Adoption Grants and Financial AidWondering how to come up with enough money to adopt internationally? There may be more help available than you realize! Through tax credits, low interest loans, and adoption grants, it's easier than ever to afford adoption.
Federal Adoption Tax CreditTo help offset adoption expenses, the federal government offers a tax credit for qualifying families. The Adoption Tax Credit has now been extended and expanded as part of the Health Care and Education Reconciliation Act of 2010 with the credit increased by $1,000 to $13,170!! The credit is also now refundable meaning that even if you have no tax liability, you will still receive a refund in the mail! The tax credit helps offset about half of the cost of adopting!NOTE: The federal adoption tax credit has been extended until the end of 2012, but the tax credit will no longer be refundable after 2011. Please consult with a tax professional regarding your specific case.
Adoption LoansQualifying adoptive families may qualify for low or no interest loans from adoption organization! Click the following links to learn more:Adoption Loans More Adoption Loans Resources For Adoption has put together the most comprehensive adoption loan resource list currently on the web.Click here to download this list! Adoption GrantsAnother common way to offset the expense of adoption is to apply for grants. With amounts ranging from $500 to $10000 depending on the organization, grants can be extremely helpful in helping you afford adoption. Most organizations require you to submit a copy of your approved home study and an application that asks detailed questions about you, your family, and your financial situation. Grants are usually awarded based on financial need.PLEASE NOTE: Although grants are helpful, it is wise not to count too much on them when planning your adoption budget. There are far more adoptive parents that apply for grants than any organization could possibly fund. With the economic downturn, grant organizations are hurting just as much as everyone else and are usually not able to award as many grants as they would like.
Resources For Adoption has put together a grant resource list.Click here to download this list! Fundraisers Many adoptive families have garage sales, hold raffles, or sell hand made items to gather extra money for their adoptions. Set up your own fundraising blog! Be creative - clean out your attic and basement and sort through all the junk you don't need anymore. List it for sale on Ebay or through a yard sale. Start a small side business to earn extra money! Employer Benefits Many corporations offer benefits and cash reimbursements for adoptive families. Find out your company's policy on this issue. Adoption Grant ListThis wonderful resource list was compiled by Madison Adoption Associates last year. I hope this will give you an idea of where to start! All credit goes to them. Please contact Madison Adoption Associates if you have an interest in adopting. They are my agency, and I highly recommend them. Extensive Grant Resource List
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Ways to Save
Coming up with the necessary funds to complete an international adoption isn't always easy. But for the determined family, it is definitely possible. A combination of savings, frugal living, grants/loans, and fundraising can get the job done. Consider these ideas:
Start saving at least a year before you plan to being the process. Start setting aside a fixed amount each month in a special fund dedicated to your adoption. Make it any number - but once you've decided on it, stick to it. Even $100 per month will, after one year, yield $1200! That's enough to pay for your home study (or part of it) or your I800A application and fingerprints. Small things make a big difference. Set aside something a little larger ($350 per month), and you'll have a sizable amount of money after 12 months has passed!
Start cutting out unnecessary expenses. Let's be honest - there's a lot of things we could do without. It's just a question of whether or not we have the desire to do so! Our family has personally cut out a lot of expensive luxuries and have saved a great deal of money in doing so! Set aside the money you save from cutting these items in your adoption fund. These are some of the actions we've taken in our own family.
- Discontinue your cable TV.
- Reduce your visits to restaurants and start cooking at home more often.
- Give up your family vacation for one year.
- Decide as a family to limit the gift giving at Christmas time. You don't have to cut it out completely, but try downsizing!
- Get rid of all the debt you can, starting with your credit cards. Monthly payments eat up a lot of your income!
- Stop going out to movies on a regular basis.
- Don't make unnecessary purchases. Instead of buying the latest book or movie, borrow it from your local library.
- Shop at secondhand stores or discount shops for your clothing. This has been a HUGE money savings for our family!
- Keep track of the extra pennies. A little purchase here and a little purchase here can add up to a LOT. Do you buy a coffee from Starbucks every day? A candy bar and drink from the snack machine four times a week? That adds up fast!
Take A Good Look
If you find yourself with little money left over each month, make a spreadsheet to keep track of expenses. For one month, keep EVERY receipt for EVERY purchase that you make, no matter how small (both credit card and cash). At the end of the month, input everything that you bought into your spreadsheet and label what you bought. Review the spreadsheet with your family. Highlight the purchases that were necessary (mortgage, gas, food, medical, insurance). Then highlight in a different color the purchases that were optional. Movies, games, candy bars at the store, DVD rentals, that new pair of shoes, going out to eat, etc... Did you really need those things? How much money could you have saved towards the adoption if you DIDN'T buy those things? What is your family willing to give up for awhile?