Infant adoption, child adoption, domestic adoption - Deciding to Adopt a Child: Can You Afford to Adopt?

09/19/07

Deciding to Adopt a Child: Can You Afford to Adopt?

Posted by : Faith Allen in Hoping to Adopt Blog at 05:13 am , 404 words, 589 views
Categories: Financing Adoptions

When we decided to adopt a child, my husband’s number one concern was how to afford the adoption. Most people who want to adopt a child share this concern. Considering that adoptions can cost as much as $40,000, hopeful adoptive parents are wise to be concerned about how to afford an adoption. (Foster adoption is free, so keep this in mind if you cannot afford a 5-figure adoption.)

How much money are you willing and able to spend on an adoption? The cost of adoption varies widely, depending upon which avenue you take. (See Cost of Adopting for some ballpark figures.)

How much money do you already have in savings that you can use toward an adoption? Factor in how much you can save over the next year or so to add to that amount. (Most adoptions will take at least a year to complete.) Also, factor in your eligibility for the adoption tax credit. (See Adoption ABCs- Tax Credit for more on this topic.) Then, calculate how much money you have to spend toward an adoption.

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Do you have enough money set aside to move forward with an adoption? If your answer is no, do not despair. There are ways to raise money toward an adoption. See Adoption 101: How Can I Afford to Adopt? for several tips. You can also consider adopting through the foster care system, which is free.

Unfortunately, the cost of the adoption is not the only consideration. Children are expensive, so you will need to make sure that paying for the adoption does not bankrupt your family. Can you afford to feed, clothe, and take care of a child? A child does not have to own every Disney DVD that is released, but he will need to have his basic needs met. Can you provide this?

It is painful to write a 5-figure check to adopt a child, but the rewards of parenting a child are priceless. I try to keep a sense of humor about it. Whenever I read an article about how much it costs to raise a child, I just tack on the initial check to the total sum and think, “Yep, he is totally worth it.”

Comments, Pingbacks:

Comment from: Chromesthesia [Member]

I need to try to raise my credit. I might have to consider loans, but since I still am working temp....
And I have student loans as well..

Still, I'm not totally hopeless.

Permalink 09/25/07 @ 19:13

Comment from: Faith Allen [Member]

· http://hoping.adoptionblogs.com/

No, you are NOT "totally hopeless." :0)

Foster care is free, so that is always an option.

If you truly want to adopt (and I can tell by your comments that you do), then this will all work out in the way it is supposed to. My wait to become a mother was 4-1/2 years (from trying to conceive through fertility treatments and adoption process), not due to finances but because of other factors. While the wait felt like it would kill me, everything worked out for the best in perfect timing. I hope you will be able to say the same thing in the future.

Take care,

- Faith

Permalink 09/26/07 @ 03:57

Comment from: Chromesthesia [Member]

I've got to do more research on foster to adopt.
There are things about the system that make me so FURIOUS.
What makes me feel uneasy about it is how it seems to be more about reunification a lot of the times than adoption. Reunification is good most of the times, but not always.
I must investigate more, but I really want to see some reforms to the system so badly.

I also must figure out why I am not totally drawn to newborn adoptions at the moment. The stronger pull is to international and I'm not totally sure why. I'm not ruling out foster to adopt when I am more mature though. It's hard to raise children, but I think I will need an extra bit of strength and courage I don't have yet to really advocate for a child when I become a foster parent. I also feel it would be best for me to work at home as well, or obtain more money to give my foster children as much support as possible. It will involve, in my eyes, not being afraid to open my heart and home totally to a child knowing they will most likely leave me and I'm not totally ready for that yet...
I've really got to find more resources, maybe some positive ones. Negative ones are useful, and that is a posibility, but they need to be balanced with positive stories. But there's so much I didn't know like about RAD and acting out.
It's good it will take a while because I really learned a lot just in a few months and I want to learn even more.

Permalink 09/26/07 @ 15:58

Comment from: Faith Allen [Member]

· http://hoping.adoptionblogs.com/

I will write a post in response.

Thanks for all of your recent comments. You have given me several good blog topic ideas!! :0)

- Faith

Permalink 09/27/07 @ 18:06

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