How to Afford an Adoption: 5 Ways to Save and Earn Money The cost of adoption can be daunting. Adoption costs in San Antonio and throughout the rest of the nation can run into the tens of thousands of dollars, far more than the average family has on hand. However, there are many ways to raise the funds needed to afford an adoption.
Through a combination of any of the following five methods, you should be able to pay your adoption fees and welcome your adopted child into their forever family. Cut Back On Expenses One of the most immediate methods for saving money is to shave expenses off the monthly budget. For instance, unnecessary expenditures, such as eating out or taking vacations can be eliminated.
Some families who earn two incomes adjust their budgets in order to live on one income and save the second income toward adoption expenses. Renegotiating certain expenses can tighten tight budgets that already omit these expenditures, or that already rely on one income. This could include Internet fees or by raising deductibles on insurance policies in order to lower the monthly payment. Even small savings can make a difference toward defraying the cost of the adoption services. Take An Extra Job You can also earn extra income by taking on extra jobs and using the money from those jobs solely for the adoption process. For instance, many adoption stories involve the couple taking on moonlighting or freelance jobs in order to earn extra money to be put away in an adoption savings fund.
These extra jobs tend to add stress and fatigue to the couples' daily life. They also reduce the amount of free time the couple has to pursue other interests or activities. However, they provide a way to consistently earn money that can immediately go toward the adoption, especially when combined with a budget that has been pared down. Conduct A Fundraising Campaign The methods for fundraising are incredibly varied. For instance, some families put on walks, bike rides, or other events to earn money. Others pursue yard sales or bake sales. Many adoptive couples simply choose to write a fundraising letter that they distribute to family, friends, acquaintances, and even strangers.
While this method may seem a bit daunting, you may find that your community is eager to support your adoption journey. Crowdsourcing can also provide a method for raising funds. Crowdsourcing works by using an organization like Dreamfund or caring.com to elicit support from others. These sites typically charge fees for their use but can be a good way to obtain money from a wider net of people than you would otherwise be able to access. Apply for Grants Adoption grants are an appealing way to get money for an adoption because they do not need to be paid back. There are a number of organizations that offer grants for qualifying couples pursuing adoption. For instance, helpusadopt.org and The Gift of Adoption Fund are both national organizations that give grants specifically to adoptive families. The amount of the grant varies from couple to couple and organization to organization and can be anywhere from a few hundred dollars to $15,000. To receive a grant, adoptive couples must qualify through an application process that they start after successfully completing a home study. Some will charge an application fee. The types of adoption covered by the grant will also vary depending upon the organization. For instance, some will cover any kind of adoption, while others require you to use a certain kind of child adoption agency. While the grant will probably not cover the full cost of the adoption, it can give provide a significant financial boost. Take out Loans One of the most popular methods of paying for an adoption is to take out a loan. There are many methods for borrowing money for an adoption. For instance, you can choose to take out a personal loan from your bank, a home equity loan, or a second mortgage. There are also adoption-specific loans available through organizations such as Catholic Credit Union or America's Christian Credit Union.
Another way to borrow money to fund an adoption is to put some of the expenses on a credit card. For instance, you could take your credit card with you overseas when you meet your adoptive child and use it to pay for your travel expenses. The main factor to consider when choosing whether to take out a personal loan or to put charges on a credit card, is which interest rates are better. Credit card interest rates can be high, so if you do not think you will be able to pay off the charges quickly, you may find that a personal loan with a lower
interest rate is the more prudent financial decision. No matter what type of loan you pursue, taking advantage of the federal adoption tax credit can help you pay it back quickly. This credit, of $13,190 for each child adopted, can be used to pay back some or all of the loans you take out, as long as you can manage the debt between when you take the loan out and when you receive the tax credit. Regardless of the methods you use to afford your adoption, paying for the costs of any adoption, from embryo adoption to older child adoption, is within your reach. Most methods require some level of sacrifice, from lost sleep working a second job to a level of debt as you take out loans. However, the sacrifice, as countless adoptive couples testify, is worth it, because they allow you to afford the process that will bring your adoptive child home.
Adopting a child is an important decision that requires careful consideration. Are you contemplating adoption, or are you already planning to adopt a child? Do you have any idea about how or where to start? Action Adoption at Providence Place of San Antonio, Texas will guide you through the adoption process while making sure all your questions are answered. Contact them today to learn more about adoption and ways to get involved with our organization.