Joel Madden has placed baby mama to be Nicole Richie on an infant buying budget. The ‘Good Charlotte’ star is determined to teach his Hollywood Socialite how to be frugal.

In Touch Weekly spies claim Nicole had planned to plop down $65,000 (Equivalent to approximately three years of college tuition) for a custom-made Chrome Hearts crib. Joel convinced her to purchase a $300 crib from Target instead.

“Joel is good with money, so he’s teaching Nicole,” says a mole.