My parents would only get new games at birthdays and Christmas and usually one for birthday and two for Christmas. Which was good as at one Christmas was Donkey Kong Country and Zelda A Link To the Past.|
My parents were pretty crafty though and made sure I was always behind the current gen consoles. My first ever console was an Atari 2600 in the late 80s which brought from a pound shop. Which worked well for me because most Mega Drive games were available for 3 pound a pop from the market by the time I got one.
I'd say I made do with just them but I used to rent games often back then. There were tons on video shops back then and it was better than spending 59.99 per game.