Additionally, what sorts of support do you both have? Babies are time consuming and expensive. New parents frequently need both emotional and physical support and lots need financial support as well.
Things to consider for the costs of a baby (equipment you need)
Crib, and thus crib mattress and sheets
Clothing (which they will quickly grow out of, but needs a fair amount of because of spit up, pee and poop)
Car Seat (which will have to be upgraded in most cases at least twice)
Traveling sysem (carrier, stroller)
Blankets
High chair
Feeding System (if breastfeeding, then she will need breast pads, nursing bras, nipple cream, probably a decent breast pump, bottles, etc. if bottle feeding, then bottles, cleaners, formula - lots of formula, etc)
Diapers (cloth is an expensive up front outlay, but less expensive overall than disposable, however cloth has to be washed. Don't forget wipes and creams.)
Health Insurance (lots of costs after birth, which is expensive by itself)
That's pretty much a basic list. There are lots more things that come in handy, but it's all pretty expensive (things like a sling/carrier, swing, bassinet, playpen, toys, mobiles, etc).
This is not insignificant and it's a large outlay to begin with, which doesn't really diminish as they get older.