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HELP! Adoption is so expensive!

Adoption is expensive, yes, but so is your car, your house, or your Starbucks you buy everyday. When researching adoption my husband and I had sticker shock like everyone else. I agree when people say, "Adopting a child shouldn't cost so much!", "Why does it cost so much to find homes for children that need a family", or "There is too much profit made from adoption" I agree, I do. But, I also don't care! We would go in to debt all over again to bring our kids home.

When we started our first adoption we couldn't afford it. Who has 20 to 60,000 in savings? We sure didn't. So, I want to encourage those looking in to adopting, but are scared of the sticker price!

Ask your self...Do I REALLY want to adopt or am I using the expense as an excuse to NOT adopt? Adoption is not for everyone, and it WILL NOT cure infertility. If infertility is the reason you are looking at adoption make sure you are ready. If you are not ready to move past the idea of being pregnant or having a biological child. Then, adoption is not for you...yet, or maybe never. If you are in this stage of infertility then please do not adopt. Whatever is driving your need for adoption wait until you are completely on board with the idea of raising a child that possibly has another mother somewhere in the world. You are completely on board with the idea that that child may want to find his birth family someday. And, you are completely on board with the idea that you will love that child regardless of all of that. Adoption is forever, and there will be those same trials and tears that comes along with raising a child. But, If you are ready then the expense of adoption won't matter to you either!

I'd like to share some insight to hopefully ease your minds about the cost of adoption.

1. The cost of adoption is not a lump sum. Meaning you pay out in small manageable payments. All agencies I have used and or researched have a timeline for payments. The agency application fee will be your first expense and can be any where from $100 to $300. The home study is your first large expense at around $1500.

2. You can drag out your adoption to allow for savings or funding to come in for each payment. So, say you have saved 1,500 for you home study. Great, you can get started. You will then have several months or longer before the next step (payment) in the adoption.

This site gives great details about the costs of adoption...

3. Start saving your money! Even if it is $20 a paycheck it will start adding up. skip the Starbucks everyday. Don't make a big purchase like a car. Small things will add up faster than you think. Here is a good read on 7 Money Making Apps to help you save...

4. If you own your home consider taking a second mortgage. Financial advisers will frown upon this idea but try to walk into a bank and ask for a loan to buy a kid. It won't happen (just trust me on that one). If you have equity in you home this could be a good option. There are options out there now for adoption loans. When adopting, research is key! Here is one option I found...

5. Consider fundraising. This method was NOT for us, but it works for a lot of people. I have seen tee shirt sales, candy, popcorn, puzzle pieces and yes gofundme. Great fundraising information and ideas here...

6. Some companies/churches give adoption grants for employees. Ask! If you work for a large or small company, ask! If never hurts to ask, the worst you will get is a no. Let your church family know you are trying to adopt! We found that many people are rooting for you...they want to be apart of something bigger than themselves! And, some people will feel lead to help you financially. Check out this list from the Dave Thomas Foundation listing the Top 100 adoption friendly work places. Scroll to the bottom of the page to find it and more!

7. There are also grants available; you just have to research and find them! The catch for a lot of adoption grants is you have to be in the adoption process to apply. You will want to start looking for grants while you have already started the home study process. If you are an organizer super hero grants are a great option. There is A LOT of paper work in adoption, and grants will add to that mountain of paperwork. Money is out there you just have to apply!

Find more information about grants here...

8. The Adoption Tax Credit is also available after your adoption is final. Today this is a credit, not a refundable tax break. This means what ever taxes you have to pay in during that year the Adoption Tax Credit can then be subtracted. See more information here...

There are many different ways to make an adoption happen, and the expenses of adoption are only an obstacle in the way. When you are ready to adopt make a financial plan and go for it! Ultimately, our first adoption was funded on a second mortgage on our home, lots of credit card debt, some anonymous gifts from our loving friends and family, and The Adoption Tax Credit. After we finalized and home we were able to refinance our home to consolidate our adoption debit in to one payment; our house payment. Our second time around we knew we wanted to adopt again so we waited nearly 5 years before starting again and saved and saved and saved.

If you are totally on board with adopting then you can make it happen!

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