I'm enjoying the life of frugality as a college student right now. My summer apartment has little besides my laptop, a couple of books, clothes / toiletries, my saxophone, and food. It's rather nice. It's hard to waste time being idle. If I'm bored, I need to be social and hang out with someone; I can't waste time playing video games or watching TV. (I'm fortunately pretty sparse with my computer use — GChat, vim, and music mostly.)
Every now and then, a friend, upon entering my apartment, will comment on how bare it is. I just smile and say, "Isn't it much simpler this way?"