In addition to the resize you can also reduce the number of colours and increase the compression.
Choose File then Save As. Notice the 'More >>' button. Press that to get extra options.
For BMP files you can reduce the number of colours to 256 and you can turn on compression.
For jpeg and jpg files you can increase the level of compression (at the expense of the picture quality).
Reducing the colours can sometimes make the picture look awful, so make sure that you don't change the original picture. Use 'Save As' under a new name.
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