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The "formula" for saving 50% on infant formula: powdered milk-based from a mass merchandiser
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The USDA published a report (see page 3) that checked prices on different types of formula and different retailers. Powdered formula was the cheapest (liquid was 25% more, and ready-to-feed was 53% more), and mass merchandisers such as Wal-Mart/Sam's Club or Costco had the best prices (16% lower than supermarkets and about 30% lower than drug stores). Soy-based was a little more expensive than milk-based as well.