Just keep working and saving money; in two-three years your child will be independent enough for you to have some extra time. Your side-projects will still be there in 3 years; your child will only have one shot at the next few years and those early development years are -crucial-. Plus if you continue working at your job rather than freelancing you'll have that much more capital for a solid base when you jump into the big ocean of freelancing.
You should also discuss this with your wife. It will require lifestyle changes and lifestyle changes are hard on a marriage. This is a good place to start for ideas; maybe introduce her and let her do her own reading.
http://www.mrmoneymustache.com/
There are of course many other frugal and financial fitness blogs out on the internet to go along with this.
Oh, and good luck and I hope your little one has a prosperous and productive life.