Adoption In The News: The Finances of Having a Child

Good Morning everyone, we’re halfway to the long weekend!

The current state of the economy has affected many personal decisions such as where and when to go on vacation, whether to get a new car, and now according to this MSNBC article, whether or not to have a child.

The article interviewed several families who are ready to have children, but have pushed back the decision due to financial hardship. These stories are not just a fad either, as according to the article “The U.S. Fertility rate fell 4 percent from 2007-09,” The Federal Centers for Disease Control said this was the largest drop in 30 years. The article relates the drop in fertility rate from 2007-09 with the recession, saying that those two years were the worst recession years of the past 30 years.

While it is true that having a baby either biologically or through the adoption process can be expensive, CNN recently did a profile on Becky Fawcett and her not-for-profit group “helpusadopt.org.” The profile said that “Since 2007, the group has awarded over $300,000 in financial assistance toward adoption expenses.”

According to the article approved couples can receive grants ranging from $500-$15,000, which can be used to help offset expenses for “domestic, international, foster care and special needs adoption.”

There is also the New York State Adoption Tax credit to help with the expenses of adoption.