Here's a great tip which mspete gave me the idea to post:

If you find yourself needing to print things from the computer which don't need to be of a very high quality (draft papers, coupons, and other items which won't be around for long), consider printing in black and white instead of color, and in draft mode which uses less ink than some of the other settings.

The method for changing your printer's properties can very according to your operating system and the software application which you're using to print, but often you can go to your top menu bar and select "File" and then "Print". From there, you might see a "Properties" button. Click it, and then select the "Paper/Quality" tab, where the quality and color options might be located. If these options are not available to you, consider checking your user manual for instructions for your specific application and printer.