Personal finance expert Ramit Sethi has a lot to say on this subject; he leans more towards the "earn more than you spend" approach, but he focuses on brutally cutting spending on anything that doesn't really make you happy.
One of Ramit's favorite rants is to criticize people who encourage budding savers to avoid spending money on "lattes" (in Ramit's rants, it's always lattes). The way Ramit sees it: if lattes, or expensive cars, or Fabergé eggs make you happy, there is no reason not to spend money on it--as long as you have your other vital expenses, which includes savings, taken care of first.
I think that's the biggest takeaway from the "spend less than you earn" approach: lots of people buy expensive cars or big houses because they think it's what they want, or because they assume it is what they're "supposed" to have or want, but closer examination would probably show that often, enough is enough, and more is too much.