Regardless of the reason you’ve decided to adopt, you’re starting to feel the passion. That’s a good thing! Those who have adopted are individuals with unique personalities, but we all have one thing in common: Adoption became our passion.
While that passion may fade once your child comes home, no one can deny the excitement, anticipation, and driving force felt when pursuing adoption. But then there’s the flip side. You know: ups and downs, red tape, paperwork, waiting, and costs. One certainly doesn’t grow a family through adoption because it’s cheap!
Thankfully, those who have gone before, having personal experience, as well as professionals whose financial expertise is abundant, are willing to share what they’ve learned. Here are a few great resources:
1. Getting Your Finances Ready for Adoption. Financial expert Nathaniel Sillin recently published this bizTimes article with a plethora of suggestions on how to organize adoption finances. His pre-adoption suggestions include doing a lot of research. Learn about the tax benefits of adoption. As with all tax laws, the tax credit regulations change often, so ask a tax expert or examine closely the newest tax laws yourself. He also suggests looking into adoption benefits at your place of employment, including insurance benefits.
2. Affording Adoption Guide. Adoptive parents have much to share as well. Consider the practical suggestions on adoption fundraising by Shelley Skuster. Check out the specific details she proposes regarding garage sales, extra employment, making money with your creativity, and more! Having already proven these methods work (she’s a mother of 3 and has adopted twice!), her suggestions could very well fit right in with your abilities.
3. . Rachel Galbraith is another adoptive mother whose advice is worth exploring. Rachel reminds us that when adoption calls to us, we mustn’t let finances hold us back. Of course, things don’t just magically fall into place – we have to do our part. In her article, Rachel proposes we consider using not just our savings, but also the equity in our home, our tax refunds, and applying for adoption grants that will not need to be paid back. She also lists creative fundraising ideas to help with costs.
It’s also good to consider that the type of adoption we choose will determine the cost, to an extent. Private adoptions, both domestic and international can cost upwards of $40,000. But adopting through the foster care system can be only a few hundred dollars—or less.
Now that you’ve jumped on the adoption train, make the ride as smooth as possible by preparing your finances. And remember—this can be done! And the end result is a tender, loveable, wonderful family!
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