For individuals seeking to expand their families through adoption, the price tag can be pretty steep. Private domestic adoptions typically cost adoptive parents between $25-40K. For many families, that could be an entire year’s salary, and could take years to save – more years than they would like to wait before building their family.
So, if you’re interested in adopting a child, but worried about the cost, we have 5 tips for financing your adoption.
#1: Talk to an expert
The truth is, for many families interested in adopting a child, the funds aren’t readily available in their checking accounts. You will want to speak with an accountant or a financial planner, someone who can help you assess your unique financial situation and come up with the best plan for you by reviewing your personal assets, investment portfolios, retirement funds, properties, etc., to determine just how much you’ll need to come up with via other means.
#2: Check your employee benefits
Many employers provide benefits for adoptive parents, similar to benefits provided to biological parents, such as parental leave, information resources, and even financial assistance. Check with your HR department to see what adoption benefits are available to you, and how you can start using them.
#3: Try crowdfunding
Crowdfunding platforms such as GoFundMe have taken off in recent years, mainly because they make it easy for individuals to raise large amounts of money for various endeavors by asking many people to donate small sums. Donations can come from friends, family, social media acquaintances, and even caring strangers who are touched by your story.
There are even crowdfunding platforms that are specific to adoption, such as AdoptTogether, so do some research and find out if crowdfunding is right for you.
#4: Apply for a grant
There are organizations, such as HelpUsAdopt.org, who raise money to help families who are
hoping to adopt but are struggling with the cost. It doesn’t hurt to look into these organizations and see if you qualify for some help. If nothing else, they may have additional resources or helpful recommendations for you.
#5: Take out loans, but use caution
Search the internet for “adoption loans” and you’re bound to come up with more options than you’ll know how to sort through. Unfortunately, many of the options are likely scams. If you believe that loans are your best option, we recommend that you start by talking to your local bank or credit union to see what they can offer.
If you have any tips of your own that you would like to share, please comment below. We’d love to hear from you!