Funding an adoption can sometimes be a roadblock for
families who wish to build a family through adoption. Thanks, to an increase in
adoption awareness more avenues are available for assistance than ever before
and there are many creative ways to help off set the cost of an adoption.
When it comes to funding adoption, where there is a
will, there is a way. Make a financial plan. Break down the total cost of
your adoption, know an approximate time frame as to when fees are due, and
decide the source of the funds for each phase.
In order to set up a plan, you need to know how much money you are
spending and where. Look to see where can you cut cost and create a
budget. For: example if you eat lunch with coworkers 3x’s a week at
$10.00 per lunch and reduce that to 1 x a week, you can save app. $15.00 a week
by bringing your lunch. $15.00 x 4 weeks equal a savings of $60.00 a
month. The same principle applies to eating dinner in a restaurant or regular
homebrewed coffee on the way to work versus, more expense drive through lattes.
Put as much money as possible into your adoption fund. Set up a
savings account that pays interest. While you probably won’t be able to fund
your entire adoption by reducing spending, you can significantly impact it. By
combining reduced spending and actively finding other ways to increase income
you can successfully build your adoption fund.
Creative Ideas that adoptive families have used include :
Cut food budget- use more coupons
Eat out less/Take your lunch
Cut out or reduce cable, newspaper, etc.
Raise/lower your thermostat
Raise insurance deductibles
Refinance at lower rates
Reduce non-essential purchases
Have a garage sale, ask friends for donations or
Take a second job or part-time job
Hold a fundraiser: spaghetti dinner or bake sale
BHAS is the first adoption agency of its type to have an
Adoption Finance Coach available to assist our families.
Labels: Adoption 101, Adoption Support, Domestic Adoption, employee adoption benefit, Financing Adoption, international adoption, Parenting, Pre-adoption Education, tax credit, Webinars