[Psalm82:3]

We've been planning on saving a chunk of money over the next year before starting an adoption from India. However, we'd rather not wait so long. To adopt from India typically runs about $25,000-$30,000, and we currently have just $1000 in savings. Of course we are planning to fundraise all along the way as well. My question is- how much money should we save before starting vs. how much of it is taking a leap of faith with very little money to start out with? Even after much research, I still don't have a great sense of how the finances play out. It makes me nervous to apply now with so little money, and what if we have a referral down the road and are attatched to a certain child, but wind up not having the money to finish the adoption? Yet at the same time we can hardly wait to get started. I'm willing to take a leap of faith, but I also want to act wisely. Who has been through adoption and can offer me some perspective? Getting input on this issue could mean the difference between applying with our agency on Monday or waiting until next October. Your input would be much appreciated! Thx!

[specialk4b]

Welcome to the forums! We didn't adopt from India, but we did adopt from China before we had all our money in hand.

I'm not sure how adoption expenses for India are structured. For China you pay a bit when you apply, a bit when you complete your dossier, a bit when you are matched and the remainder before you travel. We had enough on hand to take us through dossier completion when we started. We saved up and had the other monies by the time we needed them.

Best wishes to you!

[Psalm82:3]

Thanks so much for your reply. The India program is set up similarly to China, it sounds like. The costs are broken up. It makes sense to have enough money to get through the dossier, since there is a waiting period between then and the referral to fundraise.
Thanks!

[Betelnut]

I began my adoption journey with literally no money. I borrowed a bit at first to pay the agency and for the homestudy, then I saved a bit, then I borrowed some from my parents, then I borrowed again for the last bit I needed from a credit card company ($15,000). All loans, except for about $500 from a credit union and a bit to my folks, are paid off now (adoption finalized two years ago).

The cost of Guatemalan adoptions were about the same as Indian ones, it looks like.

Don't be intimidated! If you have a good credit score, you can get the money! Then, the adoption tax credit (once the adoption is finalized) will help a lot of that debt go away...

[karla-k]

we paid for ours as we went using bonuses, tax returns, fundraisers, and budget cutting. there are grants available, we got close to $20,000 in grants and interest free loans. we will also use the adoption tax credit to repay the loans and some of our travel expenses we have on a credit card.

do remember, the adoption tax credit is only good until Dec 2010. the new bill to extend it is in committee right now (last I read). if it is not passed, it goes away and anyone who doesn't finalize by Dec 2010 will not get the credit.