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How do you manage daily expenses and budgeting when you are a foster or kinship caregiving family? We speak with Nicole Valenzuela, a foster parent and founder of Fostering Finances, to learn about simplified budgeting practices and healthy mindsets for managing money.
In this episode, we discuss:
- What are the financial challenges that foster and kinship families commonly face?
- How do those challenges differ between kinship caregivers and licensed foster parents?
- Are there particular challenges for LGBTQ+ and BIPOC foster or kinship families?
- What about single foster parents or kinship caregivers?
- What are the day-to-day costs that aren’t always covered by stipends or allowances?
- What hurdles might the informal caregivers face (those not participating in the foster care system while caring for a relative child) in accessing services or support?
- What financial supports may be available but underutilized by foster and kinship families?
- What are the Kinship Navigator Programs? How can they help — where are they found, etc.?
- What are some tax strategies or credits that families caring for foster or kin children may be eligible for?
- How can caregivers build a small financial buffer for the inevitable emergency that comes with raising kids?
- What advice do you give around savings or flexibility?
- Suggestions for simple budgeting or expense-tracking strategies that foster or kinship families might implement right away?
- What are some low-cost ways for foster parents or grandparents raising grandkids to meet these kids’ needs while preserving their dignity?
- What other effective community-level initiatives or organizations are you aware of that support these families?
- How can caregivers locate and tap into similar resources in their own communities?
- How do caregivers decide which financial strategies to focus on first?
- What practical steps can they take to set in motion a plan to stabilize their household finances over the next 6 months?
- What are some early small wins that build confidence—say, saving a few dollars a week, or successfully claiming a benefit?
- What is a scarcity mindset and what are signs that a caregiver might be struggling with scarcity mindset?
- What are the top three ‘practical financial strategies’ you’d want every foster or kinship caregiver to walk away with from today?
- Finally, what’s your best encouragement to caregivers who feel overwhelmed by financial pressures?
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