I stumbled across this idea a few years ago in a Young Adult novel called the Gospel According to Larry, but according to Wikipedia, the protagonist went a step further and limited himself to 75 items.

I mean, it's a good idea in that any time you wish to purchase something, you'd have to think extra hard about it, & decide if that item is worth losing something else you love for.

But? Hell, i own over 100 items just in books, & that's after purging my library of everything i didn't need earlier this year.