When you decide to open up your doors to foster children, your number one priority is providing love, stability, and support, which will have a long-lasting impact on their lives. However, you can’t get around the fact that having an extra person in your home will cost more, which is especially true if you have your own children. Luckily, there is plenty of support available to you, but let’s start with the foster care budgeting tips below.
Set a Budget
If you’re not already living life on a budget, it’s time to start. The first thing you need to do is consider the amount of money coming into your bank each month. Then, you need to list all of your outgoings, which involve household bills, food shopping, entertainment, emergency funds, and much more. By having a budget in place, you’ll avoid falling into unnecessary debt and you’ll be able to provide for all of your foster children’s needs.
Collect All Allowances
Every foster carer in the UK is entitled to an allowance, which is designed to help with the cost of living. However, depending on financial circumstances, some households are eligible for additional allowances, which you can explore by visiting fosterplus.co.uk.
As well as payments for being a foster carer, you may be entitled to other financial aid. For example, if you have children of your own, there may be child benefits available. With the support of your foster agency, it’s important that you’re collecting all allowances you’re eligible for.
Planning your time will make budgeting feel easier, as you’ll know what to expect from day to day. For example, you can plan activities ahead of the school holidays, as this will give you time to search for cheap deals. As well as this, meal planning is a fantastic way to spend money wisely, as you’ll avoid splurging on unnecessary products at the supermarket.
Foster children will only be with you for a short period, as they will hopefully be reunited with their birth parents. When you are awaiting your next foster child with excitement, we recommend budgeting in the same way as usual, which will prevent you from being caught off guard.
The Emergency Pot
You will already know that life can throw unexpected things your way, and you often need money to cover the costs. For instance, your car may fail its MOT, your fridge can break down, or your washing machine might start misbehaving. Regardless of whether you can comfortably afford the basics for your foster child, like clothes and food, it’s important to allocate some cash for emergencies.
There’s nothing quite like the warm feeling of being in a position to help children in care, but you need to make sure you’re well-prepared for the financial costs that a new addition to your household will bring. To do this, put a strict budget in place and talk to your foster agency about any allowances you are entitled to.