How to manage the medical costs of pets comes up with the majority of my clients. So many households have cats and dogs–and they are members of the family. When they get sick, its emotional, stressful and expensive, just like when we get sick.
For this reason, I am a HUGE fan of pet insurance. If your pet is elderly, insurance may be very costly to get for the first time. However if your pet is middle aged or younger, pet insurance is a great way to manage your cash flow and protect yourself from very expensive vet bills.
Some other things you can do:
1) Build up a sinking fund. Pet sitting when you go away, your deductible, grooming costs, and medical expenses for non-insured cats and dogs, can all be planned for in your budget and those expenses can be paid with ease rather than stress.
2) Research non-conventional pet foods. Cheap food like kibble does not have the nutrients your dog needs to live a longer healthier life. Companies like Farmer’s Dog are more expensive, but if you can carve out room for it in your budget, its like preventative care. Preventative care can save you money and your pet’s suffering in the future.
3) I wrote a blog post about Pet Insurance awhile back, and it covers a lot more of the benefits/details, you can read it here.
If you want to learn more about how you can plan your finances around whom and what is important to you, and live with more ease and less stress, book a free Mindful Money Consultation with me.
