Lots of good replies. Congrats on the baby, my first just turned 2 on the 9th. 

Were still fairly small (750 acres of corn, beans, and alfalfa plus some grass hay) and have about 100hd of cows, so about average for the area. We fix 95% or more of our older equipment, no till (unless its needed), etc. Up until last year we were the same size as you plus the cows, and were trying to have 2 incomes, luckily I found enough land to rent and we were able to upgrade some equipment and keep both Dad and I on the farm. With the cows and hay its really a full time job for the 2 of us.

Its tough being this size, plenty of work for it to be a full time operation, but not enough income. Like some have said, research and consider every implement purchase, one thing we do a lot of is buying rougher equipment and fixing it up. Like the liquid fertilizer coulters Im currently working on, brand new they run about $450 each and we needed at least 11 maybe 13 depending on how we set up the bar. We almost pulled the trigger last spring in order to get the sidedress bar done, but other circumstances got in the way. Later last summer we found a set of 17 on Big Iron not too far way, got all 17 for $750. After getting them home Im glad we didn't pay anymore, they were in a lot rougher shape than we thought. But after a week of cleaning and painting and some new bolts, they are as good as new. All in all using stuff we bought on Big Iron, we will have put together a 11 knife 3pt sidedress bar with a 500 gal tank, 3 section shutoff and variable rate for well under $5000.

Another thing we did this upcoming year is hired a marketing advisor, neither Dad or I am any good at marketing, and by hiring them I think we will more than pay for their services. The way I figured it, its like hiring someone to watch the markets and make sales for me all day- every day for around $.02/bu, hell the market can move that much in a few minutes, and it should still be a whole lot better than we were doing before. Plus, since we have smaller acres, sometimes they can throw a couple guys together and get a better price out of the end users, just like the big guys will get. Same goes for an agronomist, Dad has had an independent agronomist for almost 30 year, and believes hes more than paid for himself every season. 

Were working on doing some more of our own spraying, have a decent sprayer that's in like new condition, its a cheap model without many bells and whistles, but I did get it set up with a raven system to control rate. I did some work for a guy and traded for the sprayer, I think its only had about 3 loads in it since new.