I am so sorry you are having to make this choice. It is good to have something you enjoy doing with out having to spend so much money doing it. Hopefully, a solution will work out for you to continue quilting. Good luck, I wish you the very best.
I gave up making large quilts 4 years ago. The last quilt cost a lot as you said for fabric. Our daughter and hubby was having their 27th wedding anniversary. Their house had burned and they lost the first quilt I had made them. It cost me over 500 to make and pay someone to machine quilt it as it was a King Size quilt.
Now I only make table runners, and baby quilts for our grand children. ..