When considering whether to begin an adoption journey, one of the first things that a future parent thinks about is the cost. It is no secret that adoptions can be expensive. However, there are many ways to finance and fund an adoption so that you have fewer out-of-pocket expenses. Learn more about how to finance an adoption with these tips.
Start Saving Early
The adoption process can take some time, so it is best to start saving for your future adoption well ahead of time. Many of us who have adopted a child knew that we wanted to adopt many years before it actually happened. Put away some money each month to help cover the initial costs of the adoption process like fingerprinting, fees, etc. Saving a little each month also keeps the adoption in mind and helps you work towards bringing home a child.
Plan a Fundraiser
One of the primary ways future parents help pay for their adoption is to fundraise. You may be surprised at how generous family, friends, and neighbors can be when they know that you are doing a fundraiser for an adoption. Many of those same people have probably walked through some tough times with you and understand your desire to become a parent.
Start planning a fundraiser by looking into ideas that work for your community and your time commitment. One of the easiest ways to fundraise is to do a puzzle fundraiser where friends and family members can purchase a puzzle piece for a certain fee. Once every piece is purchased, the puzzle is glued together and becomes a beautiful tribute to your adoption and all of the people that helped you get there.
Other fundraising ideas include selling t-shirts, doing a raffle, or even putting on a benefit dinner to raise money. Consider planning a few fundraisers throughout your adoption process since most parents wait at least a few months to bring home their child.
Apply for an Adoption Grant
There are plenty of adoption groups and other parents who have been in your shoes. Adoption grants are often offered on a local, regional, and national wide level. The adoption grant process is competitive, but it could be well worth the time and effort to submit an application. Some grant processes have certain requirements, so be sure to read through all of the fine print before investing time into applying.
Sell a Big Item
When you need to earn a lot of money relatively quickly, consider selling a big-ticket item that you have on hand. This could be a car, RV, boat, motorcycle, or even a collectible that you’ve had stored for years. Selling a big item may be hard, but it is a great sacrifice to make in order to bring home your baby!
There are plenty of ways that you can finance an adoption. Remember to be creative and try out different ideas. The federal adoption tax credit is always a good thing to keep in mind as well since you should be able to write off some or all of your adoption expenses. Plan ahead by saving each month, planning a fundraiser, selling a big item, or applying for adoption grants to pay for your upcoming adoption.