From the course: Personal Finance Tips and Tricks
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How to budget for animal care
From the course: Personal Finance Tips and Tricks
How to budget for animal care
- Are you an animal lover? For many of us, the rewards of having an animal companion are immeasurable. However, the costs can and do add up. According to the ASPCA, the average first year of costs for a medium-sized dog is just over $1,500 and will run about $700 a year after that. A cat is over 1,000 the first year and about 650 a year after that. Add in grooming, pet sitters or boarders, dog walkers and the like, and pet ownership becomes a major financial commitment. Thankfully, guidelines like these can help us anticipate those regular costs. But the bigger dilemma I see is when a pet has a major health issue. Just like for human healthcare, major veterinary care can be extremely expensive. Pet insurance is definitely a good idea, but many common treatments are excluded from coverage, especially if a particular problem is known to be prevalent for your breed. Even with coverage, you may face thousands in additional costs. If you have a pet or are considering getting one, I suggest…
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