Anyone who has even thought of (and therefore googled) adoption, domestic, or international, can atest to the sticker shock. Being completely truthful here, this is probably 3rd on the list of reasons why we are fostering first.
Anytime I get excited about adoption, the reality of the cost comes back to me. So today, one of the main things I was asking about at the adoption fair was how to afford adoption. There are many grants available, which take time, but are totally worth it. A few are straight up grants, others are matching grants which will match dollar for dollar up to some arbitrary limit. Some are based on income, some are essay contests, so are based on other criteria. Some of these have the criteria that you can not be funding any infertility treatment whilst pursuing adoption.
Then, they are quick to say loans. Many agencies actually offer 0% interest rate loans for the tax credit. Joseph and I are anti-loan. Just on principle. We believe that if we are bringing a child home, we want the home life(spiritual, relational, and financial) to be as stable as possible. Meaning we will not take on anymore debt in order to bring home our baby. We also will not bring home baby until we are debt free.
Then they rave about the tax credit. Joseph has researched that tax credit fairly thoroughly. The current tax credit is $13,190 for 2014. But, from our understanding, this tax credit is nonrefundable, and only counts towards a liability. So the only way we would be able to claim this full tax credit, is if we OWED $13,190 in taxes. So we would have to with an accountant to make this work for us.
Employer benefits, Joseph’s company has $5000 in adoption assistance, toward qualified expenses. This is a great blessing, which hopefully we will be able to take advantage of.
Domestic adoption is approximately $30,000, where as international varies from country to country, I’m thinking it’d be more like $40-45,000.
Other ways to raise funds include…fund raising/donations. Honestly, I have mixed feeling about this. And I’m not sure why. I would gladly(and have) donated for a couples adoption fund. But it feels weird to me to ask for money. It’s definitely a pride thing. I have spoken to some of my friends about this, and they said they don’t think it is weird. But it just feels uncomfortable. I do think I like the idea of making some. I am a very crafty person, and I feel confident I could make something(I have a great idea) and sell it as a donation to raise money for our future adoption.
This is all a ways away. We are going to fill our another application for our agency of choosing, and give updated information(ya know, since August) but I don’t anticipate us pursuing it until we are at least out of debt. But I am trying to think of ways and things we could do to raise funds. Maybe closer to the time, I’ll post some ideas and get some feedback.