All I can say is that if you are able to stay at home, do it. You're kids are only young once & you'll have the rest of your life to work. It's been hard financially for us sometimes for me to stay at home, but so worth it! I know that I will always have the chance to live in a larger home one day and go on lavish vacations once my kids are grown - but never again will I be able to see my children grow up. We have nice things, go to fun places, and drive newer cars - but we do it on a budget.
There have been several times over the past few years when I almost had to go back to work for financial reasons. When I spoke to some older women I know (both SAHMs and working moms) ALL of them said to stay home if I could. I know it's hard sometimes, but clipping coupons & skipping the fancy stuff is worth it in the long run.
And yes, there are some great daycares but in 20 years will you be glad strangers got to see your child grow up while you were at work? And for the lady who said a 3 year old needs a classroom environment already, all I have to say is WOW. My 4 year old (as of Feb.) is writing and reading short words, doing basic math & counting to 100, plus she has great social skills. She does great in Sunday School & Children's Church, too. Kid's don't 'need' school if they have someone at home who is teaching them and loving them each & every day. I'm not saying I'm super mom or anything, but just that 'school' isn't necessary for 3 or 4 year olds.
I know this is a heavily debated topic, but there is no reason to argue about it. People have their opinions, but since you've stayed at home with your other child I assume you agree that your care is better than daycare. You're 3 year old will be kindergarten in 2 years and then you'll have 7 hours a day to work. Think about what you'll appreciate in years to come, the hours you worked or the time you spent with your children? ****I'll hop off my soapbox now!