I only have one child, I'll probably have another baby when I've finished university but it will only be one.
Financial freedom is really important to me, I don't buy fancy clothes but we do go overseas every year (I think travel has made me the person I am and want my DD to experience it too). She's only 3 but when she's old enough I'd like to be able to provide her the freedom to choose what she wants to do without worrying about the cost involved.
In saying that, none of that matters in a happy family and not having much money doesn't decrease your children's quality of life or parenting ability.
I think as long as you're happy with your choices your children will grow up knowing you did a great job and loving you for it. At least that's what I'm hoping