The site Money Under 30 gives a good outline of the pros and cons. It suggests to focus more on value or quality and less on quantity. If you have more stuff you have to spend more time managing it. Mess causes stress. Marie Kondo suggests to discard things that do not Spark Joy.
Ironically, minimalism is not a good principle for the financially challenged. For example, buying food and supplies in bulk to fit a budget is not minimalism. But it has a sympathetic perspective.
I recently discarded a stuffed chair because it was a useless obstacle in my 630 square foot condo apartment. I replaced it with a tilt-back office chair on wheels which is more comfortable and practical. I was eyeing the matching sofa but Brownie The Cat has claimed it for 20 hours per day of sleeping. She does not like the room being changed.
Then there are various online accounts, forums and such. Today I closed my LinkedIn account because it was a bother to scroll through the feed looking for something interesting. Twitter will be next to go.
If I bring something home I must throw something out to make room.