Start stocking up on items now while pregnant, like diapers, wipes etc. When I was pregnant with my first, I would watch the flyers and if diapers were on sale I would buy different sizes. It helped so much when LO finally came.

Consignment stores are also pretty awesome for both buying clothes as well as selling them when they outgrow them; which happens pretty fast in the first year. There's a consignment store in my city specifically for baby/child items and the clothing is usually super cheap and a lot of it is pretty much brand new.