What is the best way to save money for adoption?

Question

My husband and I would like to adopt from Japan within the next 7 years. We want to be able to save money for the adoption, and would like any advice that people could give us regarding their adoptions and how they paid for it.

Thanks :-)

Answer 1

There are grants available.  Once you adopt, you will get a federal tax credit, and some states will give a state tax credit.  Check with your employer to see if they will reimburse for adoption costs.

Answer 2

Um, get a job?

Already work full-time?

Work evenings & weekends.

Answer 3

Freedom makes a great point.

Answer 4

Yahoo adoption is tainted. Join cafemom create your page and join the group below. I am forget me not  there

http://www.cafemom.com/group/17627

It is a wonderful real adoption forum, they can and are willing to help there.

Answer 5

Get a saving account with a good rate of interest or make investments?  I'm not sure I understand the question, sorry

The Court will not consider adoption applications by prospective parents who are in Japan on temporary visitor visas. At least one prospective parent must show evidence of long-term residence in Japan. When the adoption is finalized, at least one adoptive parent must appear before the court. Japanese law does not permit proxy adoptions

Are you a resident of Japan?

Answer 6

ScSpec had a great idea about the savings account.  The other thing that we did was that we told everyone that we wanted to adopt and that it was so expensive.  My husband's grandmother "donated" a substantial amount of money to us for use for the adoption.  You can also check with your employer to see if they have any adoption assistance programs.  Many of the larger companies are helping with these costs.  

Good luck to you.

Answer 7

The Japanese don't like their kids being adopted by foreigners. Japanese culture is very interesting but they are very xenophobic. You might have a very hard time adopting from there.

Answer 8

The best way to save money for any reason, is to pay your savings account as if it is a monthly bill.  Make that deposit first as soon as your receive your salary check, and then eliminate a few luxuries from your budget if necessary.  Open a separate account and make deposits to  it, so you won't be tempted to withdraw money for other items.  If it has a special name you will be more likely to keep track of the amount you are depositing.

Answer 9

My suggestion comes from personal experience.  Talk to a financial advisor, and explain that you are planning on adopting a child.  Tell him the timeframe, and what your goals are.  He / she will most likely help you into a fairly agressive growth investment vehicle.  

Also, as others have pointed out, make sure to explore your company benefits package.  Many companies are including adoption related benefits in their benefit choices. You could also suggest to your company HR department that it consider adding adoption benefits to its offerings.

Good luck.