This is a million dollar question, how to teach children the value of money especially in today's environment where there is a lot more cash balance with you than that was the case when you were growing up. Probably, your parents didn't have to worry about teaching you the value of money because two decades back there wasn't as much disposable cash with them as it is now with you. Austerity was the rule at home, sharing things with your siblings without any tantrums was something you had to abide by. Your parents didn't have to worry about teaching you the golden rules of saving restrained expenditure.
Today, the average Indian earns three times more than what he used to earn two decades back and there seems to be an abundance of things to buy as well as the availability of cash. You may have grown up playing cricket when your entire team had just three pairs of batting pads and gloves but your child will need his personal kit or risk being looked down upon by his teammates for being too 'kanjoos'. They just won't believe him if he said his parents didn't have enough cash to buy him his own kit. You'll have to get him the kit which may upset your budget for a month but you need to find a way out. It's his right!
Don't keep thinking that you didn't have that right in your childhood. Times have changed. Think about your father who may not even have played cricket; maybe he had to be satisfied with 'Gilli Danda'. You must thank God that children today are a lot smarter but that doesn't mean they'll appreciate unwarranted austerity even when there's no need. The country is doing much better now than the last eight centuries. Today's children understand the value of money better than those of earlier generations. Yes, there are exceptions to the rule and in those instances, you'll have to be more proactive in micromanaging their cash flow.