You know about the various 80/20 rules of thumb, right? For instance, if you're in business, 20% of your customers might account for 80% of your profits. In any walk of life 20% of your exertions will bring you 80% of your results. The other way of saying this is 80% of what we do is wasted activity.

Though the proportions are not 80/20, I suspect a significant amount of our expenses are discretionary, inflated, or outright unnecessary. Especially in a recession, it makes sense to cut them out. For instance, how many couples need three cars along with the insurance payments required to make them drivable? In fact, how many couples truly need two cars?

Sometimes they do, but during those rare occasions renting vehicles for a day or two or even a week might be cheaper and even more fun, trading from one model to the next. Substituting mass transit, biking, or an all-electric scooter might work, as well and save you some dough. Even more significant is the fact that many of us wait too long to cut our expenses. If you do have a third car that is sitting in the garage, mostly unused, why not sell it yesterday? It's probably depreciating by the day, and being idle won't help its gaskets stay supple.

Likewise, the same logic applies to selling a hardly used vacation home. Instead of waiting for demand to surge, get exposure now by listing it. Or rent it subject to selling it. Ambivalence, not being sure you wish to part with these and other marginal items, is quite expensive. Even if you could have held on a while longer and by doing so have made a little more on selling these treasures, you'll be simplifying your life by letting go, sooner.

Just try to remember the sage advice some of our parents dispensed. My dad was fond of admonishing me when perusing a menu in a restaurant that "Your eyes are bigger than your stomach!" In the same spirit, let's ask how many cars can we drive at one time and in how many homes can we live?

One more point: If you find after selling an item or renting it out that you simply cannot live without it, never fear, you can buy it back or bargain for its equivalent.