Basically you need something for the baby to wear, somewhere for them to sleep, something to travel in, some way of feeding and something to "play" with (more for the parents at first really!)
Obviously I went out and blew a fortune on babythings, deciding I needed everything and it all had to match. Pregnancy does something to your brain cells I think...!
Anyway, on my "must have" list are:
Muslin squares - protect your clothing, mop up a multitude of messes, act as emergency bibs, can be made into a sun hat, sun shade, comforter...
Pram, cot, carseat... don't skimp too much on these. They get a lot of use! If getting a 2nd hand cot, buy a new mattress.
Loved my baby sling - try to borrow one.
Rocking seat (not a flimsy bouncing one): last for ages. Can use it for weaning at 6 months and napping/playing in when small. Can add this to the "borrow" list, obviously.
Changing table : I used an Ivar desk from Ikea with a mat on which worked well. I also liked the one they have that turns into a chest of drawers with a shelf on top when the baby has outgrown the table.
Bedding: I went for a "one on, one dirty, one clean" approach so bought 3 of everything (fitted sheets, flat sheets and blankets)
Feeding equipment : If your breastfeeding (It's fast, always there, always warm, helps shift the pregnancy weight and is free!) you'll need breastpads & some Kamillosan cream in case of sore nipples. Later you may want a pump in which case you'll need most of the equipment for Bottle feeding... a steriliser, bottles, teats, supply of formula.
Baby Listener : depending on the size of your house really. In a small flat you can hear your baby from everywhere and may not need one, in a house you may not be able to hear in some rooms. The rechargable "walkabout" ones are good.
Change bag (can be just an ordinary rucksack. Preferably large!) I also love my "baby box", a big plastic box with a lid and handle which I store nappies etc in downstairs and also when we go visiting relatives & friends.
Cute First Bear as a momento
Ditto for cure First Outfit.
Don't bother with:
Baby bath: not used much, a real pain. Borrow one or get a polystyrene ball filled bath float.
Top & Tail bowl : any bowl will do.
Moses Basket : Borrow one if you can - you'll only use it for 3 months and thenit will be in your loft.
Too many clothes : You may well get a lot as presents! Have some vests & some sleepsuits. However, you'll need more of these than you think - it's amazing how much mess a newborn baby can make eating/sleeping/filling nappies!
I could go on for ever on this subject actually but I'll restrain myself. Check online for bargains (Try here for example.