"If you want to be happy, live two notches below your means" was a piece of advice I received at age 22 and have been doing my best to follow ever since. Applied mainly to vehicles (which can cost as much as 1/2 the value of a person's home where I live), electronic devices and things that are considered luxuries. I do not, however, apply this to basics: food, clothing and housing. This strategy requires you to turn a blind eye to what your peers spend on, though. That's not easy for most people.