When consoles cost up to $350.00 and new games are $60.00, it's easy to think gaming is a very expensive form of entertainment. But you can save a few bucks here and there with some planning and patience.
Xbox Live Rewards is fairly new. Since it started in December, I've earned hundreds of Microsoft Points for doing practically nothing. All I do is buy what I would get anyway from the Marketplace, renew XBL subscriptions, and take quick surveys. They frequently change up specials and extra rewards. It's free and easy to sign up. Once the points are in your account, you can spend them just like regular MS points. There's also a Beta rewards program on the PS3. It was suppose to release to the public in spring, but there's a delay and it might not be available any time soon.
Another way is Gamefly. One you become a member, you start getting bonuses like $5.00 every three months to use on game purchases. Once you have a game at home, you might be able to keep it for cheap. After being a member for a year, you get 10% off used game purchases.
Lately, I've noticed new games go on sale only a week or so after release. I saw Portal 2 for $40.00 a few days ago. So it pays to look around and be patient. Ebay also offers some pretty good deals if you look hard enough.
More info on getting video games for less