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China adoption costs are surmountableDon't let China adoption costs sever your red thread connection to your child. There are several ways to get the money for your China adoption.
Income and Savings The most obvious way to pay for China adoption costs is through income and savings. This has the potential to be a stumbling block because, as we have all heard, Americans are not saving enough. Instead we are spending too much. It is a universal problem we all seem to have.
We did not have enough saved, so we developed a financial plan for our income. This allowed us to save more. My husband developed a savings plan with a spreadsheet based on information from our agency. We followed our plan to the letter. Planning our expenses and saving a set amount over time helped us fund our Chinese adoption. I, however, did not have the financial or computer prowess back then to do something like this on my own. If I were responsible now for creating a China adoption budget, I would start with my own financial planner. Either way, having a budget put us in charge of our China adoption costs. The point is, like many people, we had money. It just grew invisible wings and flew out of our account faster than we could corral it. Taking charge of our finances was how we paid our China adoption costs. Being able to fund our adoption from our incomes did not mean we could plop down $20,000 all at once for our adoption. It did mean we learned to control our spending and focus on getting the agency fees paid first. We kept in mind that the full amount for our Chinese adoption was not due right when we signed the application with our agency. Instead, we paid for each stage as it was due. A large portion of this money was also carried with us to China. As a result, we had about 6 to 8 months to accumulate the funds. Tax Credit Although the adoption tax credit is not received until after you adopt your child, it can cut total China adoption costs almost in half . There are stipulations to the credit. We did not qualify for it when we adopted our daughter, but we did qualify when we adopted our son in 2002. It is possible to receive the total $10,390 spread over 1 to 2 years after your China adoption. Special formulas are applied based on income level/tax brackets. We consulted our accountant for the specifics. You can also read more about it at the IRS website. Grants China adoption costs can also be funded by adoption grants. One such grant is the employer adoption grant. When we let our husband’s employer know we planned to adopt from China, we received a grant from his work. It may be considered income so you may have to pay taxes on it, but it’s worth some research. Contact your human resources department to see if this is available to you.
The Abba Fund provides financial assistance to Christian couples looking to adopt but who need help with the costs of adoption. Donations Our agency has a fund called the Eternal Family Adoption Assistance Program. This fund is for families who are adopting and need financial aid. Family members and friends can donate money to this fund and designate a particular adoptive family as the recipients of the money. This can be anonymous, but the donors are still eligible to take the donation off their taxes since our agency is a non-profit organization. There is a maximum amount that the agency will contribute to the adoptive families through this fund. However, every little bit helps with the China adoption costs.
Our church also helps out families who need financial assistance. This is a viable option for those needing funds for adoption. It is possible for members to donate funds to the church, designate the recipient and receive the tax break. It’s an option worth exploring. Fundraisers Offsetting China adoption costs through fundraisers is another option. Finding ways to raise money can be as creative as you like. Setting up a website to sell handmade items is one way to raise money to cover China adoption costs. We've also known families who had garage sales, bake sales, book sales—just about any kind of sale to make money. Such fundraisers are also great ways to get the siblings involved. They are helping to weave their red thread into the family tapestry. Other sources Many adoptive families have had money given to them by family members or friends with no strings attached. Others have borrowed money from others or from financial institutions.
We have also heard of people refinancing their homes to get the money. Or others have received raises that offset the expenses.
Be sure to also check out the National Adoption Information Clearinghouse website. It provides many invaluable links to ways you can finance your adoption. China adoption costs seemed overwhelming to us at first. However, it helped us to keep the goal of adoption in front of us at all times. Our focus on our family tapestry was very narrow. Any time we saw “extra” money we lassoed it and put it in our "red thread fund." For us, adoption from China was our plan A. We had no choice but to pursue it. We knew the money would come from “somewhere.” So we put our feet on our red thread to our daughter (and later our son) and followed it step by step. Our son and daughter are priceless. They are worth every amount of effort that was put into making them a part of our family tapestry. We are sure your new child is just as special. Return home.
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