How to decrease load on CPU – site uses timthumb

Hello,

My site @ bollykings.com is hosted on a shared server on hostgator. It was working fine but now they tell me that a script called timthumb was creating load on the cpu. Is there any alternative to fix the issue? Maybe by caching the thumbnails or something? I am not sure how to fix this issue without moving to a VPS which is not in my budget at the moment. Please guys – anyhelp on this will be highly appreciated!

Thanks.