last 4 years. Plans through Dish ran us about $35/month and Comcast was over $50 (and that was the introductory rate!). Though my wife and I both watch a fair amount of TV, she has the dominating market share. So, it was really up to her what she was willing to give up and live with.
We determined initially that by eliminating the TV service, using an antenna for locals, and getting at most 1 Redbox movie a day, we'd cut back to $30/mo at worst. When she quit her part time job, we subscribed to Netflix streaming and 1 DVD at-a-time for $10.99/mo so she'd have more choices. Haven't been back to Redbox since.
$50 a month to $11 a month is a $468 annual savings.
With the newly announced plan changes through Netflix (September 1), we'll probably drop streaming and go to 2 DVDs at-a-time for $12/mo.
Pros: Besides the savings, we have a movie selection similar to what Comcast offered on-demand, and we don't have to drive anywhere for dvd rentals.Wii
Cons: Requires an equipment investment. You need a streaming device for Netflix (gaming system, bluray, or Roku), Broadband internet service with wi-fi (router or my-fi card). The antenna will vary based on where you live, you'll need a digital converter box for any non-digital tv you want to use. You have to give up your favorite cable networks, (for us TNT and Comedy Central were painful to surrender).