“We buy things we don't need with money we don't have to impress people we don't like.” ― Chuck Palahniuk, Fight Club
There is a principle from extreme programming called YAGNI, stands for "you ain't gonna need it". I think this applies very well to possessions in life too. We own a lot of things we do not need and carry no emotional value. If an item does not provide value, get rid of it.
I've also been interested in trying out the one bag experiment