This topic fascinates me. I'm a boomer and have been astounded at the accrued debt and bankruptcies all around me. I'm still working and living within our means and have a good retirement plan.
We live modestly drinking coffee at home every morning. The specialty coffees are still a treat, not the routine. I'm happy on the middle tier using middle tier products. We rarely "trade up" and when we do, it is modestly.
I guess I'm reserving emotional attachment and rewards for people, not things.