There are a few things that my wife and I have done that I think have really saved some money.
The first one is for our newborn, we decided we were going to use cloth diapers. It was a bit expensive up front, maybe about 300-400$, but these diapers will last him until he is out of them. Not to mention it is a LOT better for the environment and we have already more more than recouped our initial investment. I really thought that I wouldn't like them, but I've surprised myself and I'll recommend them to ANYONE with a newborn.
The other thing that I've done is to move from the disposable razors like the Fusion or the fancy Gillette type razors to a double-edge safety razor like:
Again, it took a bit of up-front investment in that the badger brush cost about 30$, a container of shaving cream was about 20$, and the razor was free. So for about 50$ I have a razor that will last a lifetime, a brush that will easily last about 5-7 years, the shaving cream will last on average about 4-6 months for me (not to mention my skin feels so much better with a natural sandalwood instead of processed goo), and the replacement blades only cost about 3-5$ for 10 blades. I go through maybe 6-8 blades a month right now and that is shaving everyday. So after 3 months, I've already saved money and from now on it will just keep adding up.
Both of these do take a bit more time out of your day, but my son no longer has diaper-rash and I've come to really enjoy the 10 minutes every morning when I shave.