My husband and I always knew we wanted to grow our family through adoption.
Still, we made it work.
Fast forward a few decades: I have 10 children, six of whom are adoptees.
Michele Fried and her Husband Chuck Fried, far left, pose with their 10 children. Photo courtesy Michele Fried
Yes, its true: Adopting a child can be expensive.
Depending on the specifics of your adoption, fees can range anywhere from $0 to over $40,000.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
But, pricy as adoption can be, its not impossible.
Here are a few of the many ways to creatively finance your adoption.
10 Ways to Make Adopting a Child More Affordable
1.
In 2019, the maximum tax credit for eligible expenses was $14,080 per adoption.
you might use the credit toward expenses like agency and attorney fees and travel expenses.
Always consult an accountant or the IRS for complete and accurate information.
Check With Your Employee Benefits Programs
Few employers advertise adoption benefits.
Dont hesitate to dig a little deeper to see what might be available.
You might save money by working with an agency that offers asliding fee scalebased on your gross worth.
If youre seeking a subsidy, the system needs to show that the childs case is medically compelling.
It should document the childs disability and outline the hardships theyll have growing up.
Within each state, counties may vary in their subsidy requirements and contributions.
The North American Council on Adoptable Children summarizeseach states adoption subsidy requirementsfor your reference.
Some might make judgments about your financial situation.
Others might question whether all funds raised will go toward adoption expenses or into your pocket.
If you fundraise, understand the downsides.
They certainly may not be within your comfort zone.
Explore Grant Programs for Adopting a Child
A number of national organizations offer grant programs to prospective adoptive parents.
Consider exploring the following:
7. you might write off the interest on your annual tax return.
Relatives are often a great resource for support throughout the adoption journey.
Also, dont forget your 401(k).
Also, theres a default risk when you borrow from your 401(k).
You could end up owing taxes and paying more in the long run.
Consider adoption agencies that only require these fees upon placement of your child.
Dont Let the Cost of Adopting a Child Deter You
Adoption isnt for everyone.
But if youre curious about adopting, dont immediately rule it out once you hear murmurings about the expense.
Talk to an adoption professional about your options.
Do your own research.
Reach out to adoptive parents to discuss their experiences.
Despite the challenges, fees should never be a barrier to adopting your child and creating your forever family.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
