Originally posted by: Mark R
Another idea is to buy a multimeter (useful in many more situations than WattsUp), then measure the voltage and amperage (separately).
This method is very inaccurate, especially for electronic devices (e.g. PCs, TVs), and for devices with motors in them (e.g. washing machines). If used on a PC, it can over-estimate power consumption by as much as 50%. Additionally, for devices which are on intermittantly, e.g. computer monitors, fridges, you get no good measure of duty cycle.
The only accurate way is to use a true energy meter - e.g. something like the 'WattsUp' or the energy meter kindly provided by your electricity supply company (this is how I do it, but it is inconvenient as most of the other appliances have to be switched off during the measurement)