How to Pay for an Adoption

Realize that adoption expenses usually come in increments. Very rarely is the entire cost of the adoption due up front. Instead, you will have a few fees to pay at first and others to pay at different points in the process. This gives you some time to plan your finances.

Start by examining your budget. Decide where you can cut back and what you can do without. Realizing your dream of adopting a child is worth a season of living more frugally.

Look at your savings to determine what you have available to use for an adoption and how you can add to your savings over the coming months. Consider forgoing a vacation or other expense that you've been planning for and roll that money over into your adoption fund.

Apply for grants and low- or no-interest adoption loans. These are available to help ease the financial burden for families who want to adopt. Keep in mind, though, that more families apply for these than there are funds available. Be prepared to use other methods if you aren't selected.

Inquire at work about adoption assistance. More and more employers are setting up programs to assist employees in their adoption efforts.

Remember that many people are eligible to use a federal adoption tax credit. There are certain restrictions on this credit, though, so talk to your accountant to verify that you can use it.

Plan fundraisers to raise the remaining money that you need. There are a lot of creative ways to raise funds for an adoption. Many people are interested in being involved in these events and doing their part to bring a child home to a loving family.