Need some ideas
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  1. #1

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    Default Need some ideas

    hello everyone,

    My husband and I decided to live frugally in order to finance our adoption. Any ideas help or suggestions would be so great.

    Tyakeia

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    Registered User Moor's Avatar
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    well, for one thing set up a budget
    stick to it.
    try not to eat out or not as much
    cook from scratch, it's much cheaper
    cut back in ways that you can, like cable, things like that.
    if you have netflicks or such, cut that out, go to the library instead.
    make big meals, and divide for later use.
    crock pot cooking!!!!!!!
    shop at thrift stores for clothes
    shop at discount groceries if you have one close
    wash clothes in cold water and hang dry
    only run dishwasher when completely full

    these are just off of the top of my head, but you get the idea

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    Registered User ilovechocolate's Avatar
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    For at least a month track EVERY cent you spend. It will really open your eyes and help you cut down/back.

    Make and keep a grocery budget.

    Plan your menus in advance.

    Use up leftovers.

    Sell your unused/unwanted items.

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    Registered User FrugalMomof3's Avatar
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    I agree, you have to track how much coming in and what your spending, it would help you and give you ideas on what to cut out, good luck!

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    Registered User bumplett's Avatar
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    Congrats on your decision to adopt! That's wonderful news!

    I think it's pitiful how expensive the adoption process is today - this is a deterent to many families that could otherwise offer a very stable, loving environment - but who has $20,000 burning a hole in their pocket??

    sorry - that was a ramble

    anyway, welcome!! I hope you find many tips to steer you towards your goal.

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    You don't explain your work situation. If you both aren't working. Why not do temp work or serve in a restaurant until you've saved enough. Even if you both are working how about a second job? This is what my one friend did when she and her husband adopted. If this is not an option. I would set up a savings account exclusively for the adoption and start saving change, sell your excess stuff in a garage sale (ask family members for their junk to sell) or on ebay and instead of birthday and holiday gifts ask family members and friends to contribute to your adoption account.

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    Don't forget you can deduct adoption expenses on your tax return. When we adopted our daughter in '98 we spent approximately $13,500 on her private adoption. I believe at that time we could deduct $10,000 of the expenses. When we adopted our son it cost us approximately $9,000 and we deducted all of it. We basically got our money back from the IRS. Both were private adoptions just through an attorney. We were at the hospital to see both our healthy babies being born. I can say without a doubt it, they were the greatest days of our lives!

    BTW, our children are multiracial children. It is sad to say that after we adopted our son, our attorney was trying to find homes for 5 new babies that were multiracial. I also have known many many people in our small town that have taken babies home from our hospital. Especially nurses that work the maternity ward. You would be surprised how many Birthmothers pop into the hospital, have the baby and leave without taking the baby cause they don't want it.

    Stephanie

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    Registered User PrairieRose's Avatar
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    Quote Originally Posted by scatz76900 View Post
    Don't forget you can deduct adoption expenses on your tax return. When we adopted our daughter in '98 we spent approximately $13,500 on her private adoption. I believe at that time we could deduct $10,000 of the expenses. When we adopted our son it cost us approximately $9,000 and we deducted all of it. We basically got our money back from the IRS.
    Stephanie
    Well, that's a not quite right. You don't ever get all of your money back when you take a deduction. You'll get the percent that you are taxed at (say 21% for the sake of argument) of each dollar of the deductable amount. So if you deduct $10,000. you'll get $2100. taken off your total tax bill or in the form of a refund if you've prepaid your taxes already through estimates or withholdings. But if they are deductable you should definitely take advantage of the full deduction.

    You're getting some excellent advice here on ways to trim your budget to be able to save more. It's just a matter of finding your lowest possible comfort levels on spending money on necessities and extras and as time goes on perhaps going even lower. Frugality is a 'work in progress' for most of us.

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    Registered User bumplett's Avatar
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    Quote Originally Posted by scatz76900 View Post
    Don't forget you can deduct adoption expenses on your tax return. When we adopted our daughter in '98 we spent approximately $13,500 on her private adoption. I believe at that time we could deduct $10,000 of the expenses. When we adopted our son it cost us approximately $9,000 and we deducted all of it. We basically got our money back from the IRS. Both were private adoptions just through an attorney. We were at the hospital to see both our healthy babies being born. I can say without a doubt it, they were the greatest days of our lives!

    BTW, our children are multiracial children. It is sad to say that after we adopted our son, our attorney was trying to find homes for 5 new babies that were multiracial. I also have known many many people in our small town that have taken babies home from our hospital. Especially nurses that work the maternity ward. You would be surprised how many Birthmothers pop into the hospital, have the baby and leave without taking the baby cause they don't want it.

