Pets on a millennial budget: Love comes at a cost.
Updated: Oct 9
Original article by:
Pascale Malenfant
BNN Bloomberg
September 5, 2023
📰 Read the FULL ARTICLE here.
I spoke with The Canadian Press about what young Canadians should think about before bringing a pet into their budget. Here are the highlights and my contributions.
Key Takeaways
Owning a pet as a young adult is possible, but it takes discipline and a realistic look at your cash flow.
Research the upfront and ongoing costs for the specific animal you want; smaller breeds often cost less.
One student in the story spent about $4,800 in her puppy's first few months on the purchase price, vet visits and supplies.
Pet insurance or a dedicated emergency fund can soften the blow of unexpected vet bills.
Lifestyle matters too: travel plans, work schedules and time at home all affect whether a pet fits your life.
My Perspective
My philosophy when clients ask about getting a pet is simple: put yourself first. Much of my work is rooted in cash flow planning, and a pet is a new dependent in that cash flow.
"At the end of the day, you have to get practical and start to think about whether adding a dependent to your cash flow is possible to sustain."
I treat my own cat as a true dependent, with her own line in my budget rather than folding her food into my groceries. Plan for the worst as well: set money aside or buy pet insurance, and decide ahead of time how much you can afford to spend if your pet gets seriously ill.
"It's morbid, but especially as your pet starts to age or if they get really sick, you have to think seriously about what your cut off is."
Finally, think about your lifestyle. When you're young, a lot is still up in the air, from travel plans to a job that may not let you get home at lunch to walk the dog.
"You should be thinking about your own life, your own priorities, and your own goals before you add your lovely fur child to them."
Originally published in BNN Bloomberg (The Canadian Press) by Pascale Malenfant on September 5, 2023. Use the link at the top of this post to read the full article.
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