I did this in 2010 and found it ridiculously freeing! I LOVE the feeling of using what I have, stretching myself creatively, and just plain not spending money. I can afford to spend money on these hobbies, but it seems foolish and wasteful to do so when I have everything I need and then some - especially when I look at how hard my husband works for his money and how much I take away from my children when I buy things I don't need.
I encourage you in this effort! It truly ends up feeling wonderful!