So optimizing the loading time of your blog is really necessary for both search engines and readers.
Now Google has itself created a special tool (a firefox add-on, that works along with firebug):
that’s called Page Speed. Being an open source project Google has again left the boundaries undefined and a lot scope for it’s further development…
So do give it a try & if you are a developer have some hands-on it 😉
*UPDATE: These are the steps you have to follow to Analyze your blog with the help of FireBug and Page Speed:
Open Firefox, go to Tools -> Add-Ons -> Extensions
and enable Firebug and Page Speed (Install any or both of them, if you do not already have them in your browser)
Then restart your browser (Firefox or Flock), and you’ll see a tiny bug at the lower left section of your browser, like this:
Click on the bug and then select “Page Speed” tab and then click “Analyze Performance”
When the results are shown, you may start your work to remove the listed errors.