Affording adoption can be a tricky situation for many families. There is no way around it: adoption is expensive. However, there are plenty of different things to look into if you are trying to figure out how to raise the money for adoption. It’s best to start by figuring out your total costs. Then you can try getting creative with fundraising. You can also investigate bank loans to see if financing is possible. And finally, look into tax credits and grants for the public to help offset adoption costs. Hopefully, you can find a way to raise the money needed. Adoption is a beautiful way to add to your family and forever change the life of a child and yourself.
Affording Adoption: Finding the Funds to Complete Your Family
Figure Out Your Up Front Costs
The best place to start when looking into affording adoption is to figure out how much it will cost in the end. Your chosen adoption agency will be a good place to start to figure out how much money you’ll need. Don’t forget to budget the cost of travel if you will be traveling to meet your child. You’ll also need to include adoption fees, attorney fees, and the costs of providing the supplies you’ll need for your child.
Fundraising
Affording adoption can also be easier if you try fundraising. There are plenty of creative options to try and raise some money. You can go to your local church to see if they have any programs to help offset adoption costs. You can also try traditional fundraising methods, like starting a GoFundMe page, bake sale, car wash, or garage sales. Many couples begin an adoption blog.
Loans
Affording adoption can also be easier if you apply for a loan. Many banks have options available to help couples afford the steep costs of adoption. Some adoption agencies have financing options as well. You can try taking out a personal loan. In addition, if you own your own house and have equity in it, you might be able to borrow against it using a line of credit.
Grants and Tax Credits
Finally, affording adoption is easier when you look into grants and tax credits. Many federal and national non-profits have grant programs for adoption costs. The IRS also offers a tax credit for adoption. Some jobs will include some benefits for employees looking to adopt.
Affording adoption can be a source of stress for many couples. However, there are many options available to help with the steep costs. The first step is to figure out the total anticipated costs of the adoption process. Don’t forget the costs to the adoption agency, attorney, traveling, outfitting your home, and the general cost of raising a child. You can try fundraising for the money and setting up a GoFundMe or blog to keep friends and family in the loop. Ask your bank about potential loans to help finance the adoption. And finally, look into federal grants and tax credits to help offset the costs. Hopefully, you’ll be able to figure out how to raise the money to bring the newest member of your family home.
