I assume you are doing this to show a thumbnail or similar?
If so, then personally, I'd create a folder called "thumbnails" and save a thumbn to that, cross referencing the thumb to the full image - that way you only do it once.
But...either way, the Image class has a
GetThumbnailImage method[
^] which does exactly that - creates a thumbnail image from a full image without using an intermediary file.