To the OP, congratulations! Truly, parenting means you'll always be blessed and a bit stressed! :) I'm sending my first daughter to college next week and my youngest is in high school so advice from the other side of the "go-go" years of parenting...
You have at least 4, maybe 5 years to even worry about inflating lifestyle for the child. The nesting instinct of the mother (or you) is strong, but the reality is the child will want more attention and time, than anything.
Saving the paychecks means reducing cost of living first of all.
Avoid the "monster SUV/mini-van". It's a huge, depreciating, gas guzzling waste. A good, safe hatch back or small SUV will carry 5 easily enough.
Take family up on the offer to stay in their basement or close by at least. Grand parents as "your village" raising the child is tremendous. I didn't think so at the time either, but mother nature soon proved the value of the grand parent(s). Develop that relationship, and do what you have to set limits as well / keep your space as a family. Could be with local travel/camping trips and other hobbies that are cheap but give space.
Save for the home, but consider it may be a home in a lower cost of living city when the time comes.
The rest of MMM is a great resource for other savings ideas. Use it.
As for the "how to grow net worth", think about the investment world as the thing you do once all debt is paid, the net cash flow is positive EVERY pay period and you have 6 months saved in cash or otherwise liquid. At this stage, just avoiding debt and managing your living costs is a struggle enough. Then follow the playbook for investing in growth funds and let time do the work for you. The get rich quick methods require travel, major risk of your personal net worth or leverage from investors or a bank (e.g, real estate investment) or just plain luck on a job choice that goes IPO or otherwise hits the jackpot for you.
Follow these and other solid ideas on the MMM forums, enjoy this time and be blissfully happy.