OP: I would approach it slightly differently, because honestly, most women generally have a better grasp of household finances than the man does (I make the money, you keep track of it syndrome, my wife is the purser), and it sounds like she is looking out for BOTH of you as a unit, not herself alone.
Now, to my tact: Does she work? If so make a deal: both can save some side money (OT, brown bag lunches, less beer, less beauty shop/clothes, maybe slip a dinner out, etc.) to accumulate some cash for a purchase for each of you. If you each save $500, you can use $1000 from the regular funds, and each buy something for $1000. Make it a game. Use it as birthday and/or Christmas presents for the next year. Honestly sometimes the planning/shopping/anticipation is as good as the obtaining.
Toys are nice but someday this woman is going to be feeding you and changing your diapers.

Seriously, work with her, she might just be right, and finances are a common cause for marital discord.
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