How much does a lifetime of pet care set most pet parents back?
Congratulations if you're one of the more than 90 million American families with a pet! Your furry buddy is most certainly a crucial member of the family, regardless of whatever breed you've adopted or rescued. Pets, in fact, have been demonstrated in studies to help you stay healthy since they provide:
* Love that is unconditional
* Exercise motivation
The benefits of pet motherhood are numerous, but it's also crucial to grasp the realistic costs of lifelong pet care and be financially prepared if you've already added a pet to the family or are considering adopting one. Fortunately, Synchrony commissioned a study called "Lifespan of Care," which looked at the expense of pet care over their lifetime, which ranged from $20,000 to $55,000 for dogs and $15,000 to $45,000 for cats. The findings were based on replies from 1,200 pet owners and 100 veterinarians, and they provide consumers with clear insights about the expense of a dog or cat's lifetime of care, which have been verified by veterinary offices.
"\Millions of Americans choose to spend their lives with pets, but the exact cost of ownership has long been a mystery. Our Lifetime of Care research is a valuable resource for future pet owners Synchrony's senior vice president and general manager of Pet, Jonathan Wainberg, stated. We want pet parents to have a better awareness of what to expect financially and to be aware of the flexible payment options that are available to assist them manage the costs of care throughout the course of their pet's lifetime."\
Adoption fees, vaccinations, spaying or neutering, new accessories, toys, pet carriers, and other expenses can add up quickly in the first year of pet ownership. According to the "Lifetime of Care" study, dog owners should anticipate to spend $1,300-$2,800 in the first year, while cat owners may expect to spend $960-$2,500. Depending on the animal's breed, whether it's a cat or a dog, and whether it's an indoor or outdoor cat, maintenance costs might vary significantly after the first year.
Make a budget for pet expenses.
Pets, like human family members, require regular wellness exams to keep healthy and can become ill or injured at any time. And this can have an influence on your budget. According to the "Lifetime of Care" study, pet owners who get a $250 vet bill may have financial difficulties. Furthermore, almost half of all pet owners who thought they were financially prepared for unforeseen pet expenses were not, according to the report, and would explore a solution specialized to financing pet care.
Rather than being caught off guard by the cost of your pet's care, you may plan ahead for anticipated health-care costs. Pet financing, such as CareCredit, and pet health insurance, such as Pets Best, are two cost-effective options for both recurring and unforeseen expenses. The two techniques can be used separately or in tandem to provide a full safety net.
Pet owners can pay for up-front vet charges using their CareCredit credit card at the time of their pets' appointment, then apply the reimbursement from Pets Best to their CareCredit account later.
Adopt a proactive approach to pet health care.
Not only will being proactive about your pet's routine and preventative care keep them healthy, but it will also help you save money. Dr. Chris Roth, DVM, suggests that you try:
* Having yearly veterinary examinations is one of the most effective strategies to stay on top of potential health risks.
* Vaccinating your pet according to the manufacturer's recommendations to avoid disease.
* Ensuring that preventive drugs are used as directed to avoid heartworm, intestinal parasites, tick-borne disease, and flea infestation.
* Having your pet neutered or spayed to avoid unexpected and costly pregnancies.
* Maintaining a healthy weight by feeding your pet the correct nutritious balance with a side of activity.
* Protecting your pet's physical and emotional wellbeing by providing attention and play.
* Getting an ID tag or microchip for your dog or cat with its name, address, and phone number in case it gets lost.
Take some basic actions as you prepare to become a pet parent to ensure that you can handle pet expenses at all stages of life. Create a strategy that works for you, such as a budget that accounts for basic pet care expenses such as food, annual exams, toys, and other expenses. Start an emergency fund as well, just in case the unthinkable occurs. Finally, for piece of mind when your pet requires medical attention, consider acquiring a pet credit card and pet insurance.
Whatever option you choose, the most important thing is to feel confident that you'll be able to care for the family member you care about.