Few things have the potential to be more rewarding than raising a child. After all, as a parent, you have countless opportunities to help the young one in your family grow into a kind and dynamic person. Still, adopting a child can be almost unbelievably expensive.
According to the Adoption Network, adoption costs can range from $2,000 for a local foster adoption to more than $80,000 to adopt a newborn from another country. If you are not independently wealthy, you may wonder how you can fund your adoption.
Apply for grants
Many organizations across the U.S. offer grants to individuals who want to adopt. If you are a member of a church or social organization, you may want to research whether the group offers such grants. While applying for grants can be an arduous process, you often do not have to repay the money you receive.
Ask your employer
Some employers offer adoption benefits to their employees. If your employer is one of these, you may be able to obtain some funding from your job. On the other hand, if your employer does not have existing adoption benefits, your boss may be amenable to creating some.
Your friends, family members, colleagues and others may be willing to pitch in to help turn your adoption dreams into reality. Nowadays, it is also easier than ever to request donations through crowdfunding sites.
If all else fails, it is generally possible to apply for loans to cover adoption expenses. Ultimately, regardless of how you choose to raise money for your adoption, you should not forget to look into your tax obligations before proceeding.