Use it up, wear it out, make it do or do without

This saying, which was probably coined in the early 20th century, was helping poor imigrants getting into the USA make ends meet. Then it was repeating during the Great Depression and the World War II. Nowadays it is using by followers of social movement called "voluntary simplicity" and seems to be a good way of practising a frugal lifestyle. 

"Use it up" means that all the goods which we already have, need to be consume before we decide to buy new staff. It refers to any area of our life and buck the wastefulness. 

"Wear it out" is a little bit similar to the first tip and assumes that we shouldn't throw utilizable devices away just because a new model appeared on the market. Furthermore it encourages us to give the second life to the old things and to be creative in finding new usage of different items. 

"Make it do" means that we could content ourself with what we possess. There is a plenty of solutions instead of purchasing new products. 

"Do without" is an essence of simplicity. It make us realize that we can live without the immediate satisfaction of our needs. 

I am curious about your opinion. What do you think about the popular sentence : "less is more"? Waiting for your comments :)