Strategies to afford fostering a child: unlock the love

Nov 27, 2023

Fostering a child is a life-changing experience

Helping a child in need can be an incredibly rewarding and life-changing experience. However, many potential foster parents may feel overwhelmed by the financial responsibilities of raising a child. The truth is, raising children doesn’t have to break the bank, and you will receive government funding to help cover expenses.

With the right budgeting plan, anyone can afford to provide a loving home for a child in need.

Prepare and educate yourself about the financial realities of fostering

Before beginning to foster a child, it is crucial to understand the financial responsibilities involved. While the idea may be scary, it is good to know resources and strategies are available to help ease and manage the process.

The most common (and important) costs are food, clothing, personal expenses (hygiene), educational materials and support, medical, and transportation. 

But, it is important to consider the other costs of raising a child too, such as playing a sport, participating in extracurricular school activities, joining clubs, and entertainment experiences. And don’t forget birthdays and the holidays! Foster children need to have access to the same opportunities as their peers. 

So, where to begin? 

Budget and financial planning

A detailed budget ensures you can afford to foster a child. Evaluate your current income, expenses, and savings to determine how much you can allocate towards fostering. Consider any potential changes to your financial situation and plan accordingly. 

Here are some tips for your budgeting process, or check out these free online budget apps

  1. Track your expenses for a few months to understand your current spending
    Prioritize essential expenses such as housing, utilities, and groceries before allocating funds to non-essential items. Be sure to include an emergency fund.
  2. Create a foster family-specific budget
    Allocate a realistic amount of money to each category based on your income and financial situation.
  3. Cut back on non-essential spending
    This might mean brewing coffee at home, reducing eating out, entertainment expenses, or unnecessary subscriptions. Look for free or low-cost alternatives for activities and entertainment from local parenting groups or community centers. 
  4. Review monthly bills
    Take advantage of sales or opportunities to negotiate lower rates or switch to more cost-effective options.
  5. Shop smart!
    Look for discounts, sales, and second-hand options for clothing, school supplies, and other necessary items.
  6. Eat smart
    Plan your meals and cook at home to save money and stay healthier.
  7. Regular budget check-ins are important.
    Review your budget to track your progress and make necessary adjustments. As the needs of your foster family change, you may need to revise your budget.

Research financial assistance programs

Visit your state’s child and family services website for an overview of government-funded financial support, often called a “monthly stipend.” 

New York provides a monthly stipend to cover food and clothing based on the age and level of needs the child may require, such as a child with special needs. The support varies by county. Medicaid usually covers medical and dental care for children in foster care. 

In addition to your monthly stipend, you may be eligible for certain tax deductions and credits. Consult with a tax professional or research the applicable tax laws in your jurisdiction to understand and take advantage of any available tax benefits.

Connect with experienced foster parents

One of the best sources of advice and guidance can come from experienced foster parents who have gone through similar financial challenges. 

Join support groups, attend workshops, or connect with foster parent networks to learn from their experiences and gain valuable insights on managing the financial aspects of fostering.

Utilize your foster care agency and community resources

Don’t be shy. Take advantage of the information your Cayuga Centers foster care team, or the foster family agency you work with, can provide. 

Community resources can help reduce costs, such as utilizing food pantries and community centers for free or low-cost activities for children. Your local church may also have a good network to tap into. 

Some local businesses may offer discounts or special offers for foster families. Restaurants, retail stores, or recreational facilities may provide reduced prices or deals.

Lastly, working with your local volunteer networks can be mutually beneficial. Connect and help other local volunteers in your community, and you will have access to additional support and resources!

Seek education and childcare assistance

Some states offer education and childcare assistance programs. These programs may cover school fees, tutoring services, after-school programs, or childcare costs while the foster parent works or attends school. Research your state’s education and childcare assistance programs to determine if your foster child is eligible.

Organizations like the National Foster Parent Association and the Foster Care Alumni of America offer scholarships for foster parents and youth who have been in foster care. 

Non-Profit organizations and grants

Various non-profit organizations offer grants and financial assistance specifically for foster families. 

These organizations may provide funds for extracurricular activities, summer camps, or special therapies that can enrich a child’s life. 

Some national organizations include Foster Care to Success, Foster Love, and the Dave Thomas Foundation for Adoption

By understanding the financial realities of supporting foster youth and utilizing the available resources and support systems, you can unlock the possibilities of helping a child. 

The love, care, and stability you provide significantly outweigh any financial challenges, and your impact on a child’s life is immeasurable. Are you already caring for a child that is kin? Learn more about kinship care and the resources available to you.

Foster Parenting with Cayuga Centers

You don’t have to be perfect to be a perfect foster parent. Your unique background, knowledge, and skills might be exactly what a child needs. All you really need is an open heart and mind, and the willingness to give a short or longer-term home to a child who deserves a better future. Right now, there is a high number of children and youth who need a stable home in order to lead a healthy life.

Seeking diverse homes in Upstate New York, New York City, Pittsburgh, Delaware, and South Florida.

cayuga corner

Providing resources and support for your foster parent journey.

My family member is in foster care. What do I do? 

My family member is in foster care. What do I do? 

You recently learned that a family member (sibling, niece, nephew, cousin or grandchild) has entered foster care. Emotions and questions will flood your heart and mind.  Why is my nephew in foster care? Where is the child now? Can I see them? Are they ok? You...

read more
What happens to youth in foster care when they turn 18?

What happens to youth in foster care when they turn 18?

Picture one of your favorite young people. They have made it through high school, learned to drive, and have been surrounded by family and friends as they graduated. You share excitement and advice about their next steps, like college, internships, or gap year travel....

read more
An open heart and home: Eric’s foster parent story

An open heart and home: Eric’s foster parent story

We recently had the privilege to speak with Eric, one of our fictive kin foster parents, who shared his heartfelt experience. His story beautifully illustrates the profound difference a quality foster home can make, not only in the lives of youth in need but also in...

read more
Cooking up connections: Engaging with youth through food

Cooking up connections: Engaging with youth through food

Food is an essential fuel for nurturing stronger bonds between caretakers and youth One of the key responsibilities of a foster parent is creating a safe, nurturing environment where foster youth can heal and feel secure. But, transitioning to a new home can be a...

read more

follow us on instagram

Save the Date! 📣 This #GivingTuesday, our theme is “Touching Lives”, celebrating the over 17,000 lives the organization has touched through its programs in the past year. We invite you to make a meaningful difference by contributing to our cause. Your donation, no matter the amount, will empower individuals and families, helping them find stability, resilience and a brighter future. Your support can create lasting change and enable us to reach even more lives in need. Visit the link in our bio on December 3rd - or get a head start and donate today.
On Veterans Day, we honor the remarkable American heroes who have given so much for the advancement of our country. Their bravery and commitment serve as a powerful reminder that, no matter our origins or appearances, every one of us has the ability to make a meaningful difference.

stay informed

Four Female and One Male Standing Outside Next To a Get Tested for Covid-19 Sign

News

We have a lot going on at Cayuga Centers.
Keep up to date with our latest news and press releases.

Read Current News →