How Much Do Babies Really Cost?

About a year ago I read that Baby's first year can cost around $30,000... Um what?! I don't know if it's just me but that number sounds crazy. I started doing my own homework in preparation for when my time comes to see if we can realistically afford another life. And by the way, we don't have an extra 30k lying around to use so we need to get crafty.

From what I've researched, some of the biggest expenses are diapers, formula, food, and daycare. That number also included everything from clothing to nursery furniture and daycare to insurance. So a large part of it obviously depends on your life style for example, will you be a stay at home mom and does your partners employer pay for medical and how much of it? If you are already a parent, how much do you think is realistic for baby's first year? What money saving tips do you have?

Coming up: A series of "Baby on a Budget" for all those who are looking for a more economical solution to starting a family.