Figuring Finances

One of the issues regarding our adoption that has been an unknown to us is the time line along which the finances would be due. By combining some info from the AWAA blog with financial estimates included in our first info packet we were able to lay out a sort of time line of expenses associated with our adoption. Since I'm a hopeless engineer, I made a spreadsheet and a graph (see the figure to the right) to help formulate a plan for paying the adoption expenses.

It turns out that about 40% of the costs are due in the first few months (up through dossier submission) and consist of two program fee payments, home study, and other documentation fees. There is a break while the dossier documents are being reviewed, translated, and reviewed again, and while the referral is being arranged. The last major chunk of money is due around the time of referral and travel to pay for travel expenses and child care program fees. All of this is based on our interpretation of anticipated costs - it is possible to work out a payment scheme with AWAA to facilitate different financial situations. Our plan (at this point) is to take out a loan for the first chunk of expenses and another one for the second portion, while specifically saving money for the process as we go along. By dividing them up we won't be paying interest on a large part of the loan which won't necessarily be needed until later. We managed to find a pretty good deal (interest rate) on the first loan, so we're off and running!

--cale