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Foster Care Budgeting Tips

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Fostering is an important calling, one where you can make a real difference to a child’s life. With the rising cost of living, and concerns about whether you can afford to look after a child, it’s important to consider your finances before applying to become a foster carer.  Before you write yourself off as a potential foster carer it’s important to remember that you are entitled to a Fostering Allowance.  This is to support a happy and healthy lifestyle for the whole fostering family. In our guide, we’ll share our top budgeting tips, so that you can make the most of your fostering allowance, for you and your foster child.

Creating a budget

Fixed income and outgoings expenditure

The first step to make the most out of your fostering allowance is to create a budget, understand what your fixed income is every month and along with your non-negotiable outgoing expenditure.

Example 1:

Jenny fosters 12 year old Joseph all year round, and as he is in Therapeutic Foster Care she receives £650 per week as a fostering allowance. As Jenny is fostering as a full time career, her total income per month is £2816, she lives with her husband John who is a primary school teacher who earns £2083 after tax and deductions. Below shows a table of their monthly fixed incomings and outgoings.

Incomings

Outgoings

Fostering Allowance: +£2816

Mortgage: -£1330

John’s Salary: +£2083

Council Tax: -£177

TOTAL: £4899

Gas and Electricity: -£150

 

Internet: -£20

 

Mobile Phone Contracts: -£80

 

Car Insurance: -£80

 

Home Insurance: -£35

Petrol: -£200

Food: -£400

TOTAL: -£2452

 

Example 2:

Eli fosters 6 year old twins Luka and Emilio all year round, and as they are in Long-Term Foster Care, she receives £502 a week for each child.

Incomings

Outgoings

Fostering Allowance: +£4350

Rent: -£900

TOTAL: £4350

Council Tax: -£217

 

Gas and Electricity: -£180

 

Internet: -£40

 

Mobile Phone Contract: -£40

Bus Pass : -£65

 

Food : -£300

 

Home insurance : -£15

TOTAL : -£1757

 

Budgeting your nonfixed income

After you’ve added up your outgoing expenses and income, you should have a good idea of how much money is left every month, so that you can budget accordingly to make the most of the allowance enabling maximum support and wellbeing for the child.

Example 1:

After their fixed outgoings Jenny and John have a total of £2427 left of their budget to spend every month. This is how they spend the remainder of their budget.

Outgoings

Savings: -£1100

Clothes, toiletries and shoes for Joseph: -£250

Clothes, toiletries and shoes for Jenny and John: -£350

Family Days Out: -£200

Pocket Money: -£60

Netflix - £11

Swimming Club for Joseph: - £60

Gym Membership: - £40

Meals Out/Take Aways: -£300

School Fund: -£56

Example 2:

After his fixed outgoings Eli has a total of £2593 left of his monthly income to budget every month. This is how he spends the rest of his budget.

Outgoings

Savings: -£1158

Clothes, toiletries and shoes for Luka and Emiliano: -£250

Football club for Luka and Emiliano: -£200

Family Days Out: -£100

Pocket Money: -£60

Books and toys: -£50

School Fund: -£50

Cinema membership: -£30

Emergency fund: -£200

Clothes, toiletries and shoes for Eli: -£200

Part time masters: -£295

Making your Foster Care Allowance stretch further

There are many simple swaps and access to financial support available for foster carers. For example, you can access a number of discounts such as the Blue Light Card, for discounts on high street shops and restaurants. You may also be eligible for a discount on your council tax depending on your local authority – all which can make your Foster Care Allowance go further.

Buying second hand is not only good for the environment but is also good for your wallet. Second hand clothing apps like Vinted and Depop are a great way to find unique pieces, and what’s more, you can easily resell them when you’re finished.

There are also a number of free events and locations that make fantastic days out for you and the fostering family. Most museums and art galleries are free to enter and are a brilliant way to help to support and develop your foster child’s interests. You can also take advantage of any sports interests with after school clubs, or free fitness classes such as the junior park run or Nuffield health’s free fitness classes for girls.

Foster Carer Support

Here at Capstone Foster Care, your happiness and growth in your role as a foster carer is important to us which is why we offer full training and support, including free clinical support should you need it. Our partner FosterTalk is also on hand to offer additional financial advice.  

Our competitive Foster Care Allowance is provided to alleviate the financial worries of supporting a foster child,  with a monetary bonus every year you are reapproved. So you can focus on what you signed up to become a foster carer for – making a difference to a vulnerable child.

Our refer a friend scheme can also boost your fostering income, as we reward any successful referral generously – we’re always searching for like-minded individuals

Thinking of fostering?

Interested in fostering? Find out about the benefits of fostering with Capstone, or get in touch with a member of our helpful team today for more information about our foster parent training courses.

Request a brochure today and take the first step to becoming a foster carer.

Thinking of fostering?

If you’ve got any questions or would like to find out more about fostering with Capstone, fill out the form below.
An experienced fostering advisor from your local area will then be in touch.

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