More than half of all Americans own pets and they are popular Christmas gifts, whether it’s a dog, cat, or guinea pig. But after the holidays will Fido break your bank account? Paul Fain, president of Asset Planning Corporation joins us to talk about the doggie in the window.
PAUL, PETS BRING COMPANIONSHIP AND JOY, BUT ALSO COME WITH PLANNING CONSIDERATIONS DON’T THEY?
Expect ongoing costs
• Pets aren’t a one-time expense. After paying for any animal, you can expect recurring costs for food, supplies, grooming, vaccines, check-ups, boarding, and more.
• Can your budget support a pet?
WHAT ABOUT UNEXPECTED EXPENSES!?
Consider adding to your emergency fund
• Unexpected pet expenses may also affect your finances.
• Pets have injuries and illnesses too.
• Be financially prepared: add to your emergency fund.
SHOULD PET OWNERS LOOK INTO PET INSURANCE?
Look into pet insurance
• If the cost of an emergency veterinary visit or serious illness would be a financial strain, pet health insurance may be a good option for you.
• The average annual premium for a pet accident-and-illness plan was $529 per pet.
FAST MARKET FACT: COST OF A DOG
• Average first-year cost to care for a dog is $3,085
• Average lifetime cost is $23,410
QUESTION FOR OUR MONEYMAN?
Want to learn more about pet costs? Do you have other general questions about financial planning or investing? Send your questions to our Knoxville Certified financial planner Paul Fain or directly to Paul@assetplanningcorp.com!