Look first at biological solutions for holding slopes back. If your slope is gradual enough that deep-rooted ground covers (or better yet, tall shrubs) will hold it in place, you score big in the sustainability and tightwad departments. Bully for you.
Choose climate-appropriate plants that also have recognized potential for erosion control. Generally, these plants have roots that are deeper and stronger than those of average plants, can thrive on little or no supplemental watering beyond what nature delivers, and are long-lived and dependable. How do you find such plants? Your best bet is to talk to a local horticulturist or landscape professional who's knowledgeable about such situations. Gardening books help, of course, and so does the Internet, but there's really no substitute for local experience.
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How would you like to save a ton of money and increase the value of your home by as much as thirty percent! If your homes landscape is designed properly it will be a source of enjoyment for your entire family, it will enhance your community and add to the resale value of your property. Landscape design involves much more than placing trees, shrubs and other plants on the property. It is an art which deals with conscious arrangement or organization of outdoor space for human satisfaction and enjoyment.