In earlier, less technically advanced eras, this approach would have been far-fetched. Material goods were inherently difficult to produce, find, and ship. They were rare and precious. They were closely associated with social prestige. Without important material signifiers such as wedding china, family silver, portraits, a coach-house, a trousseau and so forth, you were advertising your lack of substance to your neighbors. If you failed to surround yourself with a thick material barrier, you were inviting social abuse and possible police suspicion. So it made pragmatic sense to cling to heirlooms, renew all major purchases promptly, and visibly keep up with the Joneses. That era is dying. It's not only dying, but the assumptions behind that form of material culture are very dangerous. These objects can no longer protect you from want, from humiliation -- in fact they are *causes* of humiliation, as anyone with a McMansion crammed with Chinese-made goods and an unsellable SUV has now learned at great cost.
Furthermore, many of these objects can damage you personally. The hours you waste stumbling over your piled debris, picking, washing, storing, re-storing, those are hours and spaces that you will never get back in a mortal lifetime. Basically, you have to curate these goods: heat them, cool them, protect them from humidity and vermin. Every moment you devote to them is lost to your children, your friends, your society, yourself.
It's not bad to own fine things that you like. What you need are things that you GENUINELY like. Things that you cherish, that enhance your existence in the world. The rest is dross.
Do not "economize." Please. That is not the point. The economy is clearly insane. Even its champions are terrified by it now. It's melting the North Pole. So "economization" is not your friend. Cheapness can be value-less. Voluntary simplicity is, furthermore, boring. Less can become too much work.
The items that you use incessantly, the items you employ every day, the normal, boring goods that don't seem luxurious or romantic: these are the critical ones. They are truly central. The everyday object is the monarch of all objects. It's in your time most, it's in your space most. It is "where it is at," and it is "what is going on."
It takes a while to get this through your head, because it's the opposite of the legendry of shopping. However: the things that you use every day should be the best-designed things you can get. For instance, you cannot possibly spend too much money on a bed -- (assuming you have a regular bed, which in point of fact I do not). You're spending a third of your lifetime in a bed. Your bed might be sagging, ugly, groaning and infested with dust mites, because you are used to that situation and cannot see it. That calamity might escape your conscious notice. See it. Replace it.