The Financial Aspect of Adopting
Adoption Funding Ideas and Tips
Private infant adoptions could cost you upwards of $10,000 or more. Every situation is different. Fees vary, state laws differ, and you may be asked to pay some of the birth mother’s living and medical expenses – all these things factor into the final dollar amount.
So, unless you are extraordinarily wealthy, you will need to be resourceful and creative to finance an adoption. Here are some tips and ideas to get you started:
Get a Job
Get a second job and use the income to save solely toward an adoption.
Cash in on Your Old Stuff
Sell items on eBay or in a yard sale. Most people have stuff sitting around that they no longer use. Put it to work for you. Your trash may be someone else’s treasure, and money toward your adoption fund!
Adoption Ministry Funds
If you are active in a church or other non-profit organization, ask if they have a fund to help defray the cost of adoption.
Employee Benefits
Many companies offer adoption benefits to their employees who adopt. If your company currently does not offer benefits, consider approaching them to suggest that they do.
Adoption Grants
Adoption grants are monies given to you or to an adoption agency or other source earmarked to go towards your adoption expenses. Grants do not have to be paid back.
There are scores of grants available for a wide variety of situations. Grants are available if you are Native American or African American. There are grants for those who are adopting internationally, domestically, or adopting from China, just to name a few. Even if you are Christian, Jewish, or Muslim there is a grant that may be out there for you, too.
Do some research on the types of grants that you may qualify for; it will be well worth your time and effort. An excellent place to begin your search with is at the Available Resources to Help Defray the Expense of Adoption site.
Foster Care
Adopt through the foster care system. These adoptions are at little cost to the adoptive family and you don’t have to be a foster parent to adopt a foster child who is available for adoption. You can even adopt from another state besides your own.
Visit Adopt U.S. Kids more information.
Get a Loan
There are many types of loan possibilities out there. You can get loans specifically for adoption, borrow from your 401(k), ask for loans from family and friends, borrow from a life insurance policy, or take out a home equity loan.
Remember, however, that you will likely be spending years paying it back. Also, be mindful that borrowing money from friends and relatives, well meaning as they may be, might come back to haunt you later. Try raising funds by other means first and use loans as a last resort.
Adoption Tax Credit
In the United States, families who adopt may qualify for a $10,000 tax credit. Visit the Internal Revenue Service website for more information.
It's All Worth It
With some careful planning and hard work, most people can afford to adopt. Remember, anything worth having is worth working for. Adoption is worth it!
Related Articles:
The Emotional Aspect of Adoption
What do you think about this article?
More in Partners & Parents
Latest Articles