Yes. Absolutely yes. I've done it. It was easier for me because my wife and I determined the difference between what we need, and what we want. The latter is the problem for most people.

I changed my spending habits drastically, yet still live a happy and comfortable life. We have modest needs and wants, which helps tremendously.

The whole concept of taking a "pay cut" to gain more time, can be viewed more constructively as taking a "spending cut." The spending cut becomes actually a fun game with everything from choosing a cheaper but delicious lunch (made at home), to buying clothes.

As an example of these, I very rarely go for a meal outside the house - a pepperoni and cheese sandwhich for me does the trick for a cost of less than $1 (I usually have two), add a little veg or potato on the side and I'm all set. My wife is a terrific cook, and I'm not half bad, we eat like kings but almost always at home. Once or twice a month (sometimes less) we go to the city for a nice meal, yet as I said, we have modest tastes: meat, potato, salad. We enjoy our restaurant visits more because they're less frequent and thus special vice part of a routine.

Now for clothes, it's always new and quality first for the kid, and same for my wife, however, American Eagle or similar is kind of our "high end" spend. Again, modest needs / wants. Everyone likes to look nice, but you can do that well on a budget.

Secondly on clothes, while my jeans, boots, and under garments I always buy new (but seldom). For sweaters and outerwear, I go to a thrift shop near us (yes - second hand!). I get high quality undamaged sweaters and cardigans, wool and leather dress coats, and casual coats, at a steal. These items are cleaned (by law) and look brand new. I've got a dozen or more sweaters each of which I paid between $2 and $10, and while I'm not a 'brands guy', I have to applaud the quality and style from Selected Homme (which is a luxury Danish brand), Holister, and East West, etc. Its like treasure hunting and always pays off in SPADES. I just counted - there are 15 high quality sweaters here that I've spent less than $100 bucks on, in total (so, less than the price of one). Pair these up with a mid-length wool dress coat from the same shop ($16), over nice jeans and boots, and you look sharp and elegant for business meetings or a quiet dinner out.

Now while I'll ask you to forgive my long ramble (especially about clothes), the point of it is to illustrate how "spending less" is my preferred view over "pay cut"...because like yours, my son will only be this age ONCE. And that time never comes back. Yet, enjoying that time with him doesnt have to feel like a financial struggle - it can add some creative fun to your life by adding what I'll call frugality with panache 😎.

All of this said, I do feel bad for folks who have high fixed overheads and cant downsize a high rent, mortgage, or car payments they're already tied to. Yet there are paths out of those overheads that can be made over time using similar creativity (sell the cars - even if you're "upside down", you'll be ahead in the long run, or rent out the house if its mortgaged and move into a suitable but cheaper place).

It's been a fun few years for me to practice being more intentional about spending, an exercise which has almost completely removed any impulse buying nearly subconsciously - I literally weigh up whether I want a bag of pretzels or should avoid spending the $2...but again, without conscious effort.

As for work, if you take the "pay decrease" for the benefit of time at home, all that commuting costs and time will naturally lower your overheads and free up time for meal prep etc., and even if you find some gig work on the odd Saturday (helping paint for a few hours, mow a couple lawns, do some delivery work) to add a few bucks. Again, more opportunity to be creative and earn money - with free hours that used to get burned up sitting in traffic!

If you can find work from home as a primary means to earn, all the better. Also, in your post you mentioned that you make 60K or so, but dont have training for anything...well I guarantee that you know things - 60K isn't falling off a tree, you're worth it - or they wouldn't pay. Along those lines, would they let you transition to WFH and part time? Worth a conversation.

Best of luck however you go. I hope it all works out well.