Assuming that you already have the photo as a .JPG file, some photo editors will allow you to save the files in the same compression format but at different compression ratios. For example, I took a .BMP file and saved it at three different compression ratios and got the following results:
Size of BMP file 1503 kB
At minimum compression the JPG file was 243 kB
At maximum compression the JPG file was 13 kB
At the compression I normally use the JPG was 137 kB
The image dimensions were the same in each case, but the smaller files had worse definition (quality) in the image than the larger files.
The editor I used to get these figures today was PaintShop Pro, which has an Options button when performing a SaveAs. This allows the compression setting to be changed.
A BMP file is not compressed and preserves the full image quality. If you are doing a series of edits on a photograph, save the intermediate stages as BMP files and SaveAs a JPG file at the end.
You should also note that some digital cameras have the option to change the file size and image quality of the photos they take.