I have a 2 year old and a 10 month old.
First, find out if the mom will nurse. Breastfeeding is free. Formula runs $12-26 (generic vs. name brand) a can, plus bottles, etc. A can lasts 1-2 weeks, depending on baby's age, . That really adds up over the course of a year. But this is a decision that the mom gets to make by herself. I worked full time and pumped, so while it can be done, this is something for mom to decide. Sorry, you don't get a vote here!
Diapers/wipes are a fixed expense. I use Pampers, but there are cheaper ways to go. Pampers are $20 box, with number of diapers in a box decreasing as the size increases. Plan for 10-12 diapers at the newborn stage. My 10 month old goes through about 6 a day. The key to buying diapers is to do the math on cost per diapers. All companies sell variety of sizes of boxes, and the biggest box is not necesary the best value. Babies R Us is the worst about this.
Wipes cost money too, and you will go through them like water. We go through about 1-2 packs a week between the 2 kids (oldest is potty trained except for nap and overnight)
Baci is right. Just like companies that do wedding registries, the Babies R Us, Targets, etc of the world will try to convince you that you need everything. My husband and I waited a long time to have kids and were in a very financially secure place when we did. Yes, we went overboard with the buying. Even with 2 kids I don't know that we got the money's worth on a lot of it. You really just don't need it all.
The basics/must haves:
-- car seat- many of these come with a compatible stroller. Go that route.
-- crib
-- a swing (see below)
-- one playmat would be nice, but not necesary
-- some onesies/sleep n plays
Ways to save money:
1. Consignment sales. I personally like
this one, if there is one in your area. There is NO NEED to buy all the stuff new. This especially applies to clothes. Babies wear their clothes for max of 3 months. You can get new-looking clothes at consignment sales. You can also get designer clothes at reduced prices. All the swings, strollers, etc can be bought at these sales. People like me are looking to make a buck off our of stuff! Do not buy the car seat used.
2. Do not go overboard on the nursery. Seriously. Just a crib set from Target and some paint on the wall. That is it! Kids grow fast and will want something new in no time flat.
3. Buy the travel sized swing ($40) and not the full sized swing ($135). The kids is just as happy in it and you can take it with you.
4. Do not scrimp on medical insurance. In fact, if you have the option to pay a little more in your plan to decrease the co-pay each MD visit then I would suggest that route for at least the first year. You will have doc visits at 2 weeks, 2 months, 4 months, 6 months, 9 months and 12 months. You may also have one 3 days after hospital discharge. Those are WELL baby checks. Plan for at least 4-8 additional sick baby visits.
5. If you live in an area that is served by
Dolly Parton's Imagination Library then sign up for it. You get a free book every month until the kid is 5. Get a library card for books. Read to the kid 20 minutes a day, but you don't have to break the bank to do so.
6. I was told to plan on 3 outfits a day (spit ups, diaper blow-outs, etc), and to do the math on how often that I wanted to do laundry. Foolishly I bought 21 outfits for the first kid. What a stupid waste. Plus, my first was not one that spit up. I could keep him in one outfit all day. Wait until the munchkin gets here to learn if you really do need a stockpile of extra clothes.
Those are off the top of my head at 6am. I am sure that I will think of more later. Hope that it helps.