I'm only a college student right now, and already have limited expenses, but I've been exploring the idea of reducing the amount of things I own; a more minimalist lifestyle. I've realized something that Jelliffe points out towards the end of his article:
"Simplicity is great if it is coupled with quality household goods, but terrible with commodity goods that bust all the time."
Most items you can get at Wal-Mart, Target, or any major chain store are not well made...and, well, crap. Yes, the nicer things are more expensive and more difficult to find, but they are worth it. Which makes more sense: owning one quality $100 knife for 30+ years, or going through 10 $20 knives over the course of 30 years?
That's just the beginning of living simpler, though. It isn't just about replacing your stuff with better stuff, but about reducing the overall amount of stuff you own. Do you really need X, Y, and Z, or can you do without Y and Z?
Relating this to my own experience, I like to see it as an interesting challenge. Since I fly back and forth from my school (and I don't own a car), everything I own has to be packed away in a storage unit at the end of the school year. Therefore, the less I own, the less I have to store, and the better off I am. I've been working to get rid of a lot of things I don't need (how much clothing do I really need? Electronics? Trinkets?) and avoiding buying new things. The major advantage this has is that it frees up a lot of money to spend on things I really want to do, such as a trip to Japan I have planned for this summer.
I wish this idea would go more mainstream, though, as I think the whole US could do with a little downsizing. Perhaps this current economy will help push us in that direction?