I agree. In particular, spending money on big banquets, Christmas and theme parties, etc. is a total waste as far as I am concerned. I really do not enjoy them and usually find an excuse not to go. I do enjoy informal dinner parties and host them sporadically. It's nice to see how other people live, and I love to see the architecture and design of their homes, but any notions that I might once have had about having a beautiful stately home have been long abandoned. My 2 bedroom condo has the privacy I need and is just the right size for me. I can justify the second bedroom because I use it as a multipurpose room, and a friend recently stayed overnight during a snowstorm.
We downsized from 2400 sq ft to 800 sq ft three years ago and I can't believe how much I like it now. It's so cozy and warm (100% woodstove heating) and still has a gourmet kitchen. I was pondering the 8 ft vanity in a friend's guest bathroom the other day as I compared it to the 3' in our only bathroom and wondering why all that space? Also the huge house with vaulted ceilings felt kinda drafty even though the electric furnace was blowing almost constantly.
Disclaimer: It might help to live in 800 sq ft when you have a 72 acre yard, but I couldn't say.