3 Budgeting Tips for Foster Parents

Budgeting Tips for Foster Parents

Money is always at the top of your mind when you’re a foster parent. You have to make sure that the children you welcome are well taken care of, and you may have other children you have to look after too. This is a lot of responsibility for a couple or a single parent if you decide to embark on this type of endeavour alone. Sound budgeting, however, can greatly help and you have to be mindful of your purchases so that you can track your buying habits and identify waste. Here are some essential budget tips for all foster families.

Fostering Allowances

Foster agencies pay an allowance for each child placed in foster care. The fostering allowance is intended to remove the financial barriers that prevent lower-income families from considering becoming foster parents. Because you will be paid a generous allowance based on your experience and how many kids you can accommodate, you will not need to work full-time and can concentrate on providing a loving, stable home for the kids in your care, whether you offer long-term care or short-term placements.

If this is something that interests you and you’re looking for an agency with a variety of options, you should check out thefca.co.uk.

Work on a Side Hustle

While one parent will be the primary carer, the other parent could look at earning a second income. Having additional income should cover most of your expenses, and there are so many things that you could do from home to make more money.

One of the things you could do would be to offer your services as a freelancer on sites like Upwork, ProBlogger, or Fiverr. You could also become a content creator and base your content around your experiences being a foster parent. There is a lot of space for content about foster parenting, and you could carve a nice niche for yourself if you can find an original angle.

Other things you could do would include getting a remote job or starting a business you can operate from home like an eCommerce or small catering service, for instance.

Buy in Bulk 

Buying things in bulk will not only allow you to capitalise on sales but will also make budgeting and planning much easier. Prices can vary wildly during the month, especially right now, and buying things in bulk allows you to lock those prices in. 

This is why it would be a good idea for you to invest in something like a chest freezer so you can stock on large quantities of perishable food. You should then get a few shopping apps that will notify you of all the latest deals where you are so you can stock up and keep your grocery expenses as low as possible.

These are all tips that should help you breathe better as a foster family. It’s all about budgeting, being smart with your money, and working with the right people, so make sure you have all of this in order, and don’t hesitate to ask for help if you’re feeling overwhelmed.


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