The Finances of Fostering

Hi all,

How is everyone in this current economic crisis? We seem to be hurtling from one thing to another at the moment. Perhaps now is a good time to approach the subject of finances and foster caring.

People often ask me ‘what’s the money like?’ Well, I am not able to say we actually earn because each placement is different and there is an element of negotiation with the local authority placing the child. 

What I can say, is that the tax benefits are huge, you have an amount immediately deducted from the money you receive as a tax benefit, you get an additional allowance for each child you have in placement each week. 

There are a number of accountants who can support you with all the additional things you can claim for, and Calon can point you in the right direction if you needed external advice.

The money you receive for looking after a child is not a wage or salary, it is an allowance, and you will be classed as self-employed. You’ll be required to complete a self-assessment form each year. Calon Cymru will be able to support you every step of the way.

The money you receive is paid directly into your bank account fortnightly, a week in arrears, and a week in advance for each foster child you have in placement at the time. You don’t have to ask, you don’t have to submit evidence or invoices, Calon Cymru are on the ball, and it is a guarantee that as long as you have a placement, your money will go into your account. You will get additional money just before the child’s birthday and just before Christmas to allow you to buy gifts etc. A generous mileage allowance is paid for travel to and from contact, training, meetings etc. But the best bit this year is that Calon are giving us an additional £300 this winter, almost like a winter fuel payment, £100 a month for the next 3 months!

We also have our very own discount website called Grapevine where we can access some fabulous discounts on everyday products and gifts. What’s not to like?

So, when I get asked ‘what’s the money like?’, I can’t honestly respond with specifics but the benefits and advantages to being a foster carer with Calon Cymru Fostering are a definite plus.

Please contact the office for more specific information and to make an informal appointment to talk to someone about becoming a foster carer for Calon, become part of the team and access all the financial rewards that come with it.

Calculate the potential annual income you could earn through fostering, with our Allowance Calculator.

Take care for now

Daisy Doo and Julian too xx