529 - I opened one the day we knew DW was pregnant. As other have said drop any cash gifts into that, don't buy ridiculous toys. Kids will likely have plenty. I also drop a little cash in every month.
other than that, I would up your term life insurance on both parents if necessary to cover kid needs etc. If you plan on sending to daycare, and have access to the Dependent care HSA max that thing out.
Do a will. Identify who will take your kids if both parents die. Consider traveling separately on flights (although we have never done this), but some people do it to reduce risk of both parents gone.
Semi-Financial moves.
1. Costco for diapers and wipes, and if you do formula, buy the costco brand formula. Trust me. We wasted so much cash on the high end non-sense, before speaking with pediatrician.
2. Don't buy stupid kid things. For instance, we bought a wipe warmer. Concept seemed to be sound until wipes started to slowly burn, and total waste of electricity and cash.
3. Spend money on time saving things. There is a new bottle out there that is dishwasher safe or easy to hand wash, and only has three pieces to it. God I wished we had those when ours were little.
4. If you cannot get around wife wanting some new things for kids, consider craigslist for everything else, but make sure its structurally sound and safe.
5. If kids get sick. Call your pediatrician before taking them in for an appointment. First time parents go into freak out mode over a hang nail and think the world is going to end, and usually the nurses will laugh at you and take your money. Kids are actually pretty resilient. Caveat to this - head bumps are worth a call every time.
And remember people who are much less intelligent than you raise children and they thrive.
Lastly, get a car seat that is not a pain in the butt, particularly ones where the straps don't tangle often. Good luck.