The following is a guest post from Laura Christianson, author of The Adoption Decision: 15 Things You Want to Know Before Adopting
Did you know that 93 percent of Americans eat pizza at least once a month, and the average person eats 23 pounds of pizza each year?
Did you know that the average Starbucks customer visits their cafés six times per month, and that 57 percent of the U.S. adult population drinks coffee each day?
Most of us don’t think twice about purchasing little “extras” each week—lattes, newspapers, and video rentals.
If you’re willing to temporarily live without some of those luxuries, and funnel the money you would have spent into a special “adoption fund,” you can save half the money you’ll need to adopt a child within one year.
Consider cutting back on the following:
- Fast food. Limit fast-food purchases to once a week. Potential savings: $400/year
- Alcoholic beverages. When you eat out, order tap water instead of alcoholic beverages or soda. Potential savings: $470/year
- Movies and videos. Rent movies on DVD as opposed to seeing first-run flicks in the theater. Potential savings: $550/year
- Mobile phone minutes. If you don’t use all your allotted minutes each month, consider switching to a plan that offers fewer minutes. Potential savings: $240/year
- Paperback books. Rather than purchasing one new paperback each month, buy used books, or check out books from the public library. Potential savings: $144/year
- Newspapers and magazines. Save 80 percent off the newsstand price by subscribing to the daily newspaper and one or two of your favorite magazines. Potential savings: $420/year
- Cable TV. Order the basic cable package at $15 per month, rather than the $40 per month, expanded package. Potential savings: $1,300/year
- Automatic deposits. Perhaps the most effective way to sock away a substantial sum in a short time frame is to automatically deposit 1 percent of your paycheck into an adoption fund. If your monthly paycheck totals $5,000, immediately begin depositing $50 per month. Potential savings: $600/year
Letting go of life’s little luxuries may make you cringe. But if you’re committed to providing a permanent home for a child who needs a family, you can make it happen. You’ll be surprised at how quickly the small sacrifices you make will result in thousands of dollars in savings that you can apply toward adopting a child.
Great basic tips ... but alas, I already do all of these except always order water when I go out and save 1% toward this goal. (In fact we get movies from the library or from RedBox, which costs $1 per, instead of renting them at Blockbuster or wherever.) I'd love to see savings tips taken further.
We know a family adopting a special needs child from Ethiopia. They asked community businesses for donations and held an auction at a local Ethiopian restaurant and were able to accumulate $6,000 in donations. They are a one-income family (and the breadwinner is a teacher), so they truly had need. I'm not sure how they need to handle taxes, etc., but it made their adoption possible.
Posted by: Susanna a.k.a. Cheap Like Me | October 09, 2007 at 02:44 PM
Susanna,
I realize these "tightwad tips" are basic, but a lot of folks tend to overlook the simple, basic lifestyle adjustments they can make when they're trying to save a big chunk of money in a hurry.
Your ideas about soliciting corporate donations and hosting fundraisers are also popular ones among parents planning to adopt. I explain several of those ideas in detail in my book, "The Adoption Decision."
Thanks for sharing your ideas.
Laura
Posted by: Laura Christianson | October 10, 2007 at 07:57 PM