That is a question whose answer depends on a lot of situational variables. If the function is called rarely, the compiler may inline it automatically to increase code locality and remove the overhead of a function call; if it is called often, inlining the function's code would increase the size of your program and reduce cache efficiency. There is a fine balance to be struck, one which the compiler is generally the most qualified to find.
That being said, unless you are working on an embedded system with stringent memory requirements, don't even think about this issue. Focus on making your code readable and reusable, and only go back to optimize it when you discover there's a problem. Premature optimization is a waste of development time and can often lead to you introducing bugs as you sacrifice maintainability for unneeded performance improvements.