I could do it, no problem. After a terrible marriage and divorce, I downsized from a 6500 sq ft 3 story house to a 420 sq ft 1 bedroom apartment, and that's WITH a (now) 17 year old son and a half-time (now)14 year old!
Such a relief! The bills dropped like a ROCK, the housework is easy and fast, I have a fabulous time making it all work, be comfortable and seriously frugally-stylish. I also was able to get completely out of debt and stopped using all credit cards.
Since I was a kid, I have always said I could live in a coffin as long as it had enough shelf space, but now with my laptop, e-reader and PV, I don't even need shelves!
Most of my friends with bigger places still end up dropping in on me for coffee because its light, quiet, airy, and pretty here. ;-)
Small space RULES!
Onawa