the only thing i won't cut corners on is living in a nicer area. Living in a shitty area trickles down to every aspect of life. It will suck the life out of you.
Dumbest thing i see people do is argue that owning is better than renting and they end up owning in a shitty area, while being bogged down by the liabilities of ownership.
I had numerous people laugh at me for fixing up two places that I rented. First of all, I had to live there. Second, I happened to get very affordable rent in two very nice areas.