This woman, Diane Nienhuis, decided to follow in the steps of Penny (of Blue Like Jazz quasi-fame) and give up buying clothes for a year. It's worth reading if you have a few minutes.
Here's my response, as posted on the Burnside site:
I really may do it. I think it would be hard for me, but I think it would be good for me, too. I'm going to try to decide for sure before the weekend's up.