How to Save for Adoption or Infertility the Dave Ramsey Way
Adoption and fertility treatment are expensive. Not everyone has the money just sitting around in their savings to spend. How does Dave Ramsey and the Financial Peace Program suggest raising the money needed for paying for IVF, donor egg or surrogacy or for adopting a child? Host Dawn Davenport interviewed Chris Hogan, from Dave Ramsey’s organization about the techniques discussed in Total Money Makeover and the Financial Peace University.
- Adoption can cost $30,000 and one round of IVF can cost $15,000 and it may take more than one round. That’s a lot of money for most families. How can couples approach amassing this much money?
- Why debt is so destructive?
- How can families bring in more money?
- Why put money in savings when interest rates are low?
- Why is it important to know where your money goes.
- How do you budget when you are saving for something big?
- What is zero-based budgeting?
- What is the envelope method of financial management that Dave Ramsey suggests?
- Should you seek an adoption or infertility grant?
- Should you take out a loan to pay for fertility treatment or adopting a child?
- Should you borrow money from your family?
- Both adoption and infertility are sometimes time sensitive—meaning that people feel the need to raise the money quickly- any suggestions for that?
For more information from this show and a discussion of this topic, check out Dawn’s blog on the show: How in the World Do You Afford Adoption or Infertility. Please join the discussion or leave your thoughts about the show in the comments on the blog.