Adopting Without Breaking The Bank: 3 Financial Resources

Adding a child to your family can be a wonderful and exciting adventure. If you are thinking about adopting a child in need of a forever family, then you likely know the costs that can be associated with the adoption process.

The cost of adopting a child in the United States can range anywhere from $8,000 to $40,000. These costs can deter some couples from completing an adoption, but there are resources available to help offset the financial burdens associated with adoption. Here are three resources you can turn to for financial help when adopting in the future.

1. Adoption benefits from your employer.

Many employers recognize the financial burden an adoption can place on their employees. To help adoptive parents cope with this financial burden, some employers offer monetary assistance to help cover the costs of adoption agency fees, court costs, and other expenses.

Some employers offer a lump sum payment that can range anywhere from $1,000 to $15,000. Other employers might offer a reimbursement plan that will reimburse up to 80% of itemized adoption expenses. Be sure to ask your employer about the availability of employer-provided adoption benefits if you are thinking of adopting in the near future.

2. Grants designed to offset the cost of adoption.

A grant is financial assistance that doesn't need to be repaid. If you need money to complete the adoption process, then applying for an adoption grant could be a great way to access the funds you need to grow your family.

The National Adoption Foundation offers grants that don't have income restrictions and can be used for any expenses related to your adoption. The application process is simple. You just submit a one page application, and wait for the committee to determine if you will receive a grant during one of their quarterly meetings. 

3. Hold a fundraiser.

Your friends and family members are likely willing to help with the cost of your adoption if you let them. If you are the type of person who doesn't feel comfortable accepting cash, you can host a fundraiser instead.

Adoption fundraisers provide individuals with a good or service (like a bake sale treat or a car wash) in exchange for a monetary donation. Fundraisers are an excellent way for you to feel as though you are earning the money you need to adopt while still providing your loved ones with the opportunity to contribute to your adoption efforts.

Finding ways to finance your adoption doesn't have to be difficult. Take the time to explore the financial resources available to you so that cost doesn't deter you from adopting in the future. Contact a company like Family Creations Adoptions for more information.