Look around you. In this day and age the less is more message isn't "zen" it's reality that has been forced upon everyone due to the economy. The ability to do more with less is not only a great way to connect with the simple lifestyle of our forefathers (and mothers), it is a necessary skill that will enable you to save what little resources you are able to aquire, and use them to ensure that yourself and your loved ones stay healthy and happy in these trying times.
This is definitely a good thing for everyone to do. Having all the mod-cons doesn't mean your life is any richer or you are any happier. If you are in debt take stock of what you really want and get rid of what you don't need. Being healthy is more important than having things.