Can You Afford to Become a Foster Carer?

Becoming a foster carer is an exciting challenge but the thought of how your finances will be affected may be something you are worried about. Although money isn’t the reason why people become a foster carer, it’s important to understand that fostering is a viable career where you’ll be able to support your family with the allowances and additional financial benefits received.

Minimum Requirements

You do not need to be rich to become a foster carer, but you do need to demonstrate your ability to remain financially solvent while a foster child is in your care. This means that you might not be approved if you have poor credit or an impending bankruptcy, as this can create instability for the child. 

You will have to provide a foster child with their own bedroom, which means that you must have a spare room to offer. However, your own children can share a bedroom to free up a bedroom for your foster child. Your accommodation can either be rented, mortgaged, or owned outright. If you can provide a stable home, there is no financial reason why you can’t foster a child.

Working

If you foster a child, this is your full-time job. As the needs of your foster child will come first it is not usually possible to work full-time if you are fostering. However, working part-time may be an option depending on the needs and age of your foster child. If you foster as a couple, then it is usually acceptable for one person to be working while the other person stays at home. It is also worth remembering that you can work while you do not have a foster child in your home, and there will be breaks in fostering where you could earn some additional money.

Allowances

You will receive foster carer pay for each child in your care and this can go a long way towards covering their expenses. The amount you are paid can differ depending on things such as the needs of the child, the type of fostering you can offer, and the region you live in.

Taxation

There are often tax breaks associated with fostering a child. You will be classed as self-employed so you will need to submit your own tax return. Check with an accountant to find out about tax allowances you may be eligible for.

Fostering a child may not be as expensive as you had thought, so make sure you check what you are entitled to. This way, you will have all the facts to hand and won’t be put off by the imagined cost.