Adoption is a wonderful thing! But sadly, there are a lot of costs associated with infant adoption. But if adoption is something you’ve set you’re heart on, don’t let money deter your decision. There are plenty of ways to try to come up with the fees child adoption takes. Before you start fundraising, you’ll first need to know what the costs will be and how to better prepare for the financial obligations. This way, you’ll be able to check your finances and beforehand and weigh your options for adoption resources.
The Many Factors
An adoption can vary from costing $0 all the way into the thousands, depending on a lot of factors. The biggest factor is the type of adoption. There are foster care adoptions that can cost zero up to $2,500, which are the cheapest. Then there are more expensive adoptions, including independent and facilitated/unlicensed adoptions. Intercountry adoptions can range from $7K to $30K, while licensed private agency adoptions start at $5k all the way up to $40K and more. Everyone who adopts a child have to pay universal expenses. These include things like home study expenses and court costs. The age of the child also is a huge cost factor. It costs more to adopt infants than it does an older child.
How To Create An Adoption Budget
Because there are so many factors in adopting a child, it’s best that you create an adoption budget. This way, you can see your finances and where you can save for the fees. A budget will also help see how long it’ll take you to raise the money and if you need to supplement with any fundraising efforts. An adoption budget is also helpful since you’ll need to show your income for the home study portion of the adoption process. Adoption grants will also require that you prove your income estimates and a budget is helpful with this, too.
To set a budget, figure out what sort of adoption you’ll undergo and meet with the right agencies. From there, you’ll get an estimate of how much you’ll need and then you’ll be able to adjust your finances each month to help you save.