I found a interesting calculator used to predict the cost of raising a baby in the first year. You can view this calculator by clicking on the following link:
Ringing Up Baby: First-Year Costs Calculator
When I went through I found that the first year cost will be around $8500. This includes one time purchase items at $2800 and an additional cost of $475 a month, not including any daycare (as my wife will be staying home for at least the first year). I like that you are able to select the items that you want and can change the cost of the item price (there is an average price listed for each item). If you do not like the calculatorthe shopping list is an excellent source of information. Any suggestions on how to cut corners? Is this list realistic?