If you have decided to become a foster carer and you have finally been approved by your agency or Local Authority, you’ll no doubt be both nervous and excited about what happens next. However, don’t forget that there is still work to do, and there are expenses that you’ll need to factor into your budget. Proper financial planning is crucial to make sure you can adequately provide for a foster child.
Here are some of the main things you’ll need to budget for when you become a foster carer.
Initial Costs
When you first become a foster carer, there are some one-time costs you’ll incur as you set up your home to welcome a child. These include:
- Home safety equipment – Smoke detectors, fire extinguishers, window locks, socket covers, stair gates, etc. Expect to spend around £200-£300 on safety equipment.
- Bedroom furniture – You’ll need an age-appropriate bed, mattress, wardrobe, and potentially a desk and chair if you are fostering a school-aged child. Budget £400-£600 for good quality furniture.
- Bedding – Duvet, pillows, sheets, etc. Allow £100-£150 for bed linens.
- Initial clothing allowance – While you’ll receive a foster carers allowance for the child, you may need to purchase some essentials like underwear and pyjamas to start. Budget £100-£150.
- Toys – Age-appropriate toys, books, and activities to keep a foster child occupied. £150-£200 should cover the basics.
Ongoing Costs
Once you begin fostering, there are ongoing expenses required to care for the child. Make sure to budget for:
- Food – Groceries, school lunches, snacks, etc. Budget £50-£100 per week, depending on the child’s age.
- Nappies and baby essentials – If you will be caring for a baby or toddler, factor in the costs of nappies, wipes, formula milk, etc. Around £30-£50 per week.
- Clothing – Children grow quickly! Budget £50-£100 every few months for clothing replacements. This will be higher for teenagers.
- Footwear – Shoes wear out fast with active kids. Budget £30-£50 every few month for shoes.
- Toiletries – Soap, shampoo, toothbrushes, etc need regular replacement. Allow £20-£30 per month.
- Activities – Budget for any clubs, sports, or hobbies the child participates in. This varies widely but plan on at least £30-£50 monthly.
- Pocket money – Weekend treats and cash gifts. £10-£20 per week is typical.
- Additional tutoring or therapies – Some foster children require additional support. Budget £30-£100 monthly.
- Home maintenance and repairs – Wear and tear from normal child activity! Budget £50 monthly.
- Holidays and special occasions – Birthdays, Christmas, potential summer holidays. This will vary considerably depending on the age of the child, and where you plan on going.
Ongoing Allowances
The good news is you’ll receive financial assistance when you foster through weekly fostering allowances. But don’t rely solely on the allowance. Budget carefully for all the above expenses and ensure you have some savings to dip into when needed. With good financial preparation, becoming a foster carer is achievable for most families. And giving a child a loving home is incredibly rewarding.
- With prudent budgeting and financial planning, fostering is possible for most families. And being able to provide a loving, stable home to a foster child is an incredibly meaningful way to grow your family.
