If you’re part of the lesbian, gay, bisexual, transgender or queer (LGBTQ) community, you may be looking forward to one day growing your rainbow family. If so, it’s important to think ahead — especially if you’re considering adoption or surrogacy.
Both processes are complicated and likely to be expensive. How can you handle the cost? Approach the situation the same way you would any other major expense:
- Start a savings account. The sooner you begin, the better. It’s always wisest to open a specific account for this purpose so that it isn’t directly connected to your other accounts. That helps keep the money separated (and stop impulse purchases that might whittle away at the account).
- Pay off your debts. Lowering your debt doesn’t just make it easier to save for the adoption or surrogacy process, it makes it easier to afford the expenses associated with raising a child, also. (Plus, if you end up wanting to take loans to facilitate your plans, a low debt-to-income ratio makes you a more attractive risk to the bank.)
- Research all your options. Prices vary greatly according to your location and your needs. Don’t be afraid to explore different avenues toward your goals. You can also look for adoption grants and other financial assistance that may help you.
Finally, be sure to reach out to a family planning professional, such as an adoption attorney. They can be your most valuable resource during this process. If you’re ready to start planning your future family through adoption or surrogacy, contact our office for more information.