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Switch to a low-flow toilet
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Low flow toilets generally use less than two gallons per flush, compared to water-guzzling older models which can use five to seven gallons per flush. Over a year, that's a savings of around 7,000 gallons which can save you $50 to $100 annually (and $2,000 over the life of the toilet).
In the past, these toilets didn't really perform well enough for most people to trust them in their homes, but like any other technology they have improved considerably and are a great option for most.
Although there is an initial cost involved in replacing toilets, they will pay for themselves over time, in addition to conserving water. Toto is a popular brand, but you'll have a number of options available to you at your hardware store or via your plumber. In some areas of the country, there are rebates available for WaterSense labeled toilets (those approved by the EPA) which can bring down your out-of-pocket costs and improve your payout. Also, athough low flow toilets toilets don't currently fall into this category, it's always a great idea to see if tax incentives will help you pay for "green" home improvements.
Another great way to cut your water bill is to buy a low flow shower head.
If you're not in the market for a new toilet, here's a do-it-yourself tricks that'll help cut down your toilet's water usage. Place something in the tank that will take up space, such as two bricks sealed in a plastic bag, a plastic bottle with sand or even a couple of jars will with water. Any of these will cause the tank to fill up faster, use less water and save money on your water bill. The toilet will flush just as well as before, but you'll be saving about a 1/2 gallon of water per flush.