M.M.
I too worked until my first was in 1st grade and my 2nd came along. I missed all of his firsts. I didn't want to miss out on my dughters life. We now have 4 children and I have not gone back to work except for part time here and there at the mall to supplement when things got tight and only when my husband was at home with the children.
My first day home with my now 13 year old daughter I remember just looking at her and saying "What do I do now?" It took a while to adjust being at home but I wouldn't trade it for anything.
You will have to cut out some things but not everyone needs to have every new toy on the market, or tool in the shed or electronic. You can make it work.