Pet ownership costs are rising. Here's how to budget for them now and in the future.
Updated: Oct 9
Original article by:
Nina Dragicevic
THE CANADIAN PRESS
September 3, 2024
📰 Read the ORIGINAL ARTICLE here.
I spoke with The Canadian Press about the real cost of owning a pet, and why it pays to budget for your pet's whole life, not just the first year. Here are the highlights and my contributions.
Key Takeaways
Food and vet bills are the costs most people plan for, and it's worth shopping around and asking vets up front about their fees for exams and regular medications.
Pet food and supply prices have risen faster than overall inflation in recent years, so older budgets may no longer hold up.
Senior pets can bring big expenses, from medications for chronic conditions to mobility aids and surgery.
Pet insurance isn't right for everyone. Compare premiums, deductibles and coverage, or consider setting aside your own emergency fund instead.
Don't forget lifestyle costs like training, pet sitting, boarding and travel, and save on toys by going budget-friendly or DIY.
My Perspective
Younger pet owners in particular often forget to plan far enough ahead, including for end-of-life care. Budgeting for a pet's entire lifespan is a serious commitment.
"There's very long-lasting consequences to having someone who's financially and medically dependent upon you. Look at it as family planning at the end of the day."
When it comes to pet insurance, I practise what I preach: I carry insurance on myself and my spouse, but not on my cat. Cats are less likely than dogs to need emergency surgery, so instead I put money aside every month in a separate account to cover any surprises. If you can't self-insure and an unexpected bill would really worry you, that's where insurance can make sense.
"It just takes a little bit of math and foresight here to weigh the pros and cons."
Originally published by The Canadian Press, written by Nina Dragicevic, on September 3, 2024. Use the link at the top of this post to read the full article.
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