    Stephanie
    yet here, there is a waiting list for an infant makes no sense to me - all I hope for is that someone will drop a little girl off at my front door.

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    Quote Originally Posted by PrairieRose View Post
    Well, that's a not quite right. You don't ever get all of your money back when you take a deduction. You'll get the percent that you are taxed at (say 21% for the sake of argument) of each dollar of the deductable amount. So if you deduct $10,000. you'll get $2100. taken off your total tax bill or in the form of a refund if you've prepaid your taxes already through estimates or withholdings. But if they are deductable you should definitely take advantage of the full deduction.

    You're getting some excellent advice here on ways to trim your budget to be able to save more. It's just a matter of finding your lowest possible comfort levels on spending money on necessities and extras and as time goes on perhaps going even lower. Frugality is a 'work in progress' for most of us.
    I guess I should have pulled our tax returns for those years. It has been far to long for me to remember. Let's see. You get an adoption credit not deduction. Sorry for that. In 1999 when our first adoption was finalized the "credit" was $5,000 or $6,000 for special needs children. This is what I got from the IRS website for 2007.......

    Adoption credit. Beginning in 2007, the credit allowed for an adoption of a child with special needs is $11,390 and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $11,390. The credit begins to phase out if you have modified adjusted gross income of $170,820 or more and is completely phased out if you have modified adjusted gross income of $210,820 or more.

    Adoption assistance program. Beginning in 2007, you may be able to exclude up to $11,390 from your gross income for qualified adoption expenses paid or incurred by your employer under a qualified adoption assistance program in connection with your adoption of an eligible child. This income exclusion starts to phase out if your modified adjusted gross income is $170,820 or more and is completely phased out if your modified adjusted gross income is $210,820 or more.


    When our adoption was finalized in 1999 we filed a form 8839 with our tax return. A tax credit of $5,000 came off our total tax. So for instance, our tax was $8,089 minus $480 for daycare, $500 for child tax credit and $5,000 for adoption tax credit. Making our total tax $2,109. Our tax withholdings were $8,377 minus our total tax of $2,109 leaving our refund of $6,268. So yes we got a big chunk of money back, not all, but quite a bit.

    Here is the link to IRS tax topic related to adoption.

    http://www.irs.gov/taxtopics/tc607.html

    Bumplett,

    Unfortunately, it is sad to say most people (if they adopt in the US) want a white infant. Yet, many will seek international adoption so they won't have to face a Birthmother here in the US who might change her mind. We were lucky that didn't happen to us. Yet, I have a cousin who went through 4 failed adoptions and finally gave up. Sometimes, it is a matter of spreading the word. We were blessed with our daughter when some very good friends told my daughter's Birthmother about us. We weren't actively trying to adopt at the time but only talking about it. Back then, all the adoption info I had received from agencies listed adoptions starting around $24,000. Both our attorney's cut fees because our children were multiracial. It seems sad to do that for a perfectly healthy child just because of their skin color but they can be harder to place.

    Looking back, God had big plans for those first 13 years of our childless marriage. And those to "plans" weren't to be born until 1998 and 2000. It turned into an awesome plan! I am forever grateful to Him!

    Stephanie

  12. #11

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    We adopted our foster daughter, placed with us when she was 3 months old.
    Because I was a social worker with the state I knew how to fill out the petitions once she was freed (2 years later).
    My total expense was $60.
    Most state adoptions are less than $500 because your caseworker does all the legal work for you.
    There are hundreds of children waiting. As soon as my dd graduates this year, we are going to get our license again and foster and maybe one day adopt again.

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    Registered User fizzie's Avatar
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    We are in the process of adopting a child who was relinquished by his birthmother at the time of his birth. We did this through the state and we haven't had to pay anything at all. In fact, we get assistance from the state until he is formally adopted.

    That being said, we saved for a private adoption in case it took too long with the state. Luckily, the waiting list was pretty short. Supposedly everyone ahead of us wanted white girl newborns. So when a Latino boy was born, they called us! Needless to say he is perfect in every way and we are incredibly happy. Congratulations to you in your decision to pursue adoption. It is a great incentive for becoming frugal!

    A few things that worked for us to help save money: we told our friends and family that we were saving and that we wouldn't be going out much or buying gifts, we sold stuff on ebay, we didn't buy any baby stuff (no need, because the gifts we got at his birth were more than enough), we skipped vacations, we got a cash back credit card for gas and groceries, we clipped coupons, we at simple, homecooked meals, we stuck to our budget!

    Now we are frugal-for-life in order to have more time off of work to spend with our beautiful new son!

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