As a child of the 1950s, I can speak of the differences between then and now. Life was both simpler and cheaper.
There are so many things today that people think of as necessities that even if available in the 1950s they would be considered luxury. These new “necessities” all have one thing in common, you need to pay for them each month.
Telephones in the 1950 - If you had a telephone it was basic black rotary, there would be only one in the house, and it was most likely on a party line. Many did not have telephones in the early 1950s (why do you think there were public phones everywhere.) Today, almost every member of the family has a cell phone. Depending on the plans and services they can easily take up several hundred dollars a month to service. (I know there are cheap ones available, but many choose to spend their money on having the newest and the bestest).
Television in the 1950s - Television was invented before WWII, but because of the war did not take off until the 1950s. First half of the decade televisions were rare, few families had one (and if they did, there was only one in the house). Our family did not get a television until the mid 1950s and it was used. The good thing was once you bought it, that was the end of the expense (other than electricity) Today most homes have more than one television, plus there is cable, a monthly expense. As with telephones there are a variety of plans. A person could easily spend hundreds of dollars a month having all the channels available. This is certainly an expense that did not exist in the 1950s.
Automobiles in the 1950s - Cars were a luxury. If you had a car, like other things, there would have only been one. It was shared. Public transit was available and used. As a child I knew my way around the city using the city buses (off topic but no one was concerned with a 10 year old traveling alone on a bus) I know the routes, and the transfers. Today, families often have two or more cars. Cost of cars go beyond price of the car it includes insurance and maintenance. Few would consider driving an old car (We have two cars, mine is a 20 year old Pontiac, but because it was maintained it still runs well).
Computers/ Games - Games in the 1950s were either board games, card games, or outside games. None of which required much in money. Computers and the connection to the internet (an on going cost) as well as computer games are a drain on many household budgets.
Entertainment - In the 1950s movies were a quarter. A dollar would get you a full days entertainment of two movies, features, news, cartoon and snacks. Today there are many places that will provide entertainment in exchange for your money. Taking a family to a movie today is expensive.
Eating out - Most families did not eat out in the 1950s. Perhaps when traveling on vacation, but just to go out to dinner was almost unheard of. I think I was 10 or 11 before I ever eaten at a restaurant. When we traveled we took our own food with us. I remember as a kid reading MAD magazine and they were making fun of Pizza (how difficult it was to eat) and I did not get the joke because I had never seen or heard of pizza. Today one of the biggest expense families have is food prepared outside the home. Eating out seems to be the norm. This can be very expensive.
Credit - Easy, credit did not exist in the 1950s for the average family. Sure, you may have an account at the local corner grocery store, but it was paid off if not weekly, monthly, and no interest. If you wanted something but did not have the money there was lay a way. You pick out the item, it was put in the back of the store and you paid a little each week until it was paid for at which time you got to take it home. Today some seem not to be able to live without credit, and this comes with a very high price. The interest charges take a good portion of their income, money that could be used for other things.
I could go on, but you get the picture. The 1950s were simpler times. We can not go back to those days but people can budget their money better. Decide what is important and what is not important.
The most important thing however is do not spend more than you have. If you have extra money, have fun, but don’t go into debt to have fun. The financial hangover when the party ends is going to hurt.
Nobody cared at all as long as your clothes were clean and your shoes didn't have holes.