Drupal needs higher PHP memory limit. How to increase it?

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I run a Drupal 7 website with your Economy hosting plan, which comes with only 512MB or RAM. For this reason, I have to keep my PHP Memory Limit to a minimum – which is set up to 128MB.
Some pages need higher PHP Memory Limit – for example when I save a page or a View, I often get a PHP Fatal Error that the memory limit has exhausted. I know that I can easily increase the global PHP Memory Limit, but is this the right way of approaching my problem? What would you recoomend?