I don't have any advice, because we don't have any practical experience. My input is simply ideas. With our first on the way, my husband and I have been discussing this very subject- I'm so happy to see it discussed here!
We, like many trads, are on a limited budget. Truly there are many blessings that come with that, despite the many hardships. We don't have any plans of striking it rich during our lifetime, and realistically we understand that money will more than likely be tight for the duration of our lives. I think this type of environment naturally brings about what we are seeking in regards to a spirit of poverty.
Of course no TV, and we've tossed around the idea of no internet. We ditched the cell phones, and have just the home phone. Neither of us ever grew comfortable will being available to people at all times with the cell phone. It makes everything so instant, and texting drives us crazy. Texting has made children and teenagers inept at communicating properly, not to mention adults! There is no way in the world my children, no matter how old, will have smart phones or anything similar.
At the moment, we live in town, but our plan hopefully within the next 5 years will be to move to the country, outside of a small town, where we will be largely self-sustaining and I'll homeschool. So the children will be raised to be skilled in gardening and animal husbandry, which teaches where food comes from and that it takes hard work to get it. Children will be expected to work in ways appropriate to their age.
Fortunately, my husband is a woodworker, so he'll make the children's toys. We've already decided that we don't want a designated toy room where the children have so many toys that they don't care about any of them. They'll have a few toys that they will be responsible for caring for. We'd like to avoid large birthday parties for this very reason. Living in the country provides lots opportunities for wholesome entertainment where they can create their own toys and fun. A back yard in town does as well.
We've already decided that there will be no extravagant themed children's bedrooms, which is such a large trend these days.
Sweets, as others have mentioned, will be reserved for feast days, birthdays, baptismal birthdays, and other special occasions. We decided this recently, and my husband is currently finding this a hard thing to achieve, as this is not his habit, and he wants to have it down before it's time to implement it with children. We'd also, like Nadir, like to avoid the snacking at will. Snacks will be homemade instead of in a package. In other words, no cabinet full of snack items to choose from. Hopefully, the children will be able to help make their own snacks.
I love everybody's idea of caring for the things that they already have. I hope that we can instill that well in our children. We have a lot of ideals that are easy to dream up- but I'm sure that implementing them will be much more difficult!