[linsybyster]

Hi everyone,
I am just wondering what you all did. We are hoping to adopt through private, open adoption in the next few years. We don't have much money, but I think we do well enough that we would be approved (we have manageable debt, own our home, have good credit ratings, etc.). I'm wondering if we should save up the money, or at least part of it, for the adoption fees, in advance, or if we should just jump in because the process can take so long and save up as we go? Is there a "best way" to do this?
TIA!!
Lindsay

[Becky01089]

Hi Lindsay,
We refinanced our home and consolidated our debt and used that as our down payment. We then opened up a credit card to cover the final expenses and plan to pay it off with our tax return and child tax credit once the adoption is completed. You may want to check with your employers to see if they offer any adoption assistance. If you have enough equity in your home, you could go that route and not have to worry about when you will need that money. You'll know it's there. I know in our case, we would NEVER have been able to save enough money to cover the cost of an adoption. Maybe we could have, but we'd probably be in our 70's and I doubt we would be up to the challenge of chasing a toddler around with our walkers!
Good luck!

[kidmd2b]

I don't think that you need to have all of the money saved up in a bank account before you begin, but you should have enough of a chunk to get started and also have planned out how you will get the money when it comes due in the process, whether you plan to sell assets, refinance loans, borrow against credit cards or insurance policies or whatever. You don't want to be in a position where something is due and you can't come up with that chunk of the money in time and you miss out or get dropped, losing what you already paid for certain aspects.

[sanielsen]

Lindsay,
Our agency doesn't require the fees all at once, we're on a pay as you go system. In the beginning, we needed the application fee. Then we paid the homestudy fee. We don't pay the rest until we have a placement and even then they'll bill us and not charge interest. So, I guess I'm saying it depends on your agency. Good luck!!!

[StorkWatcher]

You've gotten great advice here! I looked at ours the same way I've always felt about having biological children: if you wait until you think you can really afford it, you won't do it at all or won't do it when you really want to.

I believe that it is wise to first have a game plan (sounds like you have at least the beginnings of one!) and believe God will provide, then things will work out.