if i were to make my bike lighter, i would purchase new parts. first thing i would buy is a new seat, depending on if i had a pivotal combo or not. if you do have a pivotal combo, buy a lighter seat. if you have rails, upgrade your seat and post. if you want to go for even less weight reduction go for a plastic seat/post combo. the lightest out now is made by eclat for 30-35 dollars. then theres also one by stolen which is almost as light. this will weigh around 7 oz, and depending on your stock seat which is probably around 15oz or even a little less, thats a loss of about half a pound there.
next i would either take off pegs, or if you need them upgrade to lighter pegs. stolen makes very very light plastic pegs that are great if you ride alot of park. if you ride street, animal mk3 pegs are the most durable ones out now, and arent very heavy either.
next i would upgrade my tires. you can get some tires that will easily shave off at least a pound of rotating weight from your bike. maxxis makes a great racing tire that would be perfect for street too. KHE also has a very light tire. for light tires, look for ones 17oz and lighter. chances are your stock tires are about 25 now, (just a guess). you can also use thinner tubes if you arent worried about flats, just ride a little more carefully and try not to get pinch flats.
after i've upgraded all of that, i would next go for pedals. if you have metal pedals, now GET RID OF THEM. they weigh probably around 25oz or less, depending on the brand. if it is a GT it probably either has cheap plastics or generic alloy ones. upgrade to some PC pedals, you'll love them. they're a ton lighter and cheap too at around 15 dollars average. the best pc pedals out now are either: odyssey twisted PC, fit, or animal. this could actually even go to the top of the list.
lastly is the most expensive thing, upgrading larger parts. by this i mean upgrading bars and forks and wheels. you can get some nice bars that weigh around 23oz for about 60 dollars ish. depending on your bike, your stock bars are probably around 30oz. this shaves off weight just there, and they will be better made and you can choose your height and length to fit your riding style. forks are a bit more expensive, usually around 120 dollars or more. a good fork weighs around 30oz. wheels are a big invesment, most people like the odyssey hazard back wheels and eclat also makes very nice wheels and hubs. one of the best cranksets out now is by odyssey, the wombolts. they're extremely light and are very durable too.
if you take the time to read all of this, then you are probably serious about lighting up your bike. have a good day.