Can You Afford to Foster a Child? Here’s Everything You Need to Know

Posted December 30, 2021 by in Lifestyle
Mother Hugging Child

When deciding whether or not to become a foster parent, there are a few questions you need to answer. Do you have a suitable home? Will you pass the background checks? Do you have the time? You might also ask yourself, can I afford to foster a child?

All of these questions are valid and require answering before you apply to foster a child. Financial stability is vital, as having enough money means you can provide foster children with sufficient care. Read on to learn whether you can afford it. 

Woman Hugging Son From Behind

There is Financial Help Available 

What you must know about becoming a foster parent is that there is financial help available. Most foster parents receive a weekly allowance to help them manage foster parenting. This is important, as many foster carers have to quit their full-time jobs to focus on caring for the kids. The amount you can get depends on your situation, whether you are fostering in Wales or the rest of the world. 

It Helps to Be Financially Stable 

While there is financial help available, it doesn’t always cover everything, which is why it does help to be financially stable first. It means you don’t have to worry about treating your foster kids to a fun day out or buying them a gift for their birthday. The financial help you then receive can be spent solely on the care of your foster children. 

You Must Have a Spare Bedroom 

If you want to become a foster parent, you must have a spare bedroom to accommodate the foster child. That might mean you need to move to a bigger home, or that you must spruce up the spare room you already have – both of which require money to do. If you already have a spare bedroom with a bed ready for a kid, you don’t have to worry about coming up with the cash for this. 

One Foster Parent Can Work Full-Time 

If you are a single person, it’s important to note that you will have to stop working full-time. If that’s your main source of income, it’s worth considering – will you be able to get by on the fostering payments without your full-time job? If you live with a partner, this is usually easier, as one of you can still work full-time, as long as the other is home most of the time to look after the foster child. 

Even Low-Income Families Can Foster 

All in all, you shouldn’t be put off of fostering if you are a low-income family – you just need to work things out beforehand and look into the financial aid available. So many kids require foster parents, and the weekly payments issued to foster carers ensure that more families can open their homes to children with nowhere else to go. 

Unlike adoption, foster care doesn’t require you to be financially well off. Reach out to a local foster care system to find out more about how you can afford to foster a child.

Woman taking a selfie with her son

Have you ever consider becoming a foster parent?