The present invention is generally directed to a method of forming contacts for a memory device. In one illustrative embodiment, the method includes forming a layer of insulating material above an active area of a dual bit memory cell, forming a hard mask layer above the layer of insulating material, the hard mask layer having an original thickness, performing at least two partial etching processes on the hard mask layer to thereby define a patterned hard mask layer above the layer of insulating material, wherein each of the partial etching processes is designed to etch through less than the original thickness of the hard mask layer, the hard mask layer having openings formed therein that correspond to a digitline contact and a plurality of storage node contacts for the dual bit memory cell, and performing at least one etching process to form openings in the layer of insulating material for the digitline contact and the plurality of storage node contacts using the patterned hard mask layer as an etch mask.