Adoptive Families Blog

Funding Your Adoption? Avoid These 3 Mistakes

Posted by Lifetime Adoption on July 21, 2014

One aspect that puts a roadblock in many couples’ dreams of adopting is locating the needed finances. Money may be the main obstruction for you and your partner to realizing your dream. On our blog, we have written about lots of tips for adoption fundraising:

Fundraising Online for Your Adoption
8 Yard Sale Secrets for Adoption Fundraising (part 1)
8 Yard Sale Secrets for Adoption Fundraising (part 2)
Resources to Fund the Cost of Adoption

But today, we wanted to bring you three things that you should avoid doing in order to fund your adoption. If you use one of these three, you might hurt your financial standing for the long-term. The following 3 tools are probably the worst methods to fund your adoption:

Payday Advances

Payday advances or “payday loans” can get you a cash advance of your full paycheck before your actual pay date. This may sound like a great way to get the needed funds, especially if you’re in a hurry to adopt. Since you are already are low on finances, you have little or no savings set aside. If you use a payday advance, you’re liable to get into debt because of the extremely high interest rates. Depending on each paycheck to pay that week’s bills is definitely not the best start for your new family.

Auto title Loan/Pink Slip

Using your car as collateral is one of the most financially risky options to use. Consider this: you need your car to get you to and from lots of places. Without a car, it’s nearly impossible for you to get work. With just one missed payment, you could end up losing your car. Knowing that your car isn’t truly “yours” can cause lots of unnecessary stress. Once you adopt a child, he or she shouldn’t be in a situation where their new parents are so financially and emotionally burdened. Your financial stress will infect to other areas of your life and possibly your child.

Mortgage Loan or Rent Check

If you fund your adoption using the money needed to pay your rent or mortgage payment, it could cause you lots of financial issues. It’s obvious that if you’re planning on bringing a baby home through adoption, you’ll need a place to live. So, it’s beneficial to your future child to build a home environment that is safe and established. You may end up losing a lot more than you ever thought when you start using the money that you have to live.

As adoptive parents, you are depended upon to give your child the best possible beginning. It’s important you not bring a child into your lives at a time of financial stress, even though you may be yearning for a baby. It’s smart to first consult with the professionals helping you adopt, to determine how much it will cost you total for the adoption. After you have determined this figure, then you can research more constructive adoption fundraising ideas. Stay tuned on our blog, or visit one of our previous blog posts for ideas:

Fundraising Online for Your Adoption
8 Yard Sale Secrets for Adoption Fundraising (part 1)
8 Yard Sale Secrets for Adoption Fundraising (part 2)
Resources to Fund the Cost of Adoption

Topics: Adoption Tips, Adoption fundraising