First, if your friends have something that you think you really want or need, let it mull in your mind for a few days or even a few weeks and see if it still seems like you HAVE to have it. You will find that once the novelty of the item wears off, it may not seem so must have-able after all!
Second, if it still seems like you must have it, talk with the family about it. Does your family need it? Is it worth the money or is there something else you want to spend that money on? After all, once you think about how much the item costs, you will be amazed how many things you can think of that you would rather have.
Third, if you decide you DO want the item, save your money then shop around. Don't just go and buy it immediately or throw it on credit. Shop the sales, shop online. Get the best value for your buck! :)
If anyone is interested, here is the quote by Robert D. Hales from “Becoming Provident Providers Temporally and Spiritually,” Ensign, May 2009, that brought on this post today.
“Being provident providers, we must keep that most basic commandment, ‘Thou shalt not covet’ (Exodus 20:17). Our world is fraught with feelings of entitlement. Some of us feel embarrassed, ashamed, less worthwhile if our family does not have everything the neighbors have. As a result, we go into debt to buy things we can’t afford—and things we do not really need. Whenever we do this, we become poor temporally and spiritually. We give away some of our precious, priceless agency and put ourselves in self-imposed servitude. Money we could have used to care for ourselves and others must now be used to pay our debts.”