Aw, congrats on your first baby! Honestly, the essentials lang talaga, a safe crib or bassinet, diapers and wipes, basics like onesies and blankets, feeding bottles or nursing stuff, and a good stroller na swak sa budget mo. One of my mum friends swears by having a changing table ready kasi it saves your back, but some of us just use the bed or a dresser din naman, so depende sa space mo talaga. I'd also suggest getting a few storage organizers para sa clothes and baby stuff kasi cluttered nursery = cluttered mama mind, haha! Mag-start ka ng basics lang, tapos add more based sa needs mo, basta safe at practical, yan ang importante.