Embryo adoption has helped many couples start the family they always wanted. If you are looking into embryo adoption as an option, managing the cost may be worth exploring. Even though it is more cost effective than other types of adoption programs, you may want to consider some of these ideas ahead of time.
Budget Ahead of Time
Before you make any financial decisions, your first step should be to make sure that you have a clear understanding of how you are using your money currently, and how you’ll want to use it in the future. Create a budget capable of tracking all of your income and expenses so you know where every dollar is going. From there, you will be able to find out how much money you have available for the adoption process. Most people do not have thousands of dollars lying around, so you will either have to save up, get a loan, or rearrange your budget to accommodate your needs. Find out exactly how much the adoption will cost every step of the way so there are no financial surprises.
Utilize Grants
Utilizing embryo adoption grants can make the process more affordable. Parental Hope has grants available and is open for applications. You can also find a list of embryo donation, adoption, and infertility grants on Resolve. Do some research into other grant options and apply to as many as you can to aid you in your journey to start your family.
Make Use of Tax Advantages
The costs associated with having a baby might seem overwhelming, but luckily there are tax advantages that come along with it. An article from Forbes says that in 2019, “a family qualified for an average tax credit of up to $4,879 for the earned income tax credit (EITC) and child tax credit (CTC) alone.” If you currently have no kids, changing your status to head of household will allow you to claim your children as dependents, which may give you further tax breaks. Another tax advantage you could utilize is a home equity line of credit to renovate or update your home to accommodate your new baby. This gives you a tax deduction, and once you use it, you can pay it off immediately to avoid paying extra on interest.
Look into Fundraising Options
Fundraising can come in the form of public events and donations, or privately through friends and family. Online crowdfunding can be done through sites like Adopt Together and is a great way to get help and offer it if you have the means to do so. Look into fundraisers in your area or online for extra financial support. When it comes to raising money through friends and family, it can be done, but you should be careful when doing so. It is definitely worth asking, but make sure you are asking in a way that does not pressure them into giving you money. Everyone has their own financial responsibilities as well, so if you are not able to raise money through friends and family, try not to feel betrayed. They may just be in a difficult financial situation.
Take On a Side Hustle for Extra Income
One more thing you can do to help you fund your embryo adoption is to take on a side hustle. This could be anything from a part time job to starting a small business. Take a look around the house and consider selling some items you no longer want or need. If the weather is nice, consider having a garage sale to sell some of those unwanted items. Try putting up a sign for donations that visitors can see as they browse your sale. Any extra money you make will add up and help you get closer to your goal of adopting embryos.
To learn more information about embryo adoption and donation, visit EmbryoAdoption.org
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