I am a student with part-time job, but I keep up the same standards of living as my well-paid IT nerd live-in-bf. I usually buy cheap cosmetics and then go get still expensive designer clothes from sales. But I can take a cheap skirt rather than the designer one if it looks just as cool. The label isn't the thing but the style. I also drink red wines or drinks at bar, but can live with cereal, yoghurt and pasta when paycheck comes in 3 days..
The little luxuries of life make it worth living. So why not save in some other thing, better than living over the budget. If it really makes a person happy, then go for it, but if the point is to keep up with tje Jones, then it's not good.
Oh yeah. Lingerie. Mmmmmmm. Gossard...