Don't buy anything..... Have a list of what you want for when friends and family ask you what you need. Everyone means well but you will receive so many gifts that you will never use, if you are prepared then you will get what you what/need.

I am a minimalist but still bought things that I have not used. My baby is only 5 weeks old and I have already done a few trips to the Salvos to pass on things that I will never use.

Essentials:
Hooded towels - don't buy any, we received 20 as gifts
Wondersuits (6) - size 000, received 6 size 00 as gifts
Face washers - don't buy any, we received 40 as gifts
Cloth Nappies - perfect for everything. I use them on the change table mat so it's not so cold, and to catch wees (i have a boy), on pillow when feeding to catch leaks, on the bouncer, as a mattress protector - endless uses
Baby Hangers - I hang everything up in the wardrobe so I can see exactly what we have
Socks - Little socks with good elastic, no need to buy larger sizes received heaps as gifts
Thermometer - A good one, not the forehead one they are not very accurate - ask family to buy (they are around $70)
Baby swing - love it! Just be careful when "helpful" bigger cousins are around, they like to push the baby. Good for 1st baby, not so good with toddlers around
Plastic baby bath - no need for fancy bath, they don't play in them
Weather Bag (for the pram) - we walk alot and my baby sleeps beautifully in the pusher and i know that he is nice and warm in his bag
Large thin blankets - perfect for wrapping, i tried the swaddle wraps but my houdini baby can get his arms out and wake himself up. Don't buy blankets everyone buys you thick plush blankets - I wrap with thin blanket then cover with a thicker one

You can waste so much money on things that are nor necessary. I still have a cupboard full of things that need to go. Things like:
baby powder - not necessary
singlets - hate them, they ride up
mint green & lemon suits in size 1 & 2 - thanks MIL - not putting my big boy in lemon
Cotton balls - don't use them, use 1 of my 40 face washers instead
I could go on and on........

You will end up using the same things over and over again. Spend money on good quality items rather than cheap things that don't last the distance.