Adoption is an exciting time for both the parents and the child, but it can also be a lot to prepare for. Having the financial aspects of the adoption process figured out ahead of time can allow for those involved to focus on becoming a family.
There are so many things to consider during an adoption, and the financial aspect is one of the biggest challenges when it comes to expanding your family. Here are a few tips that can help you stay organized during the adoption process.
- Budget For The Adoption Process
Creating and implementing a budget for everything involved in the adoption process is a crucial step in preparation. Whether it be listing out each expense and allowing certain amounts of money to each or just setting aside a set amount for the entire process, it’s important to have some sort of a plan in place when it comes to all the costs associated with adoption.
Making sure you have money set aside is a great first step, but there are other steps you can take to budget as well. A great way to reorganize your savings is by learning how to refinance your mortgage. Refinancing can help you re-budget your money to help with adoption costs and relieve some of the stress of other expenses like a mortgage or a car payment.
- Think About Financial Resources
Since adoption is an expensive process, it’s important to utilize as many resources as you can to make it less stressful. Many employers offer paternity leave for new parents.
Taking advantage of this can give parents more time at home to welcome their new baby and ease some of the stress of becoming a parent. Some employers may also assist families with adoption fees and hospital fees for the birth mother, so it’s important to make sure you understand all the benefits that your particular job may offer.
There are also different tax credits associated with adoption. Many expenses paid out of pocket for the adoption can qualify for the Adoption Tax Credit (ATC). This means that when you file your tax return, the ATC will reduce what you owe in federal taxes because you adopted that year.
- Fundraising Can Help Alleviate Some Financial Stress
Fundraising to help with your adoption costs is a great way to raise money. Having the support of your family, friends, and community can make a big difference in how the adoption goes.
Once you can determine how much your adoption is going to cost, there are many ways you can go about fundraising. Not only does fundraising help alleviate financial stress, but it is also a great way to bring people together for a cause.
A great way to raise money would be a garage sale, this helps you make space in your home for a new child and the money could be put toward the adoption costs. This also gives you a chance to be around people in your community and share your adoption story with them.
Starting a GoFundMe and sharing it so social media can give friends and family the opportunity to help you out and share it for people they know to donate. There are also grants that parents can apply for to assist them with legal fees and adoption costs. This allows families who might not have the means to afford an adoption fulfill their hopes of having a child.
- Understand The Costs Associated With The Adoption Itself
No matter which route you choose, adoption is a very costly process. Infant adoptions can cost anywhere between $30,000 and $50,000.
Setting aside money for the adoption itself is very important, as having the financial aspects sorted out beforehand will help the process go as smoothly as possible. Just be aware that there are other costs associated with adoption outside of the adoption fee.
Legal fees can be one of the most expensive parts of adoption. An adoption often requires court appearances and the need for parents to hire an adoption attorney to guide them through the process.
Living and medical expenses for the child are also very costly. The medical aspect will sometimes include the cost of hospital stays and medical bills for the birth mother.
Many of these factors vary on a case-to-case basis, but it’s important to be aware of them in case they apply to your situation.
With less financial stress you will be able to focus on welcoming your child home. To learn even more about the costs associated with the adoption process, visit our resources page.
