Modifying Space Within Widgets

Is there an easy way to close the space that remains at times when using several widget plugins? For example, the Subscribe by Email widget provides a default subtext indicating to the user that they will not be bombarded with spam and that they can unsubscribe. If you don't want any text in this area on your website you can remove it. However, the space where the text would go remains. This also occurs when you don't want to have a title above. Is there an easy way to close these types of spaces down?

You can see what I'm talking about on the left hand column of my website with this screenshot:
http://www.uploadscreenshot.com/image/66576/7175768

Thanks in advance for any help!