Adoption is not just a huge emotional investment, but a financial one as well – and if you’re a family just learning about adoption, you’re probably wondering how to start budgeting.
Here, we’ve offered some information about adoption costs and how to plan for them accordingly.
Breakdown of Adoption Costs
The costs of adoption will be different depending on what type of adoption and program you choose. At American Adoptions, costs can usually be broken down into the following categories:
- Agency fees
- Home study
- Birth mother expenses
- Legal fees
These fees will come up over the course of your adoption. While it might seem like a lot of information to take in, there are some things you can do to make budgeting easier.
Ways to Plan Your Budget
It’s never too early to start creating a budget. If you’re just beginning to prepare for your adoption journey, here are some tips that can help you plan for the journey ahead:
- Learn about your adoption program – Every adoption program has different fees and payment arrangements, and that information will help you prepare.
- Write it down – Put all of your costs and financial information into a computer application, like Microsoft Excel, to keep everything organized.
- Check out your financial aid options – There are many loans, grants, and financial aid options for hopeful adoptive parents.
- Try fundraising – Parents in the past have thrown bake sales, raffles, and other community events to raise money for adoption.
- Leave some wiggle room – when you are setting a budget, choose a range rather than an exact number.
Our Adoption Specialists can also work with you to help you know what to expect and make sure there are as few surprises as possible. Wherever you are in your adoption journey, American Adoptions is always available to help you achieve your dream!