[mom-from-missouri]

I think excluding childcare, my babies probably ran me less than $50 a month. I breastfed all of them--no formula. (and at the same time-#1 was still 1 when the twins were born, so I was nursing 3 for awhile.) Look into places like the LaLeche League for info. But, I still needed to buy a pump and bottles. I worked 12 hr night shifts then, 2-3 days a week. I was able to pump at work on my breaks and freeze it to go to daycare. (when they were real little we kept them home as they slept when I slept but at about 5 months they went to daycare when I worked or slept) I just got the cheap plastic bottles and pumped into them. When the babies were ready for solids, they ate basically what we ate. I just cooked theirs seperate, no spices or salt added, and ran it thru the blender. Friends saved me their baby food jars and at times I would buy veggies in bulk and process and freeze it for them. I sent that to daycare also. We used cloth diapers at home, and usually at daycare also.
You will need things like a carseat, bed, and high chair, but you can often find them from friends, family or used. Just be sure to check out the items for safety features-esp the carseat. Some counties even have programs that you can check out a carseat, like a library. Check into your local extension center or even family services to enquire on that-if there is such in your area, they would be the 2 groups to know about it.
If you stay home, tons of clothes are not necessary. My kids were given so many at showers that, sad to say, some were never worn. Take back if you get too many and exchange them for clothing in bigger sizes. There are lots of free things for momma and baby to do. Reading is one of them, long walks. Little ones often have more fun with the empty box than the toy-my girls loved putting juice can tops into a coffee can or oatmeal box-over and over and over-ignoring the high priced toys.
Lots of baby stuff is not necessary-such as a changing table. I always changed mine in their bed or on a pad on the floor after they got wiggly. Their baths were in the kitchen sink at first, then when they got bigger I put a large piece of foam in the bottom of the tub and laid them on that. Never did use one of those fancy baby tubs.
Start buying some stuff ahead of time, and make sure it is stuff that is not seasonal-such as a rocking chair, high chair...onsies, diapers...and you will be prepared. On diapers, if you get cloth, don't get the prefold-baby outgrows them. Get the ones you fold so you can just fold them different as baby gets bigger. Study up on it and you'll be fine.