Do we need savings?

[KumquatMay]

Do SS want savings in the bank in order to consider you as prospective parents?

DH and I are currently spending our savings on some (not strictly essential but much, much needed) projects in the house. The timing is partly in order to get the house ready for having kids - we know we will be too exhausted to do all the necessary work later and would like it out the way before we start the adoption process.

However, we would then be starting over again with our savings, building them back up from scratch - would this be a problem for SS as we start the adoption process?

We are planning a domestic adoption through a neighbouring council, so don't anticipate paying for the process itself. Any input would be appreciated!

All that we were asked to show was evidence of our incomings and outgoings, and what loans etc we had. I think we mentioned that we had some very small savings, but they were more concerned with the fact that we could financially support a child.

As long as you don't have big debts and your incomings are greater than your outgoings you'll be fine.

They asked us how we were planning on supporting ourselves during adoption leave and luckily I'd been saving to cover it. There were very thorough with our financials though and went through our bank statements.

I was surprised how little I was asked about finances. I had to fill in a form with income and major outgoings (mortgage, utilities etc). No discussion on how I'd cope with a part-time wage and childcare costs! Also no advice on any other income I may be able to claim (child benefit, tax credits).

I was also surprised at how little they asked and also they meet wanted evidence for it. So I could have been feeding them a load of old rubbish!

I think as long as your can support yourself, incomings and outgoings, and you will be financially ok with 12 months adoption leave you'll be fine. I have very very little savings. They were also happy that my parents said they'll lend us money Should we need it.

We were asked but only because we adopted from overseas.

We only have a couple of thousand saved, (didn't have any at all at the start of the process!) which won't go very far once my income drops, and also have some credit card debt. We had to fill in a form listing all our incomings/outgoings and show bank statements.

We're going to approval panel next week and noone seems to be particularly worried about it. I think they just need to be satisfied you are going to manage for money, even if it's only just!

We're a bit of a financial disaster zone - no savings, always dipping in and out of overdraft. It wasn't a problem. However, we did have decent income and good credit rating, so I suppose we seemed a good bet for at least keeping a child fed. I imagine social workers would get concerned if either your income was just not sufficient to provide a stable home life, or if you were in serious chaos with unmanageable debt.

Gosh, I am so sorry for not replying - I totally forgot I started this!

Thanks so much to all who have replied - it has really helped my confidence. We have a v good credit rating, small mortgage (live in a rough area so v cheap housing!) and no other debts so think we will be ok on that front. As for childcare etc I am currently unemployed and we have always managed on DH's income anyway, so I will be SAHP whilst DH continues with work.

I guess the only worry is how we will cope financially with DH taking paternity leave - even two weeks would halve our income for that month (the statutory £140 a week is better than nothing but not enough to pay for everything!)

Thanks again all