My son is only 6 at the moment, yet we've been instilling him with this mentality as much as we can. Every year for his birthday, he'll occasionally request for specifics toys which are nothing over the top but beyond that he gets more adrenalized in coming up with small getaway places to celebrate his birthday. Last year it was Kalahari Resorts which was amazing!
I'm not against indulging my kids with toys here and there but whenever there's the opportunity for an epic experience instead, I'll undoubtedly push for that regardless if it ends up costing more.
Personally I wish I had understood this at a younger age but it was not until that point where you find yourself owning sh*t you didn't need in combination with credit card debt that things suddently begin to click. Luckily all that is a thing of the past so all I can do now is to set my kids up for success as they grow older.