Look at the areas of your life that require the most time. Driving, in the house, in the yard, eating or figuring out your finances, among other things, take a big chunk of time out of your life. Recognizing the biggest time-suckers is a great way to make them less time-consuming.
Figure out where you can cut corners. This actually means double tasking, getting things accomplished while you might have been otherwise preoccupied, or hiring a service to take care of things you never get around to. You might listen to educational CDs in the car or get a hands-free phone or headset to turn your auto into a branch of the office. For you finances, bank online as much as you can to avoid the afternoon rush at the bank. Also shop online as much as possible. A few years ago, there was some hesitancy in this regard, but it's increasingly reliable across all product bases.
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Literally "buy" time. This means hiring out work that you would normally do. Hire the neighbor's kid to rake and mow your lawn. Buy pre-made meals so cut down on cooking time. Get a house-cleaning service to take care of the big cleaning. You can buy a finance software or hire an accountant to streamline your books. Pay an additional $5 to have gifts pre-wrapped. Many places offer this as an online option, as well. It's not just in-store anymore.