for me, i try not to loot common items, containers or buildings. the stuff would have already been looted. plus, if it's unlocked it'd be gone. instead, it forces me to buy my restock of arrows, new armor, etc.
no unrealistic looting like finding a gem in an animal. never take food or drink from other people or as loot. who knows where it's been.
i create realistic encumbrance that greatly impacts totals out in the field. as well, i don't play a merchant and merchants aren't pawn shops so equal trade or attempted equality at least is a goal.
sell specific items to the appropriate vendors. and, don't sell ridiculous items to merchants that you know they wouldn't want or use.
i don't sell things i make if i'm not specifically rping an alchemist or whatever. i make them for me.
always "tip", pay for meals, followers and their meals and getting back to full health for a week if i die and am not playing DiD (bigwooly's idea.)
it can be difficult at first, but, it soon becomes easy and natural. now, i can get an item and quickly determine whether or not i should allow my pc to take it. combined with the other rules and the economy becomes much more meaningful to me.
i'm ALWAYS up for more ideas on how us consolers can improve this aspect of rpg games.