Funding Your Adoption - Getting Started

by Shoshanna Grey | More from this Blogger

17 May 2006 07:43 PM

When starting to think about international adoption, the first thing most people ask is, "What does it cost?" The answer is staggering - costs range from $20,000 - $40,000 depending on the country and the situation. Many people hear this and then they decide that they can't adopt.

You have read this far, though, and maybe you have this glimmer of hope that perhaps you really can adopt, even if you aren't due to inherit the Gates fortune. The truth is that families adopt every day. Normal families with moderate incomes have adopted and many plan to do it again.

You certainly have to be determined and you have to be willing not to give up, but it can be done and you can do it! Over the next few days, I will outline for you what other adoptive families are doing and what you need to do to raise the money needed for your adoption.

Here are the basics you need to start with when deciding where the funds will come from for your adoption:

What resources do you have?

Stop and take a careful look at your current situation. Do you own a house? If so, then a home equity loan is one way that you can fund your adoption. Perhaps you own two cars - can you sell one and use what you make from it (or the payments you were putting towards it) to help with some of your adoption expenses? Also, look at savings accounts and vacation accounts. If you are saving for new furniture, maybe you can wait a few more years for that new couch. Or, if you're saving for a vacation, keep in mind that you are about to take the vacation of a lifetime - going to another country to get your adopted child.

How can you cut back?

After you look at resources, take a look at your budget. What can you cut back on, at least for the time being? A lot of us don't realize how much we spend on small things like our morning coffee or restaurant meals. Remember that every little bit helps. If you can save a hundred dollars a month, then that's great! Don't underestimate the power of small amounts. If you need more help in shrinking your budget, check out the great entries in the Frugal Blog here at Families.com.

In the next two blogs, we will talk about adoption grants and loans and also about fundraising for your adoption.

Learn more about Shoshanna Grey

Shoshanna Grey has worked as an occupational social worker, teacher, child care provider, customer service reqpresentative, college recruiter and several other positions over the years.

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DianeScraps (4230) 18 May 2006 08:51 PM

Please remember that there is another option, with virtually no adoption cost. That is adopting from the state foster care system.

My husband and I should finalize adoption of two sibling girls next month and our biggest expense was a new filter system for our home well (under $1000). Everything else is covered by the county.

Shoshanna Grey (2785) 22 May 2006 10:43 AM

I am actually going to talk about the lower cost adoption choices such as foster care adoption, special needs adoption, etc. in future blogs. Thanks for bringing up this important topic!