Finances and savings

[Concannon88]

Hi Again.

I'm just wondering what others experience of finances and savings were and how deeply they were looked at?

I have worked out my incomings and outgoings based on my circumstances and adopting 1 child, including possible childcare.

I have some savings, but not a lot. I can add more to this amount during the process.

Thank you for any replies.

In my experience it wasn't that deep. You complete a grid of incoming and outgoing money. Explanation of savings and then discussed how you might expect them to change. E.g. We used to spend alot on socialising and holidays but after having LO we knew this would reduce. They are looking for if you are covering your outgoings and how you may cover a reduced income during adoption leave etc.

Hi @Concannon88

I think this is one of those things that varies between agencies.
You sound like you may be a single adopter which does have different implications than if you are part of a couple.
But the basic requirements would be

• no significant debt ie no maxed out credit cards, overdrafts, loans as opposed to mortgage
• how will you finance adoption leave
• what are your plans for return to work and how would you finance going part time if necessary.

I'm a single adopter, I had no significant savings but I had very enhanced adoption leave so that was OK.

Thank you for your reply. Yes I am single.

I'm self employed, but I will still be receiving a percent of my income during adoption leave and I am also planning on getting a part time job in a previous profession so I'm able to receive leave and pay from that too.
I've never really had a saving pot, apart from for holidays, car and things like that. But I can save up if its crucial

It does depend on agency I think. Ours wanted to make sure we had enough savings to cover any credit card debt and that we could support ourselves financially if we needed to go part time after the adoption leave.

Our incoming and outgoings have remained relatively similar because what we once spent on holidays is now spent on mediocre meals in places that have a soft play, but we had to show the agency that we had a plan to support ourselves in the longer term. It is also about relieving the stress on you- if you are constantly worrying and living paycheck to pay check, it means you can start to feel stressed and resentful, which rubs off on your relationship with your child.

Lots of adopters have to significantly change their working patterns, so ensuring you have a buffer is an important way of reducing stress whilst any transitions happen.

What does your agency say? I wonder if they have a general percentage of income or anything?