If that was my arrangement, I would only be able to buy at most 1 pair of shoes a year.
The current arrangement we have is if either of us wants to buy something for ourselves over $100, we have to let the other know. Of course, when my wife tells me this, I always say 'sure...go ahead. I fully support your purchase'. Note: we both work, so we have our own cash.
However, sometimes the reverse is not quite so easy, when a purchase I'd like to make seems extravagant in her eyes (as her clothing purchases, while more regular than mine, are almost always at lower price-points).
So, I then offer to put the equivalent amount of my purchases into our house account (for improvements, major purchases, and the like). This usually works like a charm, and at the same time, I feel like I'm contributing.