At college (Auburn University, where we LOVE the BCS), we generally followed this hierarchy of beer, from cheapest/most desperate:
Natural Light/Milwaukee's Best
MGD/MGDlight
Southpaw (Reigonal cheap beer)
Icehouse
Miller High Life/High Life Light
Miller Lite/Bud Light/Coors <- "Workhoss beers"
Michelob, Red Stripe, Corona, etc.
Guinness, Bass Ale, Harp, etc.
Which we had was basically a function of what was on sale, how much money was available, and whether there was liquor. Most of the time everyone would bring their preferred Workhoss beer, and then supplement it later in the evening with crappy cheap stuff. It was very rare to drink more than one "premium" beer.
I may be remembering this list wrong, as I really only drank beer my senior year, and stuck to Jack and Coke when it was available*. Nowadays I don't drink, because I think paying 2 bucks in a restaurant for a drink with refills is exorbidant, and drinking alone at home is very sad, indeed.
So, yeah. I basically justify computer/toy purchases by accounting for all the money I've saved by not drinking or smoking. Sad but true!
*And I made it available, 'cause I was that asshole who had money saved for college and then got a scholarship on top of it and a supplemental scholarship on top of that. I shared the Jack rewards, though.