There has been a proliferation of block-diagram environments for specifying and prototyping DSP systems. These include tools from academia like Ptolemy [6], and commercial tools like SPW from Cadence Design Systems, and Cossap from Synopsys. The block diagram languages used in these environments are usually based on dataflow semantics because various subsets of dataflow have proven to be good matches for expressing and modeling signal processing systems. In particular, synchronous dataflow (SDF)[14] has been found to be a particularly good match for expressing multirate signal processing systems [5]. One of the key problems that arises during synthesis from an SDF specification is scheduling. Past work on scheduling [3] from SDF has focused on optimization of program memory and buffer memory. However, in [3], no attempt was made for overlaying or sharing buffers. In this paper, we formally tackle the problem of generating optimally compact schedules for SDF graphs, that also attempt to minimize buffering mem- ory under the assumption that buffers will be shared. This will result in schedules whose data memory usage is drastically lower than methods in the past have achieved. The method we use is that of lifetime analysis; we develop a model for buffer lifetimes in SDF graphs, and develop scheduling algorithms that attempt to generate schedules that minimize the maximum number of live tokens under the particular buffer lifetime model. We develop several efficient algorithms for extracting the relevant lifetimes from the SDF schedule. We then use the firstfit heuristic for packing arrays efficiently into memory. We report extensive experimental results on applying these techniques to several practical SDF systems, and show improvements that average 50% over previous techniques, with some systems exhibiting upto an 83% improvement over previous techniques. Also cross-referenced as UMIACS-TR-99-32