Cat has a big bald spot on her hind leg!

Woke up today and noticed that my cat has a big bald spot on her hind leg. It's possible it could have been there for a couple days without us noticing. It looks as if she licked all of the hair off. It doesn't seem to cause any pain and there is not scabs or anything.

-her diet is the same

-litter is the same

-we had a baby a year ago, so she hasn't gotten as much attention as before. She is a very loving cat, wants to be pet 23 hours a day. 

-absolutely no possibility that it is fleas.

I'm worried at this point that it is depression related. We can't afford to take her to a vet at this point because of myself being laid off from work and babies first christmas/birthday.

Thank you so much for the help!

Do want to add that she is approximately 8 years old. We adopted her 5 years ago and they estimated she was 3 years old at the time.

That is very red and irritated. Is that the only spot she's excessively licking? Maybe stress related?

Yes that is the only spot. I was thinking stress related as well. We keep the baby away from her to prevent any kind of hair pulling etc. 

That is definitely not hair pulling from the baby. Its probably either very itchy or very sore-either way shes probably very uncomfortable. U could try neosporin or if your vet will prescribe it without seeing her, animax ointment-wonderful product-Google it if u think this would help her. Otherwise she needs a vet to take a look.

That looks a lot like my dad's cats leg.  He has Eosinophillic Granuloma Complex.  http://www.2ndchance.info/egc.htm  or http://www.icatcare.org/advice/cat-health/eosinophilic-granuloma-complex  or pets.webmd.com/cats/cat-lick-granulomas-eoosinophilic-granulomas has information about them.  There is a allergic  response that may be the cause of these but they aren't sure.  My dad has his cat on a limited ingredient diet (Duck/Peas) and he has to take steroids to keep it somewhat under control.  I would try to find a way to get your cat to the vet ASAP, it is very uncomfortable for the cat.

that is actually a medical condition or stress etc.