He needs food? He buys food. He needs emergency accommodation? (Because his friend's house burns down or some such) He can buy that accommodation for the nights he needs it.
Having just become homeless[1] myself (not through choice) I've whittled down my possessions to something that's easy to carry. Following his rules (stuff that'd be annoying to buy again) I have a computer; a games console; an mp3 player; some headphones; a kindle; one pair trousers.
I have more clothes, but they're easy to replace. The Kindle is odd - one item, with many books on it. But they are easy to replace. Personally, I think that's a flaw in his method.
By a more reasonable counting system I have money (not much, but much more than other people in similar situations in my country, and very very much more than people in other countries); I have the gadgets (and associated chargers / headphones / cases / bags / media / software); I have clothes.
[1] As I've mentioned it, take a look at this website.
It's aimed at people needing "social housing". (I don't; I have no idea why I was given that URL, maybe it's just the script they follow.) IT IS AN APPALLING WEBSITE, AND A DREADFUL FORM. From the broken security mixing secure and insecure stuff, to the weird form flow.