By the time I adopt a baby I'll have spent about $30,000. Here's how the costs break down. - Business Insider

during the process of adoption, and this resonated with us. They work toward open adoptions, where the children and their birth parents have contact in some form throughout childhood, and they tend to focus on the adoption of newborn babies. These priorities checked all our boxes.

Then we had a few expenses while our "home study" was proceeding. The home study is basically a large file of documents and home visits by a social worker that verifies that we can provide a safe environment for a child. As our home study was wrapping up — we were submitting all the documents and our social worker was making sure everything was uploaded correctly — we also began creating adoption profiles; one shorter profile was a page long and used on the adoption agency's website, while another was four pages long, to be carried by social workers to show to birth parents.

We spent about $500 on these profiles — that seems like quite a bit, but it also covered the cost of paying a professional to create something that looks great.While we are currently waiting to have our future child placed with us, we do know what is coming in terms of costs. The placement fee, which is essentially the entire payment the agency receives for all our training, their work with the birth mother, and their support of us along the way, is around $19,000.

For one thing, the federal government offers a tax credit of almost $14,000, which means that when we file taxes after placement, we'll be able to deduct that much from our taxes, resulting in a pretty great refund. We can also roll that credit over, so if we don't owe that much in taxes, we can take part of the credit in a future year.

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