When many think of adoption, they often think of the wait times or the often harrowing process of being matched with a birthmother. In addition to the perils that come along with child rearing, there is one aspect of adoption that is rarely spoken about. That is the financial cost of adopting a child.
Adoption costs in the United States range from $25,000-$45,000. This impressive number is close to the amount of money it takes to put a child through college. However, when individuals want something, they will go to great lengths to get what they want, no matter the cost, especially when it comes to completing their family with a new addition.
Since adoption is so expensive, many people resort to less than advisable financial ‘hacks’ in order to get there faster. This means accruing loans or taking out credit cards to pay for this hefty amount. Over time, this results in the person swimming in debt.
If you’re interested in adopting a child without going into debt, consider these tips and tricks that will help make the process easier.
Old Fashioned Saving
Although it may take some time, saving for adoption can be done, especially in a dual income home. Make it an effort to side aside some money each month that’s dedicated towards your adoption fund. This way, you’ll be able to pay for all of the necessary fees without worrying about debt.
Apply for Grants
There are several grants on the market that provide a substantial amount of money to cover all of the fees surrounding adoption. It’s always suggested to apply for several different adoption grants just in case one doesn’t work out.
Consult With Your Employer
Some benefits packages include covering fees pertaining to adoption. Whether they pay for the processing fees upfront or reimburse you for the money you put in, it is estimated that most companies will pay nearly $10,000 per child you choose to adopt. Consult with your Human Resources department regarding the logistics behind this option, as each employer is different.
People love to support a cause. Therefore, you can throw your own personal fundraiser with the hopes of raising money to support your future adoption. Most people love to help those close to home, as opposed to throwing donations at a faceless charity. This makes them more apt to assist you where they can.
In addition, popular platforms like GoFundMe and other donation mediums have taken over the net. Several individuals have raised thousands of dollars using these accounts. Get creative and have fun with your mission. This will make others want to support your cause without hesitation.
Utilize Your Personal Resources
If you want to adopt a child without accruing a boatload of debt, perhaps you could make a few lifestyle changes. Such include downgrading your home, selling your car, or even tapping into your 401k. Although these suggestions sound major, they can really boost your financial status when done correctly.
Although adoption can be a challenge financially, the challenge is well worth the effort. Make it your goal to earn as much money as you can so a child can find a suitable home with your family.