September 09, 2013 09:00 AM

Rachel Murry/Getty

Motherhood seems right up Alyssa Milano‘s alley.

“I’m just content in this part of my life. I have no reason to not be happy. Things are good,” the Mistresses star, 40, told PEOPLE on Thursday.

“I love being Milo‘s mom. I’ve strived to try to find some sort of balance between motherhood and work, and I think now I’m on the right track with that, which is great. It’s hard not to be happy when I feel fulfilled.”

Milano’s 2-year-old toddler is “into everything right now,” she explains, adding, “There’s always something new. I got him a drum set for his second birthday. He’s been drumming away, which has been really fun to watch. I’m just encouraging everything.”

But Milo’s milestones are bittersweet for the actress.

“He’s just getting big, which is kind of the craziest part about being a mother — how truly fast it goes,” Milano says. “It feels evil how fast it goes. You just want them to be little and cuddly.”

And it sounds like she’ll have a tiny little infant on her hands again soon enough.

“I want to have another child, just because I want Milo to have a sibling and have someone to grow with,” the former child star says. “My brother and I are so close, and I can’t imagine not giving my son that kind of relationship.”

But for now, she’s content with her only child and all of his characteristics. “I think he’s right in the middle — he’s really physically active, but he also likes quiet time,” she explains. “So I think he’s a good combination of that really funny wild child and that cuddly, sweet baby, too.”

With the season finale to her sexy ABC series airing on Monday at 9:00 p.m. EST, Milano, who plays Savi, looks forward to a few weeks of just being “a mommy – happily” until she begins hosting Project Runway All Stars, which kicks off in October.

— Dahvi Shira

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