Hammock & Bed instead of Cot?

Has anyone used a hammock for the first few months and transitioned their baby straight to a bed. I can't be bothered with a cot, it seems like such a waste of money.

I'd like to crate a completely baby friendly / safe room with a futon mattress on the floor to transition the baby into when he outgrows the hammock. Then when he gets a bit bigger we'll move the mattress onto a proper base.

I have heard the arguments against doing it this way (baby can get out of bed whenever etc.) but I really find myself drawn to the Montessori way of thinking and would love to hear from anyone else who's done something similar

Thanks ladies (& gents if there are any!!)

I had never really thought about doing that until recently and am now wishing that we had skipped the cot cause as you say it is an expense that doesn't need to be. I would also say do what works for you and since you will obviously have a very baby friendly room then it should work well.

Thanks for the input ladies DH and I are very much making up stuff as we go along so it's great to hear that worked for others. I almost feel a little sorry for this kid, he'll very much be the guinea pig, but I guess all first children are the same!!!