Although it might seem trivial, but maintaining the right (read: recommended by your car manufacturer) air pressure inside your car's tires can have a significant effect on your car's performance and fuel efficiency, not the mention the life span of your tires.
Your car's tires serve as the medium between the car and the road. Under or overinflated tires tend to not grip the road as well, and will give you a nasty, bumpy ride. They will also wear down much more quickly than tires maintained at the correct air temperature.
If you ask any automobile expert, he'll tell you that the right air pressure inside your car can have a substantial effect on your car's fuel efficiency and performance. This is the reason why you see drivers and teams in motor sports fussing over their tires so much. When your tires are under, or over inflated, it can increase the friction between the tire and the road, leading to excessive power consumption. With the current prices of fuel, this extra power/fuel consumption can come to a significant amount of money.
When measuring the air pressure using a tire pressure gauge, make sure that you do so when the tires are cool. When the tires are warm, the air inside them expands, giving a faulty reading of the air pressure. Place the tire pressure gauge over the valve stem and press it down. You'll hear a slight hissing sound of escaping air if you've placed the gauge properly over the stem.
If you're using a analog pressure gauge, the needle will move to show you the air pressure, and if you're using a digital tire gauge, the readings will show up right on the LCD screen. Always remember to replace the valve cap when you're done taking the pressure readings!
You should look up your car tire pressure from time to time so that it matches the levels prescribed by your car manufacturer. Doing so will save you a ton in fuel and tire costs, while improving your car's performance.
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