Tips for Affording Adoption

by: Gina Cannady | November 18th, 2016 | Personal Finance

Creating a family through adoption is one of the most exciting times of your life. It can also be the most stressful time…mounds of paperwork, nervous home visits ….and waiting.  Oh the waiting!

Affording adoption can also place stress on the family. Adoption fees vary according to whether the adoption is international or domestic.  Although affording adoption is not inexpensive, there are some tips to make it more manageable.

 

Research Your Adoption Agency. The first and most important step is to thoroughly research your Adoption Agency.  You need to make sure that they are licensed, reputable, and offer the programs for the country from which you would like to adopt.

 

Research the Fees and Timetables. Many Adoption Agencies set up a timetable of payments to help families bring home their child. Take this timetable and schedule of fees to create a financial plan that works for your family.

 

Your House Can Bring Your Child Home.  Your house can make the dream of parenthood a reality. If you have equity in your house, consider a Home Equity Loan/ Home Equity Line of Credit to help pay for adoption expenses.

 

Save Automatically. The adoption process is long. Although this can be extremely stressful, it does afford you time to save for adoption.  Consider automatically saving with each payday through Payroll Deduction. This allows you to have a small portion deducted into an Adoption Account. The Payroll Deduction is usually small enough that you can adjust your budget easily. When it is time for another payment, you have it available in your Adoption Account.

 

Live on One Paycheck.  Many families decide that one parent will stay home with their new child for a period of time. If this is an option for your family, consider living on the paycheck of the parent who is returning to work, while saving the paycheck of the parent who will stay home with your new child. While learning to live on the reduced budget, you will also have that saved paycheck to pay adoption fees.

 

Charge!  Adoption fees can add up quickly. Another option to affording it is put some or all of the fees on a Credit Card. If this is an affordable option make sure that you get the Credit Card that provides the best benefits for your family. 1. Make sure the interest rate is low and fixed. 2. Get a Credit Card with Rewards. It can help you afford adoption, and possibly reduce Travel expenses.

 

Overtime and Bonuses. During the adoption process, live on your base salary while saving all overtime and bonuses on your Adoption Account.  Volunteer for overtime and save even more. After all, your child is worth a few extra hours!

 

Get Personal.   Getting a personal loan, or line of credit, to afford Adoption may be a viable option.  This allows you to afford adoption, and structure the payment though out the adoption process, or perhaps to repay AFTER you bring your child home.

 

Adoption is a wonderful way to create a family. By researching your Adoption Agency, Fees, and Timetable, you can develop a financial plan using some of the tips above. Remember…your child is worth developing an Adoption Financial Plan and Account.

Spoofing: What is it? How do I report it?

"Spoofing" occurs when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity.

posted on April 19th, 2017

by Legacy Credit Union

Newfound Wealth: Thinking Through the Options

Whether you are the recipient of an inheritance, a windfall or a bonus, new wealth brings with it new issues.

posted on July 20th, 2016

by Clayton Aho