Adoption costs tens of thousands of dollars. This can include medical costs for the expectant mother, adoption agency/attorney fees, and travel, among other things. Not all adoptive parents are wealthy, so often they find other ways to finance the adoption. 

There is a wide variety of ways the average person can pay for adoption. You might find that one single method is not suitable for you, and may choose to pursue multiple ways to collectively finance the adoption. 

Loans, budgeting and saving, and fundraising are three ways some adoptive parents have paid for adoption .

1. Loans

Many adoptive parents have reported taking out loans to pay for adoption, and then using the federal adoption tax credit to help pay off their loans later. Some of the ways adoptive parents have taken out loans include:

• borrowed from 401K/IRA

• home equity loan

• credit card

• consumer/personal loan

• adoption loan 

• second mortgage on home

• refinance home

It is advised that if you choose to take out loans to finance the adoption, that you do so with caution. You want to consider the fact that you are taking on debt at the same time you are growing your family.

2. Budget Tightening and Savings 

Some adoptive parents begin saving several years in advance if they know they are planning on pursuing adoption. They might create a special savings account set aside specifically for adoption and add any money received as a gift, bonus, tax refund, etc. to it.

Part of saving money might include tightening your budget. This could  mean skipping vacations, reducing your frequency of eating out, cancelling some subscriptions and/or memberships, and trying to take advantage of any discounts. 

3. Adoption Fundraising

If taking out a loan to pay for adoption is not for you, and you are having trouble saving enough, then you may look into having an adoption fundraiser. Adoption fundraising does come with some risks that you will want to consider first.

When you are raising money, you are often compelled to tell a story that will encourage people to donate to your fundraiser. In the case of an adoption fundraiser, this story is often about the adoptee and the birth parents. While you might feel okay sharing it with people in the moment, later you may be resented for it and regret it. It is important to remember that even if someone is donating to your fundraiser, you can respectfully decline to share more information than is necessary. 

Since you are asking people to give money to help pay for the adoption, they will judge your spending habits. If you don’t want people commenting on your spending habits, then you may not want to choose fundraising as a means for paying for adoption. 

It will also be hard for you to not notice the people who do not give to your adoption fundraiser. This could be damaging to your relationship with some people, because you may find you resent them for not helping you out. 

No matter how you choose to pay for adoption, make sure you stay educated and informed on the adoption cost, as well as the benefits and risks of each way you might choose to pay for it.