Different Ways to Finance Your Adoption
Adopting a child, whether domestically or internationally, is an expensive process. Many hopeful adoptive families try to spend as little out of pocket as possible. While there are free adoption options if you go through the state foster system, it is likely that you will spend a lot during the process of bringing your child home. However, many families have found different ways to pay for their adoption which help lift the burden of expenses. In the end, adoptive families actually forget the amount of money it took to bring their child home because it isn’t as important as a child that you can forever call your own. Learn about these different ways to finance your adoption this year.
Dip into Savings
Many adoptive families have known that they have wanted to adopt for a long time. Some adoptive parents even knew that adoption was in their future as a young child. Those who knew about their plans to adopt should have built up savings to help pay for the adoption. Many families dip into their savings account to help pay for adoption expenses. Saving your money well in advance to help cover the adoption process is a smart way to pay for an adoption.
Run A Fundraiser (or two or three)
Almost every adoptive family runs at least one fundraiser during their adoption process. We all know that the adoption process can take a long time which gives families time to fundraise. Thankfully, expenses needed for the adoption are not due in one significant sum but are broken up into smaller amounts throughout the process. Fundraising can come in all shapes and sizes with some ideas being incredibly creative. Garage sales, t-shirts, and puzzles are all common ways to fundraise for an adoption. Other options include asking friends and family for a donation as well. Remember that every little bit counts when it comes to paying for an adoption.
Pick Up A Side Hustle
Finding extra money in the budget can be hard for a family that is preparing to welcome a little one home. One of the best ways to help pay for your adoption is to pick up a side job. Deliver pizzas at night after you’re done with your day job or start a dog walking business on the weeknights. Find a job that works weekends and know that all of that extra income is going to help bring your child home in the end. Remember that side hustles are only for a short amount of time so go get to work!
Apply for Some Grants
Many non-profit organizations award grants to adoptive families each year. Do some research and apply for those grants that you are eligible for. Asking for grant donations from local non-profits in your area is another good option. If you belong to a church, consider asking the staff for a donation to bring your child home as well. Don’t be shy about putting yourself out there as you may be surprised at how willing people are to help if you just ask.
Take Advantage of Tax Credits
Remember that there are adoption tax credits that allow you to write off a portion of your adoption expenses on your yearly tax return. The laws could always change in the future, but right now the adoption tax credit is still in full effect. This allows adoptive families to receive a more substantial tax return for a few years after the adoption is completed. Extra money coming back from the government to help boost your savings or pay off loans is a pleasant surprise after you’ve brought your child home.
One of the most important things to consider when financing an adoption is that not all adoptions are successful. There will most likely be a point where you spend money on something that doesn’t end up bringing your child home. Make sure to be careful about high risk financing that includes a high interest rate. The more that you can work for your adoption expenses now the better off you will be in the long run. Again, no matter what your adoption costs, many adoptive families forget how much they spent in the end because bringing home your child is priceless.