Adoption
Options
How are you paying for your adoption process?
Hi ladies,
I've been lurking on here for a couple weeks. I was wondering how everyone was going about paying for your adoption fees (I know they can vary greatly depending on what type of adoption)
Thanks!
This discussion has been closed.
Re: How are you paying for your adoption process?
We are putting back money each month but our agency just raised their fees --- so when the time comes (if we use them) we're going to have to take out some kind of loan.
We're also going to be starting to sell home interior candles this week. Since i'm not tax exempt I will only get 42% profit, but it's one step closer money wise.
Also a few of my friends are having a bake sale through their neighborhood watch group and donating whatever they make to our adoption fund!
Hey!
I have been floating over here for the past couple months from TTCAL, good to see a familiar face
. DH and I have worked really hard for the past two years to be debt free, so we plan just to save every month, and possibly if we do not have enough taking out a loan, which we would pay back with the tax credit that we receive.
So far the fees have been manageable, so we've paid as we've gone along. The match fee is significant, and we were fortunate to have sold a rental property this spring. The $ is in an account earmarked for the adoption.
We are also fortunate in that DH's company has a generous adoption reimbursement program, which we will be taking full advantage of.
Hey amiga!
I forgot about tax refunds... that might be a good idea! Thanks!
*Going off to research
We saved, saved, saved! We created a separate money market account to get a higher interest rate (we used ING) and deposited our savings plus any other extra money (Christmas gifts, etc) that came in in that account. We sold t-shirts and had a big yard-sale. We sold whatever we could on craigslist (not much came in from this but hey every little bit helps!). We were very lucky have have different individuals donate to our adoption fund (our church donated the proceeds from the concession stand for softball season and the counselors at diabetic camp DH works at also gave a donation). We also got a 0% interest loan through the ABBA Fund which provides 0% loans to adoptive parents (we will use tax credit to repay). I hope this helps!
Another option is to apply for grants! We applied to several. Didn't get selected but it was worth a shot!
We are getting a very low interest rate on our credit card (2.99% for 1 year) which we will use for about $7000. We will pay cash for about $3k to $5k and we get $5k from DH's work.
Once the low rate runs up we will put it on our 8% credit card for 6 months when DH will get his new job and we'll pay it off in two months.
A little complicated but it will work.
We are $0 credit card people and that is how we're financing our adoption! It's crazy but it works.
My grandmother had money she had put in a savings account from the time my brother and I were born. She was going to give it to us when she passed away, but told me she wanted me to use it to be able to fulfill my dream of being a mommy. We were able to pay the $40,000 agency fee with it and didn't have to take out any loans. We would've done the loan if we had too or put in on our credit cards until we could've paid it off. Good Luck
TTC since May 2006. After 3 failed Clomid cycles, 2 failed Injectibles/IUIs, 2 failed IVFs and 1 failed FET, we moved on to adoption!
Last ditch FET resulted in BFP, and identical twin girls!
Both DH and I get reimbursed $5K each per adoption, and the rest is from savings. We also didn't have to pay in one lump sum. We pay as each "step" is completed. So far we have paid $500 when we submitted the application, then $4400 right before we were assigned our Social Worker for the interview portion of our homestudy, and more recently our $4900 program fee as we are about to finish our home study and we are getting ready for our dossier to be sent to Korea.
We'll have more fees once we get our referral and another once the adoption is finalized.
We are saving, saving, saving. We were contributing a LOT to 401k. We rolled back our contributions a little. The extra money goes into a high interest savings account at FNBO. Also, any money we have received from bonuses, tax returns, etc has gone into the adoption fund.
On another note, your signature really touches me. I am so sorry about the loss of your beautiful angel.
I also just noticed the siggy as well. Such a tragic loss.