Adopting a child offers the promise of a lifetime of possible returns that are immeasurable in financial terms. But the upfront costs could be substantial. According to adoption.com, an adoption agency could charge between a few thousand dollars to tens of thousands of dollars for application and program fees. If you are interested in international adoption, the costs could be higher. Adopting parents will pay for a home study, counseling, various document services and travel. Adopting parents may pay for advertising as well, to attract a pregnant mother. The adopting parents may pay for the mother’s health expenses, travel and any other expenses. In the end, adopting a newborn could cost $20,000 or more.
To pay for the upfront costs, look at your pre-baby budget. Consider the cost of staying home, the impact on earnings for you and/or your partner, as well as incidental or full-time child-care costs. Consider increases in health insurance and costs for medical care. Consider large one-time expenditures like a crib, changing table, car seat, stroller, etc. Expect to spend money on clothes that your newborn will outgrow quickly. Some parents are surprised how quickly kids grow. “But she only wore that once!” Baby formula, baby food, and sundry dishes, bottles, bibs and more add up. Plan to set aside money today so that you can purchase the surprise items that you need without burdening your family later.
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