I am not waiting for the government to bail out Wall Street or to save the insurance industry. I am making moves today to review all my outgoing expenses and overhead. This includes all essential expenses like phone, electrical, cable, water, sewer, garbage, etc. which happen every month as well all non-essential expenses like eating out, car gas, subscriptions, protection services, travel costs, etc. that are more discretionary to life.

After categorizing each expense, I am looking at whether it is important to my life or not. If important, can I reduce its cost or must I leave it the same. If not important, can I cancel it without penalty. In other words, is there anything that I can reduce or eliminate that will not negatively affect my life.

I would like to know what other people are doing.