Funding our adoption

KatieD2

Now that we have officially decided on an agency, we have to decide how to pay the fees.  We have looked into a home equity loan, but we don't have enough equity in our house since we just bought it recently.  An unsecured personal loan is an option, but the interest rates are pretty high.  If you don't mind sharing, how have you paid for your adoption or what do you suggest looking in to?  Thanks!!

Dr.Loretta

We sold a rental property to pay the match fee. We paid all the other fees as we went along.

I have heard of fundraisers (selling items ranging from calendars to candles), asking for contributions from family, taking out loans, taking second jobs, etc.

GL

ColoRxGirl

We borrowed using a high-limit credit card.  They offered a 3.9% interest rate for the life of the balance - which was much lower than unsecured loans at a bank at that time.

noonecarewhoiam

We were on the austerity plan for #1--with #2, we were gifted a portion of my grandfather's estate that was inherited by my mother.

silliestbunny

We changed the way we were living.  We also needed to replace two cars, and we made the decision to buy three--  two old but dependable cars that we use on a regular basis, and one new family car...instead of two big car payments, we can put  money towards adoption. 

amberfernandez

We cut back on everything, including eating out 4-5 times a week.  Then we borrowed the balance from my father at 3%.  We're hoping to pay off the balance with the adoption credit if we can finalize this year.

GLynn2009

We saved all unexpected money, tax refunds and all travel money for 2 years. Not going on any trips for two years was the worst since before DD we were travling every couple of months for long weekends. We still have not pick-up with traveling again a lot since DD has been home since we now have daycare expenses.

We are taking our next big trip over the Thanksgiving weekend to CA for DD's birth aunts wedding. This trip is only the 5th one since DD has been with us.

Smiley_grl52

We just signed with our agency and mailed in the entry fee today. We used that money out of savings. But we still aren't real sure how we are going to pay for the rest. My husband is due his bonus at the end of the month but it won't be enough to pay for the home study fee. We have talked about getting a loan from a bank, but haven't really talked to any of them yet to see if they could help us or not. DH's sister offered to loan us the entire amount and let us pay them back as fast or as slow as we wanted. But unfortunately DH is to proud to take her up on the offer. Our parents have offered to give us some money to but again....DH won't accept it. I think it would be easier and cheaper to borrow from our families. They are offering so I don't see why he won't take it. I guess we will just see what happens.

marikoono

You can't imagine how relieved I am to hear that everyone else is also in the same boat as us financially. I was worried that we were jumping the gun by going through the adoption process with very little $$ to pay it off. I'm glad to hear that I'm not the only one!

 We are cutting back to save some money (going out, eating out, vacations, etc.). The hubbers and I also have part-time side businesses (I'm a photographer and plan on doing some photography fundraisers. Hubbers sells beats/music). We also have a few fundraisers in the works. I'm hoping that between all that we will be able to pay it off. I also hope that the adoption tax credit is still in effect by the time we are able to use it, to pay back some of our savings. Not banking on it, just hopeful. )