Pet budgeting tips
Kristy Irwin, Product Group Owner, Youth & Student in the Everyday Advice Journey at TD, knows the importance of budgeting for a pet firsthand. She’s had her Golden Retriever for about four years and said there are many costs to consider.
Understand the ongoing costs of pet ownership
Before deciding whether to take home a pet, Irwin said it’s wise to create a list of the ongoing expenses associated with ownership. This includes food, veterinary services, pet care, grooming, pet insurance, and toys.
“Once you list those out and understand roughly what that is going to cost you every month, you can then make sure that it fits within your overall budget,” Irwin said. “Knowing what other fixed expenses you have each month, it’s important to ask yourself how comfortable you are with these additional expenses.”
And, if you’re looking to get a puppy or kitten, don’t forget about the initial costs associated with them, such as adoption fees, initial vaccines, neutering or spaying, and new pet care items such as food bowls, leashes, and litter boxes. You’ll need to budget for these upfront expenses, too.
Start a pet emergency fund
Once you determine the average monthly cost of pet ownership, it’s a good idea to set up a pet emergency fund. Having money put aside specifically for unexpected expenses for your pet, such as a medical emergency or destroyed household items that need to be replaced, can help reduce financial stress in the moment if such situations should occur.
Irwin said she started a pet emergency fund as soon as she got her dog and puts in money monthly.
“Setting aside a little bit of money every month in a savings account – an account that you can easily and quickly access if needed – can help cover unexpected expenses and prevent you from dipping into long-term savings or possibly derailing your financial goals,” Irwin said.
Be mindful of spending and find ways to cut down on costs
While it can be tempting to buy a new pet everything you think they’ll need right away, such as several toys, Irwin suggests getting the necessities, then waiting on the extras.
“What I learned is that puppies often destroy toys quickly, so try and wait until you get to know your pet a bit more to understand what they like, and what they don’t like,” she said.
“Maybe you load up on cute stuffed toys, only to find out your dog ignores them and just wants to chase a ball. I wasted money up-front buying things that my dog isn’t interested in.”
Irwin also suggests seeing what you can buy secondhand and leaning on family and friends to help with pet care when possible. While it may not be feasible all the time, having a loved one look after the pet when you’re working or out of town can cut down on dog walking or pet sitting costs.
“Pets are like bringing in another member into your household, so just like you would budget groceries for a family, you have to think about the expenses that go along with your furry friend,” Irwin said.
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