Fostering a child is a very rewarding experience, but it can also come with some financial challenges. From the cost of supplies to unexpected expenses, becoming a foster carer is likely to increase your monthly outgoings. The good news, however, is that with the right financial planning, you can make fostering a more financially sustainable experience. Keep reading for some tips on budgeting and saving as a foster carer.
Create a Budget
As a foster carer, you will be entitled to an allowance from fosteringpeople.co.uk based on the age and needs of the child and your personal circumstances. It’s also possible to work while you are fostering, although you may want to consider working part-time or other flexible arrangements that allow you to make your foster child the number one priority. Whether your income is a fostering allowance alone or a combination of an allowance and salary, the first step is to create a budget. Understanding how much money is coming in and going out each month will make it easier for you to make informed decisions about where to spend and where to cut back.
Look for Ways to Cut Expenses
There are several things you can do to reduce your expenses when fostering. For example, you may want to shop around for better deals on household utilities like energy, broadband, or insurance. Or you can buy supplies in bulk – for example, buying food or supplies for younger kids like nappies and formula can be much cheaper if you buy a lot at once. Go through your regular expenses and cancel any that you no longer need, while looking for cheaper options on the rest.
Buy Second-Hand
There’s nothing wrong with getting deals on second-hand items for your foster child – and with buying and selling online becoming more and more popular, there are plenty of places where you can find excellent deals. For example, you can use Facebook Marketplace or eBay to kit out your foster child’s bedroom with all the furniture they need at a fraction of the price of buying brand new. Shopping around is a great way to find second-hand products that are as good as new.
Collaborate with Other Foster Carers
As a foster carer, it’s good to get involved with the community in your area, which often means attending groups or communicating with other foster carers online. While having access to people who are going through the same things as you can be great for emotional support, you can also turn to each other for practical support, too. For example, if a few foster carers in your area need new clothes for your foster children, organising a clothes swap is a great option. Plus, it’s a great way to teach your foster children more about sustainability, and why ‘new to you’ is sometimes just as good, if not better than brand new.
While foster carers in the UK get a generous allowance to cover the cost of fostering, being frugal is always wise. By keeping these tips in mind, you can make your allowance stretch further while still ensuring your foster child has everything they need to thrive.
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