Budgeting for a New Pet
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This week we talked about budgeting for a new pet to ensure the best possible experience for both you and your new family member.
The panel will include Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian; Christina Roman: Consumer Education and Advocacy Manager at Experian; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Leslie H. Tayne, Esq: Founder and Managing Director of Tayne Law Group, P.C. (f/k/a The Law Offices of Leslie H. Tayne, P.C.); Lawrence D. Sprung: CFP® President of Mitlin Financial, Inc; and Take Charge America.
Questions We Discussed:
Q1: What are some things to think about before adopting a pet?
Q2: How much does it cost to adopt a pet?
Q3: What are some initial pet supplies to budget for when bringing home a new pet?
Q4: What are some ongoing pet expenses to consider?
Q5: What are some tips for saving money on pet expenses?
Q6: How much should you save for a pet emergency fund?
Q7: Is pet insurance worth the cost?
Q8: How much does it cost to travel with pets?
Q9: What are some money-saving alternatives to owning a pet?
Q10: Any final tips on budgeting for a new pet?
Retweet these insights from our community:
A1. “Pandemic pets” are a trend right now, but before adopting, consider that pets are a long-term financial commitment. Be certain that you can take care of all of pet’s needs, including their medical bills. #CreditChat
— Jennifer White (@Jennifer_Wwhite) October 28, 2020
A2: Many factors are at play when figuring out how much it’ll cost to adopt a pet, including: the pet’s age, if vaccinations are required, spay/ neuter fees and the shelter. Expect to pay anywhere from $75-350. #CreditChat
— Leslie H. Tayne, Esq (@LeslieHTayneEsq) October 28, 2020
A3: For a new puppy, you definitely want to invest in:
– dog food
– collar
– leash
– toys
– crate to keep it safe
– shampoo and grooming tools #creditchat pic.twitter.com/5N52EbIbr9— Kembala Evans (@Kembala) October 28, 2020
A4. Food as well at veterinary care, also keep in mind the animal could get sick so make sure to have extra money set aside just in case. depending on the breed grooming can be an ongoing expense #CreditChat
— Larry Sprung, CFP® (@Lawrence_Sprung) October 28, 2020
A5: If you can, groom your pet on your own. For food, if you order online you might be able to set up autoship to save money. #creditchat
— Ashley Jacobs (@collegecents) October 28, 2020
A6. I would budget at least $1,000 per pet, if you want to avoid taking out debt.
A recent @LendingTree survey found that only a quarter of pet owners could pay for a $1,000 emergency vet expense in cash! #CreditChat pic.twitter.com/4B3F0F8asF
— Erika Giovanetti (@erikaxgio) October 28, 2020
A7. Like all insurance, you’re gambling on what *might* happen. If you’re adopting an older pet or one with known health issues, pet insurance can definitely end up paying for itself and the some. #creditchat
— Take Charge America (@TCAsolutions) October 28, 2020
A7: Pet insurance doesn’t cover pets with pre-existing conditions, and if you adopt a senior pet, they might not be covered. Premiums are about $534 a year for dogs and $335 for cats. You might be better off putting that money in an emergency fund. #CreditChat
— American Consumer Credit Counseling (@ACCC_TalkCents) October 28, 2020
A7: An in-depth look at the pros & cons of pet insurance from @Investopedia. #CreditChat https://t.co/tF32lbDgFn
— Beverly Harzog (@BeverlyHarzog) October 28, 2020
A8: If you’re flying with pets, on average, it costs between $100-$125 to bring your dog or cat in the cabin. Keep in mind, their carrier will need to be up to the airline’s standards, so you may have to buy a new one for air travel. #CreditChat pic.twitter.com/eSr2Qklr9e
— American Consumer Credit Counseling (@ACCC_TalkCents) October 28, 2020
A9: Start a pet-sitting business or walk dogs for neighbors who aren’t home during the day, volunteer in a shelter, train service dogs or foster pets. Or start off with just one goldfish. 🙂 #CreditChat
— Beverly Harzog (@BeverlyHarzog) October 28, 2020
A10 Just because Pets are cute and furry doesn’t mean you should just adopt them. Make sure you are financially stable and can give time, tender, love, and care. They need it! #CreditChat
— * Ming Chan * (@mingfaichan) October 28, 2020
A10: Do your research on fees and typical expenses for the type of animal you’re looking to adopt. Many people don’t realize how expensive a pet can be & end up back in shelters as adults, less likely to be adopted. #CreditChat
— Leslie H. Tayne, Esq (@LeslieHTayneEsq) October 28, 2020
A10: Do your research on fees and typical expenses for the type of animal you’re looking to adopt. Many people don’t realize how expensive a pet can be & end up back in shelters as adults, less likely to be adopted. #CreditChat
— Leslie H. Tayne, Esq (@LeslieHTayneEsq) October 28, 2020