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You could check out the Image Shrink app. There is a lite and a paid version. I have never personally found a need for an app like this - but I could see the benefit if you are trying to send multiple large images somewhere.
You could also change the setting in your camera app to take smaller file sized photos if you know you're going to need that. I'm not a fan of most stock apps so I use GoSMS for texting. When I send an image as a text, the app automatically asks if I want to reduce the file size for MMS.