Awwww it's hard not being sucked into this idea that to be a good parent, you must buy everything under the sun AND it must all be new!
DH is the opposite and refuses to buy almost anything because he says we're being ripped off if it's remotely baby-related 
Get second-hand crazy - Gumtree, Freecycle, Ebay, NCT sales, charity shops. Like another poster said, some things you might only literally use for a few months, so the item will be practically like new anyway.
As for what you actually need, I'm pregnant with my first and literally all I am getting is:
Bedside cot that is up to 2 years of age so longevity - second hand
Mattress
A sling - this is obviously a personal choice and ours isn't based on cost, but the difference in price between a sling and a pram is immense!
A few bottles/pumps as I hope to breastfeed
Re-usable nappies - this is the biggest layout for a starter pack
We're asking for a range in age sizes for clothes to see us through a year, hopefully - if our family all get a few things in a mix of sizes, it can really add longevity
A car seat - this is the biggest layout versus use as neither of us drive so we're looking into a baby -> 4 years one
Blankets, changing mat and cot bumpers and things - I'm keeping an eye out online
We're not bothering with a baby bath or a changing table or any such things! You will be fine - start stocking up slowly on small things you can afford like baby clothes as they can be so cheap once you realise you don't need designer or even high quality! Make a list of the core things you do need, and share it with family, asking nicely if people can club together or spend the next few months looking online for second hand versions :)
Babies don't need a lot - don't be suckered into the mass consumerism. It's like weddings - as soon as you start looking at stuff, they stick an extra 0 onto the price, and tell you that you need a gazillion things!