Financing the Adoption

This is the most daunting task of International Adoption!  We always had Bulgaria in our hearts because we served as Peace Corps Volunteers there, but seeing the cost breakdown from the adoption agency was intimidating.  I looked into domestic adoption, but our state contracts out most of its foster care, so foster-adopt programs weren't really an option for us.  We looked into domestic private adoption, and several agencies are similiar in price to Bulgarian adoption, or much, much more.  The benefit is, though, you will adopt a newborn if you adopt domestically if that is important to you.  We looked into several other countries as well.  Many countries we don't qualify for one reason or another or the price is so much more.  So, Bulgaria was in our hearts and we were being led back there. 
When looking at the cost of Bulgarian adoption, the price varies, but is somewhere between $20K-$30K.  This is no small sum.  The fluctuation in the price is due to the exchange rate- the fees paid to the Bulgarian agencies is 8,000 Euro, which is about $10,000.  Then you must factor in travel, which varies depending on the season and the region of the country your child is in.  We initially thought speaking Bulgarian would save us some money, but that barely makes a dent.  We still need our documents officially translated and the Bulgarian agency will still provide us with a Bulgarian translator while we are in the country.  Maybe we will save a few bucks on hotels and meals, but the savings there is insignifigant. 
The adoption agency breaks the fees down, so you don't have to pay a huge sum all at once.  Right now, we owe $600 for the application.  Shortly we will need $2,000 for the homestudy, completed by another agency, since our agency isn't licensed in our state.  We will then need $3,000 for our agency to get the adoption started.
So how do we pay for all this?  Well, we have been saving money.  Since we've moved back into our house (since the fire in July), we haven't gotten a home phone or cable TV.  We are careful to eat in more often and buy things when they are on sale.  I do most of our grocery shopping at Costco.  My husband is forgoeing a car and biking to work.  No easy feat- its about 8 miles each way!  He can also work from home, which saves money and time.  We decided to only get each other one gift this past Christmas, which was a relief from Christmas shopping! 
We are also trying to earn extra money.  We are renting out our parking spot- valuable in our city and a friend is staying with us for a few months and chipping in for household expenses.  I am babysitting in my free time. 
We also looked at our networth.  The adoption is eating up our savings, but we both have 401k retirement plans.  We are lucky that our house is increasing in value, not underwater like so many Americans.  We looked up the value of our car, and it is worth what we still owe on it.  Our only financial obligations are our student loans. 
So does this all add up to $20,000?  We know we have some things in our favor: we still have time to come up with the total sum.  The child will be two years old, or older when s/he comes home- that $20K in childcare!  However, it will be no easy task.  Once the child is home s/he will need medical care and therapy, in addition to regular child-related expenses.  I know we can make this work, its going to take ingenuity and hard work, but we will get our little one home!

The Road to Adoption

The decision to adopt wasn't something we decided today or at any one time really.  My husband and I met when we were Peace Corps Volunteers in Bulgaria.  I worked in the orphanage for children with disabilities and children under 4, what Bulgarians call a "Baby Home."  We always thought we'd have one and adopt one.  Things don't always go as planned.  Now we are thinking "we'll adopt one (or two) and see what happens." 
The decision to adopt from Bulgaria was an easy one.  We know the country, we speak the language, and we can help the child get accostumed to American culture and language. 

Getting started isn't so easy.  I never realized that even choosing your adoption agency is a big step.  I found help from other parents going through the process.  We got lots of recommendations for agencies and some ideas in what to look for.  Probably the most important tip we have received so far was to check the agency's finances.  Every non profit has to file a 990 tax form which is available on guidestar.com.   You can request an agency's Annual Report- this would be that "not so easy" part.  We have one agency that hasn't even gotten back to us now over a month later after submitting a request on their website and trying their number, another agency giving us the run around on the annual report and a whole pile of agencies in the not a chance pile after seeing their financials.  I am no financial expert, but I happen to have a sister who is an auditor.  
Apart from finances, I want to make sure the agency has a good reputation and that previous parents were happy with the process.  It is important that the agency has a good and reputable partnership with a Bulgarian agency, answers e-mails quickly, is upfront about the costs and what is expected of the parents and has a professional staff.  Bulgarian adoption is a long process, they say 18 months to 2 years, but many people report it taking much longer than that.  We are in no hurry, but we don't want the agency slowing the process down on their side. 
Otherwise, Bulgaria is a Hague treaty country, which was enacted to protect children from traffickers.  It protects the parents too, by making sure agency are properly accredited.  The process is lined out for you from the beginning, and as long as all your ducks are in a row, everything will go as planned!
This is my first time through the adoption process and I found this checklist to be really helpful: http://www.adoptivefamilies.com/pdf/AdoptionPlanner.pdf.


I guess the clock officially begins today: June 9th day 1 in our adoption journey!