Getting rid of un-necessary white spaces in matlab figures

Matlab creates a huge white space around the picture when we do "saveas figure".

There is workaround:

 http://tipstrickshowtos.blogspot.com/2010/08/how-to-get-rid-of-white-margin-in.html
OR
set(gca, 'LooseInset', [0,0,0,0]);