One of the most common questions we hear from couples thinking about adopting is, “Why is the process so expensive?” It’s true that there are many costs and expenses involved with adopting. However, those costs shouldn’t stand between you and your dream family. There are many ways to make adoption more affordable, especially if you’re willing to think outside the box.
Resources to Help You Afford an Adoption
Saving and Budgeting
One of the best ways to make adoption more affordable is to simply save up for it, like you would for any other major expense. You can even use your bank or special online tools to set a savings goal and create a budget that will allow you to meet it.
The key to saving for an adoption is to be serious and diligent about your goals. If you know you want to have a certain amount of money saved, you need to make your savings a priority and commit to that goal.
Adoption Grants and Loans
If saving and budgeting isn’t enough to meet your goal, you can also look into applying for an adoption grant or a special loan to help cover your expenses.
Adoption grants are a popular way for families to finance their adoption, especially if they have heightened financial need. The main benefit of an adoption grant is it doesn’t need to be paid back. Grants are a great way to make adoption more affordable and to help cover costs when you can’t do it alone.
If you’re thinking about applying for an adoption grant, make sure you do your research before applying. Many grant organizations have very specific or stringent requirements. However, there are also many that are more liberal with their grant money, so you should be able to find one or more to apply to.
You can also consider taking out a loan to finance your adoption, though you’ll need to be careful not to overextend yourself. Make sure you research the terms and requirements of the loan carefully to avoid paying large amounts of extra interest.
Many people don’t know that many of the expenses of adoption are covered by an adoption tax credit. If you’re considering adoption, you should make sure you take this credit as it can help you save a huge amount over time.
As of this writing, the adoption tax credit covers up to $13,570 of adoption-related expenses and fees per adopted child. It is also available for unsuccessful adoptions up to the end of the tax year. Some of the covered expenses include travel costs, court fees, home study costs and more.
If you’re thinking about taking the adoption tax credit on your taxes, you should know that its use often results in additional scrutiny from the IRS. You may want to rely on a CPA or tax professional to prepare your taxes so you avoid any legal complications or unforeseen problems.
Employer Adoption Reimbursements
Many employers in the US offer reimbursement for select adoption expenses. You’ll need to talk to your employer to see whether or not they offer reimbursement or whether they’d be willing to consider it. You can also combine employer assistance with the adoption tax credit to get tax-free reimbursements and assistance. Just make sure you don’t claim the same expenses under more than one program.
Fundraising & Crowdsourcing
One last popular method for funding your adoption is to turn to the community for help. Fundraisers and crowdsourcing campaigns have given many couples the support they need to complete their adoptions.
There are an unlimited number of ways to fundraise for an adoption, including:
- Throwing an event like a BBQ, bake sale, or raffle.
- Asking for donations at community events like your church or community groups.
- Making a video and posting it to YouTube about your story.
- Building a website and asking for donations online.
You can also use crowdsourcing platforms like GoFundMe to help cover the costs of your adoption. This is a popular method because they handle all of the payments for you, making it simple to collect funds from people around the world.
Get Adoption Help and Advice Today
You should never rule out an adoption because you think it’s too expensive. If you’re truly meant to grow your family through adoption, you’ll always find a way to make it happen.
No matter what stage of the adoption process you’re in, Deaconess Pregnancy & Adoption can help. We’re Oklahoma’s oldest and most experienced adoption agency, and we’ll work with you to help you complete your family. Call 405-949-4200 today to start, or visit our Facebook page to learn more about how we help Oklahoma families and kids.