These two techniques aren't going to make you look cool when you're recording, but when you're shooting video, it's the actual video that counts. If you don't have the dough for a big Steadicam or Fig Rig, these DIY tricks get the job done nicely.
The video above from Instructables user DIYHacksAndHowTos outlines the principles behind why the Steadicam and Fig Rig work so well. He also offers up a pair of suggestions that get you similar results with a point and shoot or a light mirrorless four-thirds camera or DSLR -- essentially any lightweight camera with a standard screw mount on the bottom.
First, if you have a tripod, leaving it attached and holding it at the top of the centre column for slow moving shots. Hold it near the bottom of the centre column for fast motions to minimise shake. If you don't have a tripod, or you would rather use a something like a Fig Rig to widen your grip, grab a block of wood and a few bolts so you can mount the camera on the end of the bolt. Drill a hole through the wood and insert the bolt. You should have enough of the bolt through the end of the wood for the camera to be safely mounted.
You can see how it works in the video above, but definitely hit the link below for more details on how this works -- and more background on professional mounts and why these techniques are good approximations.
How to Make an Impromptu Camera Stabilizer [Instructables]