How do you pay for it?

Jennibug · 02-25-2004, 02:31 AM

Hi Adoption Mommies....

i'm just wondering, how did/do you all afford the adoption and pay for it? did you take out a loan? have savings? payment plan? just wondering how some of you funded such a large (but worthwhile for sure!) investment. We're just starting to talk about adoption and I wondered how everyone dealt w/ the financials.

thanks!

lots_of_dots · 02-25-2004, 03:02 AM

My dh and I just started the adoption journey. Some of the ways we are going to look into funding it are tax return money, low interest loans, grants, possibly take out a loan on my car that is paid off and beg my parents for some

. We are going to try our hardest to avoid taking out a loan on dh's 401K but if we have to, there is plenty money there as well. My only fear is that we will only be able to afford to adopt one. I guess if god wants us to have more than one, he will provide the money for us.

dna · 02-25-2004, 10:47 AM

We saved like squirrels and then took out a line of credit...Most times the amounts of money are spread out over some time so that helps a little with mini-goals.

I still fear we wont be able to afford a second one...but what is meant to be will be

Some people have yard sales, some people start selling Avon and things like that. Some people ask others for money (which I would never feel comfy about)

HTH,
Amy

Lisa67 · 02-25-2004, 10:54 AM

It definitely helps that the payments are spread out over the course of the adoption. Another thing that helps greatly is the adoption tax credit of $10,000. While you have to front the money you do get that amount back in taxes! Also check with your employers since many companies offer adoption credits of some sort.

Good luck in your research!

tke100 · 02-25-2004, 12:26 PM

Hi and good luck on your journey to adoption.

We begged, borrowed and stole, so to speak, hee hee. Anyway, our parents helped out a little, we saved like crazy, and we took out a home equity loan.

Be prepared for all expenses. We had one adoption fall apart and lost 12k, so that hurt us big time. We thought we would only use a portion of our home equity and because of the loss we ended up using almost the whole thing.

It is sooooo worth it! It just stinks that we have to go to such financial extremes to have a family. I wish there was some way to make it more affordable! Oh well a girl can dream.

well worth the strain on the bank account...!

Good Luck

DolciLady · 02-25-2004, 08:21 PM

We thought about taking out a personal loan or using credit cards. But in the end borrowing against my husband's 401-k just made the most sense. That loan came with an interest of only 6% and he'll be paying himself back since that goes right back into his 401-k--instead of another creditor. And it will be paid off in 60 months. The payments are automatically deducted from his paycheck so that's one pressure off our minds...we can't get bad credit if we slide...because we can't slide! LOL

The hard part now is making do on what paycheck he does bring home...my homework on budgeting is cut out for me!

And I may have to take a part time job (temporarily) to help make up for any slack.

Hope this helps.
Robin

SoonerGal · 02-25-2004, 10:41 PM

I just signed up as a consultant for Southern Living At Home and the money I make each month from my sales we are going to earmark for baby money and we have saved some as well.

Good Luck and many blessings!

skiboo · 02-26-2004, 04:50 PM

We have financed our adoption in several ways. The first way is that we cut back on all non-essential expenses (we downgraded to basic cable access for $19.95 per month instead of deluxe for $59.95 per month, we lowered our cell phone plan to less minutes, switched to a cheaper gym, etc). Also, we hardly ever eat out anymore, pack our lunches every day, etc… We managed to find an extra $200+ per month by just tightening up the budget!

The second way is that we both took on extra part time jobs. My husband teaches guitar lessons 2 nights per week and all day on Saturday and he instructs CPR at the hospital whenever he can. I took a gig as an "online librarian" and do this approx. 15 hours per week from home. We have made about an extra $1500 per month from our part time jobs -- we are exhausted but it has been worth it.

The third way is that we cut waaaay back on spending at Christmas and asked our parents to give us cash as a Christmas and Birthday gifts instead of spending money on more sweaters and clothes etc that we really didn't need.

We have taken out a home equity line of credit, but haven't touched it yet (thankfully). We will probably use it to cover travel expenses.

The final way is that we put off buying new vehicles. Both of our cars are paid off so we no longer have car payments (this is a huge savings alone) and even though we could both use new cars, we are going to drive our vehicles for a few more years.

