Practical Financial Strategies for Foster & Kinship Families

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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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