Tippet Rings

This fairly new product in the fly fishing market helps reduce the waste of your leader as well as eliminates the pesky blood knot.  Attach a tippet ring to the end of your leader and attach your tippet from there.  They are small enough that they can even be used for dry flies and won't cause your leader to sink.

Tip: tie one onto your leader first, and then take it off of the clip.