I was wondering, if we go into foster care can we spend the monthly stipend on a good used bigger vehicle or would we need the money elsewhere.
Also, is that money taxable income?
bulrusmama
The state is going to make sure that you can meet your monthly obligations (like the car payment) without the use of the stipend. What if your foster children are suddenly reunited with a bio family member or reunited with family before the car is paid off? There is no guarantee in foster care. The caseworker may call you with a sibling group and tell you it's long term-and then a month later call you to tell you the kids are being moved to a paternal aunt in another county. All of a sudden, that monthly stipend money is gone! Can you still make the car payment? What if you don't get another placement for two or three months?
I wouldn't recommend counting on a child's stipend in order to meet your own personal financial obligations because it's not something you cannot count on as being a steady & permanent income.
For instance, I have three foster children. Two were placed on 10/27 and I still haven't gotten paid anything for their care and it's now 12/11. In the meantime, I've had to buy winter coats, boots, shoes, clothes, groceries and pay $125.00 each for daycare every week. This is ALL coming out of my pocket because the stipend checks haven't started coming in yet-and it's 12/11.
The baby was placed on 8/24. I never get his checks at the same time each month. Sometimes it's the first week of the month. Sometimes it's the third week of the month. I got his October daycare reimbursement (they pay 1/3 of his daycare) on the Saturday after Thanksgiving. However, the cost of daycare, diapers and the new clothes (because he grows like a weed) eats up 95% of the money.
I guess I'm trying to say that it isn't a guaranteed income with a guaranteed paydate where you can count on the cash to pay your expenses. Also, you are going to be needing a LOT of extra cash when the kids come for daycare, school clothes, shoes, coats, formula, groceries. It adds up. There is NOT that much left over after I pay the kids expenses. I certainly couldn't keep enough cash out of the stipend for my three children to keep a new car.
I suppose I could put hand-me-downs on them from a thrift store and feed them lots of mac&cheese to save money-BUT, the money I get each month is SUPPOSED to be used for the children-not for my car payment. Therefore, it would be unethical for me to take money the state is paying me to care for children and use it to benefit my family by buying a bigger car that I otherwise couldn't afford.