In my current stage of life, I move around from year to year and it may be a while before I have a long-term residence. My parents are moving soon as well, so there's no such thing as storing things at their house until after college. In order to travel light, I have a few thought experiments to go through whenever I need to pack:
How Bad Would I Feel If Everything In My House/Dorm Was Consumed By Flame?
It would be a big setback, to be sure. I'd have left whatever clothes I was wearing, my wallet, my phone, and maybe my computer and some books if I had my backpack with me. I'd probably need to go through a lot of red tape to replace official documents like my passports and birth certificate. I'd also lose the envelope of sentimental objects important enough to take along through every move. However, most of my digital files are in the cloud, and getting new clothes and other stuff would be pretty easy. I'd also have a good story to tell in the future.
How Bad Would It Be If The Suitcase I'm Packing Got Lost?
For the first few days of my year in England, this was the case, and by the time my suitcase finally did arrive, I was happy but didn't need it quite as much. In my carry-on backpack I had brought my documents, my computer etc, and a change of clothes; I had to buy cheap suit and some household items to get through the first few days, but was pretty much set from that point on.
With these thoughts in my mind, I feel more free to get rid of unimportant or easily replaceable items before I travel. I'm sure things will change once I get furniture and more permanent, expensive household items, but I like to think that the concept at the heart will remain the same: the destruction of my material possessions isn't as bad as it may seem.