Where there is a will there is a way… we feel very fortunate that we have been able to make it this far along in the process without incurring any debt and it is good practice to make these budgetary cutbacks as they would have been necessary eventually… we have really missed going on our ski trips this winter, but we know that we have many years left in which we will be able to bring our son with us to the slopes!

JenJen78 · 03-01-2004, 10:33 AM

My DH and I did alot of what has already been mentioned to adopt the first time around. This time, we are try to save/raise the majority of the money ahead of time. I started my own little business of making glass bead jewelry. It's really easy, and alot of people want to buy it. I make a point to let them know the profits all go to another adoption. I've been in business for about 3 months, and I've not really done much advertising yet, but I've profited about $400. It's not much, but every little bit helps. Plus, it helps pass the time at night after my son goes to bed. All of my business so far has been by word of mouth.

If anyone is interested in learning how to do it, I'd be happy to share what I know, or if you would like me to make it for you and then you sell in a fundraiser (for your adoption), just let me know. I have a website already set up, that shows some of the stuff I've made. www.geocities.com/beadsbyjen03

Good luck, and I hope this helps.

skiboo · 03-01-2004, 10:58 AM

I jut checked out your jewelry site JenJen and I have to say that you do beautiful work! I am going to order some to give as gifts -- both my sisters have birthdays coming up plus I could use a new pair of earrings myself!
My only comment is that I think you should charge a bit more for the earrings. I bought a similar pair at a shop once for $8!! They are really nice and I think people would be willing to pay a few more dollars for them... think about it!
I am at work and can't take time to order right now, but I will do so one evening this week!!!!
Great idea for fundraising...

JenJen78 · 03-01-2004, 11:44 AM

Thanks Skiboo! I really appreciate anyone's input about my jewelry. I have seen earrings sell for much higher as well. I have thought about raising some of the prices, but I think what I am going to do instead, is just come out with more expensive jewelry. That way, I will fit into anyone's budget.

Those earrings are so inexpensive to make, I just couldn't charge $8 for them.

As for the fundraising part, I've only done one so far, but I do think (as well as having others tell me), that my prices are low enough, that anyone could mark them up enough that they could make money as well. My friend and I are in the process of starting a business that has more items, but they are all Christian based. I've already made some really nice rosaries, as well as cross necklaces. We are going to donate part of the proceeds to an orphanage in Guatemala. I don't have all the details, as we are just starting out, but if anyone is interested in this type of jewelry, just let me know. (we're going to do fundraisers with this one as well)

Sorry, I'm getting off track of this subject.

skiboo · 03-03-2004, 02:29 PM

JenJen:
I was just thinking about your beautiful earrings and realized that they would make the perfect gift to give the orphanage workers when we go pick up Alex in April. We have to bring 15 gifts and I have already bought a few small things for the gift bag...your earrings would finish the gift off perfectly. How long would it take for you to make and send me 16 pairs of earrings (I want a pair for myself). They could just be in an assortment of colors, etc..
Let me know if you could have them to me by early April....
Thanks!!!!

JenJen78 · 03-03-2004, 04:09 PM

Skiboo,
It would be no problem at all to have them to you by April. Earrings don't take me long to make, and you are giving me plenty of advanced notice. Plus, I already have some earrings made up, so I've got a head start.

Just drop me an email at beadsbyjen03@yahoo.com, and give me your address. I'll get them made up and out to you ASAP.

Thanks,

FamilyBound · 03-08-2004, 04:40 PM

We have taken out loans, and we are currently selling a bunch of stuff on Ebay to help. Between IF treatments and adoption expenses, we are in debt, but I'd rather be in debt and be happy with a family then be debt-free and miserable because I wasn't a mommy.

ronijane · 03-09-2004, 10:54 AM

Hello Ladies!

I just have a quick question, I hope it is not too personal. I was wondering about how much an adoption actually costs? Is there a big difference between a foreign adoption and a domestic one? Are there even any american babies available? I don't know anything about adoptions and I would welcome ANY info you could give me.

My Dh and I just had our first IVF/ICSI and we had 14 embryos, 3 of which the transfered. Yesterday the RE called and said they were not able to freeze any of the remaining 11 because they stopped growing. Now we are wondering if there is a problem with the egg or the sperm what we will do next. We don't feel comfortable with using a donor, because the whole point is having children together. And if it is in God's plan not to bless us with our own baby, then there is one out there somewhere that needs us. Thanks for listening.

Erin