The FIA World Motor Sport Council has confirmed that it is willing to sanction F1 cost-cutting measures, which will have to be agreed before the end of this month.
The FIA has not given any details of possible amendments to the technical regulations, but issued the following statement today:
“At their request, the FIA is having active discussions with teams regarding cost control and any amendments to the technical regulations resulting from a further limit on expenditure on the chassis will be submitted to the WMSC via a fax vote before 30 June. The intention is to help all teams participate in the Championship in a fair and equal manner.
“Constructive Concorde Agreement discussions are on-going between the FIA and the Commercial Rights Holder, with the intention of finalising an agreement in the coming weeks. It was also decided that the deadline for the closing of entries be deferred to 30 September.”
Adam Cooper's F1 Blog 
The first thing I would do, which would be small financial impact but would help the small teams would be to severely limit the number of technicians both at the track & back at factories studying telemetry & running race strategies on their laptops & supercomputers. Might spice up the races more too.