How to Afford Adoption
What are some tried and true ways to afford adoption? In this episode, we talk with Julie Gumm, author of You Can Adopt Without Debt: Creative Ways to Cover the Cost of Adoption. We cover ways to find “extra” money that you can put towards your adoption, ideas for increasing your savings, and reasons to be cautious about asking for donations to pay for an adoption.
In this episode, we cover:
- How much do adoptions cost for families adopting in the US?
- Julie’s story of how they afforded to adopt
- What are the different options for paying for an adoption? Savings, second job, sell things, grants, fundraise, ask for money from family and friends
- How to effectively save money? – “Start with the money you already have”
- How long in advance do you need to start?
- Federal Adoption Tax Credit State Adoption Tax Credit, Adoption Employee Benefits
- Second job and freelance ideas
- Downside of adding additional work to your schedule
- Selling items you have but don’t use much or don’t need
- Fundraising to help pay for an adoption. Controversial in some adoption circles
- Difference between offering a service or event vs. asking for money
- Things to be aware of when deciding on how to fundraise for adoption. Dangers of oversharing your child’s story in order to raise money
- Grants to offset the cost of adopting
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Music Credit: Michael Ashworth