The Three R's: Reduce - Reuse - RecycleI believe that these are ranked by importance -- to reduce how much you use or consume is the most important thing to do because it prevents the need for those things to ever be manufactured, etc. Think of how much energy is saved this way!
Reusing is something we can all easily do, and it effectively reduces how much you consume, since you are getting more use out of the same things. It also can save lots of money over time if you are consistently reusing things around the house.
Recycling is great and I always recycle anything that I can, but there is energy consumed in gathering, crushing and processing of recycled materials. So, always recycle when possible (otherwise your recyclable items may end up in a landfill -- or worse, in our lakes, rivers or oceans), but why not lean toward the reduce/reuse side? It can make a big difference for the environment as well as for your bank account :)