Financial independence (in the "work becomes a choice" sense -- not necessarily after idleness...) is a pretty attractive prospect. Beyond that point, money has rapidly-diminishing returns for me.
For more info about this lifestyle, see this website: http://earlyretirementextreme.com
As long as you're done with your growth spurt, and have your personal style without need to look trendy every season, I see no need to try to buy the cheapest clothes. Affordable, sure, but without sacrificing quality.