Would you be willing to give up some personal luxuries if it meant everyone had access to basic necessities?

It depends what one means by 'personal luxuries', if that means, in actuality, the negation of the ability to attain wealth and what comes with such, which is what socialism plays out as in reality, then no, however, of course everyone should have access to basic necessities, and this is possible and is done so in liberal democratic capitalist systems, but not at the expense of the ability to attain wealth and luxury.