I left out one of the most expensive parts - daycare. Daycare is ing expensive, even for the large group daycares. The only way to save $ on that is having a family member watching the child, which still frequently requires recompense, and introduces whole new issues with raising a child (whose rules apply - the caretakers or the parents? what if you have vastly different parenting styles?).
Health insurance and daycare (with the addition of lost income of her and possibly you not working for 8-12 weeks minimum post birth) are the most expensive aspects of raising a child, and neither is really avoidable. Not to say it's not possible to work out (particularly if someone works a late or third shift), just that it HAS to be considered when you think about the potential costs.

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