A common approach to economizing your label usage is using a "2-Up" printing format. What this means is that instead of printing a single label per sheet, two (or more) copies of the label are printed on a single sheet of paper with a perforation down the middle.
First, design a label that fits the size of one of the labels on that double label (You won't be designing both sides, just one). So for example, when using a vertically-split label like this one, you would design a label that is half the size.
On the right hand side, you would then select "Multiple Labels per Page" and for most common 2-Up printing styles you would put 2 in "Labels per row".
If you've done this correctly, you should end up with each sheet having two labels printed on it, one on each side of the perforation.
You can input an infinite amount of labels per row and column, depending on how many you can fit in a page. Many of our stores like to use single sheets of 8.5x11'' paper, and divide it up evenly into columns/rows of a particular label, so less paper is wasted.