When doing any work on any part of your home, it is always wise to weatherize as you work. Doing so will save time and money in the long run. Particularly in colder climates winterizing your home can save hundreds of dollars over the winter in heating costs. In warmer climates, weatherizing can save hundreds of dollars each year in air conditioning costs. Weatherizing involves several steps to prevent air flow into and out of the house. Your weatherizing needs may be as simple as adding weather stripping to exterior doors, re-caulking around windows, sealing cracks in wall seams, or closing spaces around pipes. Any leaks or openings that allow conditioned air to escape or unconditioned air to enter your home causes your furnace or air conditioner to work harder and to run more often. This, reduction of energy efficiency increases your heating and cooling costs very quickly. In visible areas you may need to do caulking or drywall sealing with tape and mud. In hidden areas, such as in cabinets, closets, etc. spaces around pipes and cracks in wall seams can be sealed quickly and inexpensively with expanding spray foam.

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If you found this tip helpful, you might also want to read this:
Use insulating paints to reduce your utility bills
Clean your heating/cooling ducts during remodeling
Air seal around plumbing and electrical penetrations, as well as gas lines and dryer and fireplace vents; identify and air seal any wall seam cracks
Add storm doors for energy efficiency