@BetoQuintanilla
I agree with the car seats. Travel systems will be your best bet. You'll have the infant carrier and a stroller. Then once the little one is ready for the convertible, you can find a longer lasting one that they can grow with. We got the Britax travel system. If there are two cars that the baby will travel in, i would recommend getting that extra base for the infant carrier. Makes things so much easier than having to take it out all the time.
For cribs, we ended up with a convertible one that turns into a toddler bed and ultimately to a twin bed. Might be a bit more pricey up front for a nice sturdy ones, but you wont have to worry about it until they outgrow it in their teens, if not longer.
Diapers are gonna be your main cost. If and when you can, buy diapers and wipes in bulk when stores have deals. You can always return boxes and exchange for different sizes when you need. Also, during the baby shower, have everyone bring a box of diapers to enter in a raffle. Give out prizes like gift cards to stores or restaurants or something like that. That way you get a jump start on your collection.