I cannot say I am in the same financial spot, but we (my wife and I) get by. We own two cars, the youngest being 10 years old and the oldest being 26 years old. We're in our own home (five years on after 21 years of renting). But we live paycheck to paycheck. Somehow, the bills get paid and we have most of the stuff we like/want and all the stuff we need.
I am willing to wait for what I want, even if that means getting it used or decades after it was originally for sale. In the case of iDevices I am quite comfortable buying a model that is 2-3 years out of date to get what I want. The interaction of my parents with either me or my mother losing out to my dad, taught me that it's best to wait for what I want - or be miserable with the latest thing that is NOT what you wanted.
Somehow, in the getting what you want, what you need is ultimately satisfied. Or maybe it's just that what I want is always more than I need, LOL!