I guess this is a problem only in USA. In Europe, the education is inexpensive enough with government funding and some effort from the child(which eventually pays back). Holiday vacations are usually for the whole family or organized by the school so this is planned expense. And in my opinion most of the expensive "toys" are usually not good for the child, like giving a sever year old an iPad/iPhone. I prefer to go with toys that spark creativity which usually are less expensive. That is not to say I would not buy expensive toys, however I believe that they should be given as rewards for memorable achievements or and to teach them what investment is. However I do admit that during the first five years the expenses for a child are huge, because most things have very short utilization lifespan - strollers, clothes, furniture, toys etc.
Instead of shared money with personal allowances, which works in constricting manner, we have shared goals approach to which we contribute whenever and however we can, which works in contributing manner. And we try to keep our budget aligned with our forecast for the goal or we reevaluate the forecast in case of unforeseen circumstances like the COVID pandemic. Of course we don't hit all of our targets but with time we get better at evaluating. Also any unspent money from a missed goal start as base for another goal.
Way to miss the point. The examples I gave are just illustrations and not restricted to the USA. In simple terms: if you make a "selfish" purchase there is always an opportunity cost in terms of money not spent on loved ones. I don't see how parents can justify having a large personal budget unless their total budget is millionaire-level large. Have nicer and/or more frequent holidays instead, or get a larger house in a nicer neighborhood, hire a nanny perhaps.
"there is always an opportunity cost in terms of money not spent on loved ones" seems to me that by that logic you don't "love" yourself and you put very little value to yourself and that you only serve your loved ones. Everything that I purchase and that brings me happiness in term usually makes the people around me that love me also happy. Either by improving my mood and so improving my social interaction with them or simply because they care about me. And most of the things that I can and will buy for myself are transiently valuable to them as well. I buy an Omega watch -> someday I will leave that watch to my kid hopefully with a good story and a loving memory. I get a gaming PC/console -> I get to spend time with my kid playing a game. I build a utility room into my garage -> I get to teach my kid how to build/fix something. I buy a telescope -> I can spend time showing them the stars/galaxies etc. I do not buy something like that when there are more pressing matters at hand. However if we are meeting our common goals the money that we earned are for us to spend in whatever way we want, including giving presents for each other(even in the form of money). The freedom to care for ourselves improves our care for each other.
Where by large you mean 1000$? Why would you have to be a millionaire to be able to afford that? What exactly do you plan to buy for your kids?
Expensive holidays are not automatically better, by the way. You don't need a luxury hotel abroad, maybe kids would actually have more fun going camping.
Also everybody seems to be missing the point that those 1200$ from the article where a business expense, not a "selfish purchase" as such.
Instead of shared money with personal allowances, which works in constricting manner, we have shared goals approach to which we contribute whenever and however we can, which works in contributing manner. And we try to keep our budget aligned with our forecast for the goal or we reevaluate the forecast in case of unforeseen circumstances like the COVID pandemic. Of course we don't hit all of our targets but with time we get better at evaluating. Also any unspent money from a missed goal start as base for another goal.