My parents didn't have much money, and we didn't have fancy clothes or expensive food. We didn't even have a TV. But we read library books, and played board games, and kept ourselves quite well entertained. My parents saved up enough money to buy a tent and sleeping bags when I was about 9 or 10, and after that we went on road trips in the summer. A big treat and splurge was to stop for root beer floats at an A&W.
My kids had it a bit easier, but we still didn't take elaborate vacations or buy them lots of big presents. We took them to a movie once in a great while, or out to dinner. And we had a TV (I think somebody gave us their old one) and later, a VCR. Like my generation, our kids played outside a lot, and read a lot,and played board games and card games. I don't think they feel deprived.