I completely understand how you feel.
You are realizing how fast it went with your 6 year old and know with the baby it will be even faster.
My main decision was that I wanted to be able to drop her off and pick her up at the end of the day. I wanted to hear all about her day and maybe even be able to invite her friends over after school. I wanted to be able to volunteer in her schools. And I knew that the job I had was not going to ever be flexible enough.
Certain times of the year, I worked 12 hours a day 6 days a week,, That had been ok, when she was younger and in daycare or preschool.. but I knew it would be stressful to have to meet a set schedule of actual school.
Yes, we cut back on everything. Used cars (clunkers), no vacations, except some camping trips. I was able to cook almost every meal and learned to be very frugal.
I was also able to save money by not having to purchase "Work Clothes" since I was in High end Retail, that had been part of the job, was wearing what we sold.
I have no regrets. I never missed any of her performances or special events. I knew all of her friends, teachers and the parents.
I could only do this, because my husband worked full time with excellent benefits. There was one year where he was unemployed, but we both did jobs on the sides. I ended up helping others start businesses as a consultant. I found clients that had me doing special events for them.. so I did make a tiny bit of money.
This investment all paid off. Our daughter was an excellent student and received excellent scholarships and grants.
SO in the end it paid off well for us.
By doing all of these odd things while not employed, I have now started a new business. Made money from the moment I started it. I feel like all of my experiences helping in schools with the PTA, fund raisers, community service and the contacts I made, helped me in the long run.
Think outside of the box. Notice here on Mamapedia, how many parents are looking for help. Someone to pick up their children to and from school. Tutoring needed, Things for kids to do on school breaks. I bet with your background. you are clever enough to actually organize some services for working parents, employ other moms and make some money.. .
Here are the suggestions I have given some of my teacher friends to make money just during the summer.
Cursive Handwriting Camp.
The summer Book club camp.
Cooking Camp.
As well as tutoring math, reading and writing for different grade levels.