4 Ways To Financially Plan For Adoption

Be prepared for a chance of a lifetime. Isn’t that what Scar said in the Lion King? Don’t leave your dreams to chance. Plan intentionally for the things that you want in life. If you are anything like me, being a mother was what I wanted to be. I didn’t want to let that dream be allusive, so I’m here to share with you four ways to plan for adoption.

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Establish a Savings Account Specifically for Adoption

I’ve talked about this before if you’ve taken the Preparing for Adoption course. It’s important to have a dedicated savings account for your adoption and then specifically name it on your online account. Baby account is ok, but Baby Jones 2021 is better.

Why should you have a savings account dedicated for adoption? Here’s two reasons: guilt and intention.

When you want to go out to dinner, guilt kicks in and says, but this money is for our future child. You then take out the joy of life during your journey. If you’ve set aside money in your spending plan for eating out, for your adoption, and given a name to your money; then the guilt is removed.

Intentional spending provides you clarity and purpose. Your personal spending no longer affects whether or not you are able to save up enough money for your adoption process. We go over this in a section of the Preparing for Adoption course because we feel it’s that important to build on a solid foundation.

Make a Budget For The Entire Adoption Process

It’s so important to know how much to save up before you begin saving, so plan a budget or spending plan. Here are a few things you need to budget for during the adoption process.

  • Home Study
  • Adoption Consultant
  • Adoption Agency
  • Adoption Attorney
  • Travel
  • Pictures
  • Copies of Birth certificates, marriage certificate, background checks, fingerprints
  • Setting up the nursery (including car seats, cribs, clothes, diapers)
  • Travel insurance (just in case your trip needs to be canceled or rescheduled)
  • Health insurance (If you leave the country, your health insurance isn’t valid, but you can purchase temporary health insurance to cover you while you are out of the country.)
  • Vacation money (bonding together as a family before and after placement)
  • Courses and classes you need to take

The Adoption Financial Planner on Etsy can assist you with planning your budget for your adoption.

Give Yourself A Timeframe

When I received the news that we’d need to do IVF and come up with $17,500, plus I was 35 years old; I must confess that I was terrified that I’d never be a mother. I put limitations on what I felt was an appropriate age to get pregnant.

I see women do this all the time, where they have unrealistic expectations or they think they can’t do something because of a number they put in their head. I’ve met women in their 50’s that have adopted. What makes you think that 39 is too old to be a mother?!

When I say give yourself a timeframe, I mean a date to work towards for saving the money. We NEED a date to motivate us. I mean, how many of you have gone to school and you have all semester to do something, and then it gets done last minute?

I want you to set a date that will get you moving. Don’t say 2 years from now, because that date is so far away that you’ll procrastinate until that dates looms in front of you. Give yourself 12 months month and then make small monthly goals to help you reach that 12 month mark. (This is where the 21 Day Challenge will help you get motivated.)

Apply for Grants, Loans, and Fundraise

The key to your success is creating multiple sources of income for the next 12 months.

Don’t be intimidated by having to pay the application fee for a grant. Remember, if you don’t apply, you don’t have a chance to even be in the running to be chosen for a grant. If you haven’t already downloaded the grant list, then join our mailing list to receive it.

We know that it can be intimidating to write about yourself and your story. We guide you through exercises on what to say in the Adoption and Fertility Grant Success course.

Loans are a great way to fill in the gap for last minute placements. You can plan to have the money saved up in 12 months, but suddenly at month 8 you are chosen and you have 2 weeks to come up with the money. Loans are a great filler, but they shouldn’t be your sole source of money for adoption or fertility.

Lightstream offers adoption loans. I was impressed with the lower interest rate that they offer. Visit their website to apply and see if you qualify. They also offer fertility loans, for those of you seeking surragacy, IVF, or embryo adoption.

Look into refinancing your home or doing a home equity line of credit. I prefer the line of credit over the home equity loan because of the flexibility to borrow, pay down, and then borrow again without getting approved to continue borrowing. The interest could be tax deductible, if you are able to itemize. (A year end planning session with a tax accountant can help you assess that determination.)

Fundraising can have a negative connotation because most people think of fundraising as GoFundMe. Remember, you aren’t begging for money. You are giving something in return for money and there’s a cause behind the item or service. Think of it like a sidehustle or event planning. In our free download Essential Guide to Prepare Financially for Adoption, we have a list of fundraising ideas to help the spark get started.

If you aren’t sure what you should do for your fundraising event or side hustle, then take the Preparing for Adoption Course. We have an entire section on Fundraising How To’s.

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