Financial Considerations for Fostering

Financial considerations and support for foster carers

In this short article, we’ll cover the financial responsibilities attached to playing a role in foster care in Cheshire, Stockport and other UK locations.

Foster carers can receive an allowance from local authorities. This allocation is designed to cover the day-to-day expenses of a foster child, such as food, clothing and activities. It’s difficult to specify the amount of this weekly allowance, as it will vary according to a few factors. But in general, it ranges from £150 to £450 per week, per child.

Financial benefits and tax exemptions

Foster carers can claim a tax-free Qualifying Care Relief allowance of up to £10,000 per year, as well as an additional £200 per week for every foster child they have.

There are other benefits foster carers can apply for, depending on their personal circumstances and income.

Budgeting as a foster carer

Staying on top of finances as a foster carer can be a balancing act. Foster care allowances need to be budgeted carefully to cover the increased costs for a household that are associated with caring for a foster child.

Taking the right advice is important, so that you understand exactly which forms of support you are entitled to, and can take full advantage of them. It is also a good idea to keep records of expenses, in order to help with budgeting, and so you have this information to hand when you need it.

Are you unsure of the financial commitment it will take to become a foster carer, and want more information? Contact the friendly team at Beacon Fostering today.