Anyone here? Question about air conditioning.

I've got an air conditioner and it's a real energy hog. The electric bill goes way up in the summer.

So I'm wondering: Does it save energy if I let the AC run until the room gets cool, then turn it off, then turn it back on when the room gets warm? Instinctively it seems like it would but I don't know if there's some hidden factor that would make me wrong.