Many parents seek to adopt children for a variety of reasons. Perhaps they are unable to have children of their own, or they already have biological children but cannot or do not want to have more or they simply want to expand their family and take care of a child in need.
While people enter the adoption path for a variety of reasons, most of them struggle to afford the high cost of adoption, which can cost upwards of $20,000.
If you are looking to adopt, here are some ways to raise the money to do so:
- Use your skills to generate extra income. There are many women who excel at a craft and sell their products on sites such as Etsy. With the extra money that they make, they partially help fund their adoption account. Likewise, both spouses could look into working additional hours or a side job to raise money to fund the adoption.
- Slash your budget. If you have any extras in your budget such as cable, a gym membership, dining out money and others, consider temporarily foregoing the luxuries and instead putting the money in an adoption fund. When you receive tax money or other extra money, put it in your adoption fund.
- Create an adoption website. A woman I know who was adopting as a single parent created a website documenting her journey through the adoption process. She also had a button where people could anonymously contribute to her adoption fund. Friends told friends about the blog, and she raised quite a bit of money this way.
- See if your employer offers assistance. Many employers are now beginning to offer adoption assistance, sometimes offering as much as $4,000. Check with your Human Resources department to see if this is a benefit your employer offers.
- Apply for an adoption grant. Obviously, these are very competitive, but organizations such as showhope.org offer grants to partially fund the adoption process. People can apply after the home study visit. All applicants at showhope.org are also eligible to take part in the Shirts of Hope program, which does not require any upfront costs and allows you to make a commission on t-shirts you sell to help fund your adoption.
- See if your church offers assistance. Some churches are willing to work with parishioners to help find ways to raise the money for adoption or to assist with fundraisers. Check with your minister to see if your church can offer any support.
- Borrow money. Paying for your adoption without debt is ideal, but there are ways to finance it. Although not recommended, some people have taken cash advances from their credit cards, borrowed from their retirement and taken out second mortgages. However, remember that after you complete the adoption, you will have plenty of expenses associated with the baby, so it is best not to go into debt for the adoption.
Adoption is a process that helps unite children in need of loving homes with parents who want to raise them. Whether you adopt domestically or internationally, the adoption process can cost thousands of dollars.
While you can borrow the funds for adoption, raising the money upfront yourself through slashing your budget, bringing in more income and pursuing grants and fund raising is preferred. While it may take a bit longer to adopt if you raise the money upfront, doing so is possible, and you will be thankful that you did so when you are holding your new baby and don’t have to worry about how to pay off debt.
*Photo by mlaaker*
