Yep, you can do it pretty cheaply. I think I spent about $1500 all up on cot (reduced from $800 to $200, cradle about $200, chest of drawers about $300, pram about $350, high chair $40, rocker about $100 and car seat).

It was tempting to go crazy on the Stokke cot, the Bugaboo pram and the Egg High Chair (that alone was $800) and given that DP and I are both on good wages we could in theory afford all that. BUT I looked at how many mortgage repayments we'd be able to make with that money given that I wanted to stay home as long as possible and went the cheaper options. I found that was a really good incentive for keeping me in line spending-wise.

I also make sure that I buy DD's clothes on sale at the end of season in the next size up for next year. I'm a bit allergic to paying full price for anything now.