Ink is the gasoline of your inkjet — it's pricey, and your printer goes nowhere without it. Paper is the oil. You don't need to buy it as often, but it's just as necessary. You can save a fair chunk of change just by altering a few of your paper-plundering habits.
Start by evaluating whether you really need a hard copy of your document. These days, email and PDF files are suitable stand-ins for just about every purpose, whether personal or professional.
If you do need a physical printout, you may consider printing on both sides of every sheet. Many printers are equipped with automatic duplexers that flip each page and feed it a second time, thereby cutting your paper use in half.
Don't spring for expensive paper when cheap copy paper will do. Unless you're printing something important, the bargain stuff works fine.
Finally, always consider whether you need to print an entire document. Official tax documents, for example, are often loaded with extraneous details that you don't need in order to complete a task. Print just the parts you really require, and you'll use far fewer consumables.