If you are considering adoption, it is crucial to be financially prepared. While a certain annual income is not explicitly required to adopt, families must live over the federal poverty level. In addition to income, adopting families should also take additional expenses into account. From adoption fees to post-placement living expenses, the process calls for financial stability. Let St. Elizabeth Foundation help you grasp the necessary costs associated with adoption and give you guidance on how to be financially ready for adoption in Lafayette.
How Can You Be Better Prepared?
On average, domestic adoptions through private agencies in the United States range from $20,000 to $40,000. While this expense may seem like a major hurdle in your adoption journey, there are a few methods you can use to help offset the financial stress. Follow these tips to help prepare your finances for this important investment.
1. Understand Your Full Range of Expenses
There are many costs associated with adoption. These include financing your home study, legal expenses, professional counseling, and education before finalizing your adoption in Lafayette. After your adoption has been completed, you will also have doctor’s visits, newborn care, food, diapers, and more to afford. Your financial obligations may seem overwhelming when looking at your total expense, but prioritize your understanding of each piece of your financial plan. Each cost comes with an essential purpose to ensure that you and your home are in the best possible condition to welcome a new child.
In some circumstances, government financial aid may be available. For example, children with special needs may be eligible for an adoption subsidy. Consult with the experts at St. Elizabeth Foundation to learn what expenses to expect and which opportunities you may be able to find for financial assistance.
2. Make Sure Your Finances Are in Order
Before beginning your adoption journey in Lafayette, you will want to take a realistic look at your finances. If your money is already in a precarious position, this will not be sustainable after your adoption. It is especially important to restructure your finances before your adoption agency conducts a home study. This will evaluate not only the state of your living arrangements but also your income, debts, and proof of health insurance. It is important to make sure that families are living within their means so that they can adequately support the financial, medical, and educational needs of a new family member.
3. Start Saving Early
If your family is confident that adoption is right for you, it is best to begin saving as soon as possible. The adoption process itself may take some time to finalize, so take advantage of the period you have to save. Note areas in your budget where you may be overspending, and instead put this extra money aside into your adoption fund. Cut back on travel or eating out and save this money in a secure account. Fundraisers, garage sales, and family donations are also effective ways to help fund your adoption. Make sure to immediately place any earnings from these events directly into your adoption savings. By beginning these healthy saving practices early, you can better offset your adoption costs when you’re ready to begin the process.
Ready for Adoption in Lafayette? Reach Out to St. Elizabeth Foundation
While adoption is a financial commitment, beginning your road to adoption in Lafayette is a beautiful and rewarding journey that is well worth the expense. Interested in the adoption process? Reach out to us today to learn more. Give us a call at 225-769-8888 or send us a message for more information. We look forward to helping you build a happy family.