There is a phrase, which I have carried with me for a while now and by which I live by:
Live is a compromise
I'm not saying: There are times where you have to take a compromise.
I say: Every single thing you do in live is a compromise.
It's just that we don't think about it when we're having fun. The word compromise carries a lot of baggage with it. People think of compromises as situations, in which they can't do what they want. The compromises I speak of are the ones we don't think of, the ones we don't even recognize as compromises.
If you're out with friends, you can't sleep. If you have a nice dinner, you have to pay for it (and can't spend the money for something else). If you have good paid job, you most likely have less free time.
Things are rarely either good or bad. Most of the times there just compromises.
So why all of that?
I found that ones you're aware of that fact, you're able to come to a decision much easier, when you're in a tight spot. You're starting to think a lot more about you're free time and how (or with whom) to spend it. It also helps when you're in front of a career decision. Do you really want the better-paid job? Or would you rather have the free time to spend with your friends or partner? Do you want to study (to earn more in the future) or do you want to work now to earn money right away?
If you're aware of the compromises you're choosing, you're simply more likely to be happy with it afterwards.