Planning and funding expenses in the surrogacy process: tips for future parents

The surrogacy procedure is expensive. During the journey you will have to make many payments to various parties. Proper planning and financing can help parents manage the process in an efficient and financially secure way.

Firstly, it is important to understand the surrogacy routes and what the expected costs are.

Take time to understand the differences in the costs of each route, and the additional costs that are not included in the program (flight and hotel expenses, the cost of the parental order and the baby’s citizenship).

Compare agency fees and services offered by them and look for reviews and testimonials to ensure you choose a reliable partner for this important process.

Researching costs is important, including examining cheaper surrogacy options. It’s also important to consider defining savings goals and increasing income, to create a detailed budget that tracks all expected expenses, to navigate complex insurance coverage options, to work with financial advisors and to adjust the budget along the way. Once you understand the likely costs, you can move on to the next step.

The second step is to make a careful assessment of your financial situation and understand what amount you can transfer to surrogacy.

Once you have checked your financial situation including income against expenses, savings, existing assets, and existing loans and debts if you have them, you can consider possible financing options.

The third step is to implement a financial plan.

The implementation of the plan includes streamlining fixed and variable expenses, increasing your monthly income if possible and building an initial budget containing savings intended for the surrogacy process.

It is important to persist in this process, as it will make it easier for you to later conduct effective negotiations with a lender, if necessary.

Financial assistance in surrogacy can come in many ways: loans, using savings or fundraising. These options can greatly ease the financial burden. To make it easier for you to undertake this exciting and unforgettable journey, we have gathered the alternatives for financing surrogacy expenses below.

Loans – if you do not have the possibility to finance the surrogacy procedure yourself, taking a loan is an option. In addition, there is the possibility of taking a loan against a pension or a mortgage cycle if you own real estate.

After you have received the loan, you should prepare a follow-up table that includes the details of the loan including: loan amount, monthly repayment, interest, billing date and loan end date.

Ensure you understand the terms of the loan and can comply with the monthly repayments, to repay the loan in the most convenient and effective way.

Consolidation of loans – is a process that consolidates existing loans by taking one new loan that will cover the existing debts under terms that may be more convenient and efficient.

If you choose to consolidate loans, you will have a new deal with a lender.
This can pay off existing loans and generate a new balance to cover additional expenses. Ensure you read the terms and conditions of the new loan and that they are more favorable than those of the existing loans.

Money exchange –  if you have money in a foreign currency, the money exchange process can also be an option for full or partial financing. First check the current exchange rates between the currencies you want to convert (they change every day depending on the financial market) and pay attention to the currency conversion fees.

In addition to banks, there are also online money exchange services and mobile apps that offer similar services. Take advantage of periods when the dollar exchange rate is high, to make conversions or transfer funds to the various parties.

Withdrawing money from a savings fund – carefully check your savings pool and see if there is a liquid savings fund from which you can withdraw money for surrogacy.

Raising money from friends and family – if you have family members and friends who can help you finance the procedure, even partially, don’t hesitate to ask them for help. You might be surprised by their generosity and their ability to help you realize your dream.

Fundraising at a special event – For example “Pre Baby Shower” (party before the birth) is a great opportunity to gather friends, acquaintances and family to celebrate the baby’s upcoming arrival. The party can be organized at home or in another venue, combining a meal, a culinary evening, a creative workshop or any other activity that will entertain the participants.

If this type of fundraising might suit you, it is important to ensure a clear explanation and introduction for the participants and perhaps also offer creative incentives through games and contests to encourage a donation.

Crowd funding – a process in which many people (even people you don’t know personally) participate in raising money. This can be done through a digital platform or a community campaign. Crowd funding requires precise planning and execution, including making contact with donors and presenting the benefit and importance of your goal.

Proper budgeting and preparation will help you focus on raising your baby instead of worrying about financial pressures. Although a surrogacy procedure is a large investment, you can take control by carefully planning each step of the process.

Financing costs are different in each country and are affected by specific circumstances, so consult a international surrogacy agency to get accurate estimates. Good luck!