Yep. The hedonic treadmill* is real. There are things worth paying for, and there are things whose net effect is only to make it more expensive for you to be happy. It's very much worth it to be deliberate in what luxuries you allow into your life, as once they've been there for a while you'll no longer derive any pleasure from them, but you'll miss them dearly if you were to give them up.

* https://en.wikipedia.org/wiki/Hedonic_treadmill