Idea of Compacting

I just read about a cool thing that a group of San Franciscans did a few years back. The initiated a Compact with each other. The agreed to basically not buy anything new (with exceptions of course) for 12 months. Check out the guidelines. Care to try it with me? I am really liking the idea. Of course, I do have a list of things I am searching for used already and it really frustrated my dear son. Not sure what to do about that ...