Many people are put off from fostering because they believe that it will leave them out of pocket and they are worried about how they will afford the cost of looking after another child. However, the cost of fostering should not be too large of a concern for families, and here is more information on how you can deal with its cost.
Will you be paid to foster?
The first piece of information that you should know when it comes to the cost of fostering is that you will be offered a fostering allowance when you foster a child that will cover the basic cost of their care. However, the amount that you will be given depends on factors such as the state that you live in, if you have fostered before, and the age and needs of the child that you are taking on. You must know, though, that the amount that you will be given is not always enough to cover the cost of looking after a child, especially if you want to give them the best life possible, or the same as that of your own children.
Can you receive tax breaks?
You will also be eligible for tax breaks. As a foster carer, you will be self-employed and you may be able to claim a tax break for having a dependent. You will also be able to get a tax break if the agency that you are fostering a child from is a charity. Not only this, but any money that you are given from the government will not be taxed, meaning that you will be able to make use of the full amount that is given to you.
Does the agency you choose affect your income?
Because the amount that you get paid for fostering depends on the agency that you foster from, you should make sure that you research the agency in question in advance and that you look into the payments that they will be able to give you. You should also look into the fees that they may charge you. To find out more, you should contact thefca.co.uk to see whether they might be the right agency for you to foster with.
Can you work while you foster?
It is also important that you realize the amount of your time that fostering may take up, and that you may not be able to work while you foster a child. Although, if you have a partner, they will be able to work, agencies usually ask that there is one adult in the household who is ready to become a full-time parent. This could affect your income, and so you must consider this and work out your budget before you bring a foster child into your household.
If you want to foster a child, you should not be put off by the cost of doing so, especially since more kids need foster homes than there are homes that are ready to take them. However, it is something that you should work through carefully with your agency.
