I've made less than $50k/year enough years in the past. I live in an area with a relatively high cost of living. My cost of living is fairly low even now.
I live by the beach in an older place which keeps my expenses low but I do have to spend more time fixing things and sorting things out. The location is phenomenal which leads to:
I rent out my spare bedroom (and sometimes my whole place when traveling for business/work) on a short-term basis which requires a bit more work/effort but allows me to subsidize a significant portion of my housing expenses and lets me live alone much of the time. Some months I subsidize 75% of my housing costs, some months I make money after paying all my housing expenses this way.
Sometimes when I would travel for work or pleasure and someone would want my place when I was scheduled to be there, I'd just pack more clothes and go visit friends staying on their couches or sometimes spare bedrooms. I had the added benefit of spending close time with good friends while still being able to accept a longer booking that would knock a bunch of my monthly housing expense down. Win, win.
I buy food/household goods at a local club/warehouse type store and pay for all household goods through my short term rental business so those are all paid for with pre-tax dollars and I net less "profit" lowering my tax exposure on my overall income. I prepare/cook food at home (sometimes more of the time, sometimes less) and when I do go out I try to make it places where there's a happy hour or other discount/promotion I can apply, or I frequent the place enough that I get hooked up. This means even when I go out my expenses are 25-50% off. I buy my produce at a local farmer's market letting me get better quality, fresher/longer lasting produce, at a reasonable price within walking distance of my place.
I don't have TV (although I have in the past). I take advantage of promotions or call and ask to get my bill lowered on all my monthly expenses. My car is older, simple, and very cheap to maintain/buy parts for. It gets excellent gas mileage especially for the operating costs/age.
My hobbies are both good for my health (involve significant exercise) and have very minimal recurring costs.
I don't buy toys, I buy tools. Assets, not liabilities.
My clothes come mostly from heavily discounted sales or solid finds at budget stores that get the imperceptably "wrong" versions of higher end/quality brands. I don't care that I'm in there shopping with people who many would consider poor. Nobody I know has ever realized this is where I shop unless I tell them. It takes a little more time, but not really any more time than I would spend finding items elsewhere.
If I buy expensive clothing it's clothing that serves an important purpose other than flash/having name brands. Recently I had to replace a lost jacket and paid probably 4-5 times the price of my previous one. The fit is nearly perfect, it's a high quality brand, liquid spills fall right off of it, and I get complimented on it all the time (and women amazingly enough approach me when I wear it). A high quality suit I'll spend money on as it's a business/impression tool that if taken care of lasts a long time.
I repair or repurpose items wherever I can. I shop on Craigslist for things I want at a fraction of the cost of a new item. Many years ago I furnished my whole place with second-hand items. I still do this despite being able to buy new items off the shelf. I'd rather someone else take the big hit up front especially with things like a table that if in good condition doesn't wear out really.
Keeping my recurring expenses low was the most effective way to live within my means, but just flat out saying no to complete wastes of money like eating out all the time and buying $5 coffees that cost $0.10 to make was a big factor as well.
My "splurge" was to spend $1 on a coffee by bringing in my own mug for a "refill" to give you an idea.
Many people would think this is restrictive and lowers your quality of life. If your outlook is right this is not true. I was far happier making less but spending far less than my friends. I never had to worry about being in debt, nor about having an unexpected expense come up. Many people would look weird at me for tipping "too much" yet those same people would end up with a far larger bill than I did. Often when going out, I'd invite others over and serve them up drinks out of my bar, but when we'd go out I wouldn't pay for a single round, so $15-20 in hosting the pre-party would save me $35-40 over the course of the night (or more).
If you're doing the opposite of what society at large and the media/hollywood is telling you is normal, you're probably on the right path.
