[sparky_puddin]

hi im currently 20 years old, and i was just wondering if it would be a good idea to start a 5-10 year CD so that when im ready to adopt, which im sure wont be soon, i will have money ready. I know how expensive it can be...Im very sure that adoption, preferably international, is the right option for me in the future. Do you have any better financial advice? I figure even if i dont adopt by the time it expires, ill still have the money! Any advice would be greatly appreciated!

[karla-k]

saving money is never a bad idea if you have any debt I would pay that off before you start saving though. If I had to do it all over again, I would have gotten debt free and socked away as much as I could before I had kids.

Just a word of wisdom though, sometimes the future doesn't turn out the way we think it will sometimes things are much better than we ever imagined they would be!

Blessings to you,

Karla

[isabel41206]

yes yes yes start saving NOW...pay off debt too.

[momraine]

I agree pay off any debt and start saving now. International adoption is expensive. Not only that but you may not be able to get enough paid time off for bonding with your new child so you will want to have some savings for that time, plus kids are just expensive. They expect to eat every single day, LOL, they are always outgrowing clothes and shoes and then the school supplies and activities can be expensive. Saving is always a good idea, but it's a must if you want to adopt kids from another country someday.

[sak9645]

Save money. Most people should have at least six months' worth of living expenses in long term savings, even before they think about buying a house or adopting a child. Crises arise -- unemployment, medical problems, etc. And try to avoid using the long term savings for non-essentials. It's not for new clothes, a trip to Hawaii, or even a new car, as long as yours is still running.

Reduce your consumer debt. Pay off high-interest credit cards and store charge cards, and think twice before using them again.

If necessary, work with a reputable financial counselor to develop a budget and a plan for paying off debt. Look at your expenses carefully, and see where you tend to go astray -- lots of gift purchases at Christmas, impulse purchases in the shoe department, too much dining out; you may find lots of ways to increase the amount you can save.

Get the best education you can afford. A good education will help you get a good job. There are scholarships, in many cases, that can help you. And some schools offer a lot of flexibility, so that you can develop a schedule that lets you work, while earning a new degree.

And make a career plan. While early career jobs often pay rather poorly, some are better bets than others in terms of longer term potential. Look for jobs with companies that offer growth opportunities or, at least, that are highly respected in your field of interest and will give you good experience that will serve you well in landing your NEXT job. Avoid lots of job-hopping, which will make employers think that you aren't serious.

I'm sure you don't want to hear this bit of non-financial advice, but choose your friends wisely and stay out of trouble. It's amazing how even youthful "incidents" can hurt you when you want to adopt. A couple of DUIs on your record can raise red flags for many agencies and countries, for example.

And when you get involved in a relationship, if it gets somewhat serious, think about THAT person's fitness to adopt. Does the guy have any criminal history? Has he ever had a drug or alcohol problem? Have there been any allegations of domestic violence? If he has had children, does he pay his child support obligations? Is he financially responsible? If you marry and adopt as a couple, or if you cohabit and adopt as a single, your partner's track record will be scrutinized as much as your own.

Sharon

[sparky_puddin]

thanx for all the advice guys! yeah i think i will start up a long-term CD then. luckily, i havent incurred any debt yet yay. but i also havent started paying for my part of my college tuition yet...so we'll see what happens with those student loans. :-( i also heard that there are credit cards that help you collect frequent flyer miles or something similar with your purchases. anybody know about those by any chance? airfare alone will destroy your wallet!

[karla-k]

Sparky, you are 20, right? There is a lot of time to decide how and when you will become a parent. Worry about getting through school DEBT FREE, save for life: your first home, car, life stuff. Enjoy possibly finding a spouse, and then worry about adoption.

You have a ton of time in life to worry about saving for an adoption. You never know who you will meet around the next bend and then be happily married to. What if you and your spouse decide to build your family in a different way?

Do not get a credit card just to save for an airline ticket for an adoption that may be years and years away.

Karla
someone much older than you who at 20 thought my life would be way different than it is now, but am incredibly happy with the way things have turned out

[ProspectiveSingleMom]

CDs have worked really well for me for saving money. I tend to end up spending money that is in a regular savings account, so having it in an account where I can't easily take it out makes a big difference. Interest rates do kinda suck at the moment, so you might want to shop around, but in any case the rate will be better than a regular savings account.