As a foster carer, you will receive a monthly allowance from either the local authority or the private agency that you signed up with. This payment is intended to be a source of income and a way to support the children that come into your home. While you only get this fee when you have an active foster child placement, it is there to make life easier and enrich the experience. Here are five things you can do with the fostering allowance that will mean the money is put to good use.
Set Up a Savings Account For the Foster Child
When you have a long-term foster child living with you, many agencies will ask you to set up a savings account on their behalf. A part of your allowance can be transferred straight into this account, and this will serve as a financial safety net for the child when they become an adult. It could mean they can pay for driving lessons or boost a deposit for a house, the point is that is something just for them.
Plan a Trip
Why not go on a trip? There are some logistics involved and hoops to jump through so everything is safe and legal, but a little vacation or night away with your foster children can be a really fun experience. It’s important to keep normal things like this on the agenda so that they get an authentic experience of life, and staying somewhere new opens lots of doors. Check out your allowance by speaking with your agency or visit thefca.co.uk and use this information to make a budget for a mini holiday excursion.
Invest in Extracurricular Enrichment Activities
Another thing to dedicate a portion of the budget to is extracurricular enrichment activities for the foster children to participate in outside of school hours. Things like after-school clubs, theatre courses, sports teams, and more all count and will help them to figure out where their interests lie and what they want to do with their life. It’s important for children to experience different things so that they learn to know what they do and don’t like. It’s also a great route to increase their pro-social experiences and expose them to peers that will hopefully have a positive influence on the way they engage with friendships and the wider world.
Start a Pocket Money Schedule
Pocket money is a great way to teach financial responsibility. Unlike savings, this money goes directly to the child in return for a set number of responsibilities being fulfilled.
Buy Clothes and Other Essentials
Clothing is one of the biggest expenses for children. They grow all the time, while also playing and staining and generally losing cardigans, socks, and everything else in their wardrobe. So don’t hesitate at all to use the allowance to pay for this stuff because that is what it’s for.
There are lots of ways to use your fostering allowance. Whether you spend it on your foster children providing them with the basic essentials, or use it for a collaborative experience, as long as you stay within your budget and be responsible it will be a great boost to your income.
