Despite what the charming lady at the maternity store would have you believe, you don't have to spend a million dollars in the first year of your new baby's life. If you're careful, the cost of Baby's most important year can cost less than a nice vacation. And you might be surprised to learn that you don't have to cut a single corner to wind up with a low price tag. In fact, in this case, Baby is better off with the bargain deal.

Ideally, you made sure you had good health insurance before you got pregnant. Even so, don't go overboard. Talk to your doctor and find out what prenatal tests are really necessary. Consider your age – if you're in your early 20s, do you need to have an amniocentesis? Together with your doctor, consider your individual situation before you sign up for every procedure available. Once Baby is born, doctor's visits don't have to break the bank. Many pediatricians offer a plan where you pay a set fee for unlimited visits during baby's first year.

When you're putting together Baby's nursery, it can be difficult to resist splurging on a full layette. But it's important to remember a few things: Babies don't know about designer brands. And be honest – how much do you remember from before your third birthday? Instead of splurging on the color-coordinated wallpaper and curtain set, consider this: For less than $20 dollars you can stencil the nursery walls. If you've never stenciled before, don't panic. Stencils are practically idiot proof. Head to your local craft shop, pick up a brochure and supplies and do a trial run on posterboard. Stenciling is a great seven-month-stretch project to help you pass the time, and the results will amaze you.

There are two items on which you should spare no expense: Baby's crib and car seat. Do not buy either of these items used – they may not be up to the latest safety standards. Even if you trust the brand name, a used car seat probably won't have an instruction book, so you may position it improperly, risking Baby's life. An older child may have climbed into a crib in its previous owner's home and stressed the supports.

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