Here’s What Pet Owners Are Saving Each Year to Care for Their Pets

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Own a pet? Read on to see why you need money in the bank in case something goes wrong. 

Adopting a pet is one of the most rewarding things you might ever do in your lifetime. But let’s be real — not only is it a huge time commitment, but it’s also a major financial undertaking.

When you own a pet, you have to pay for everything from food to supplies to standard medications and vaccines. And you might spend extra to pay for pet care services if you need to go out of town and can’t bring your pet along,

Then there’s healthcare to consider. We all know it can be a major burden for humans, even with health insurance picking up part of the tab. But veterinary care can, in some cases, be shockingly expensive. So it’s important to do what you can to gear up for costly pet care bills.

Make sure to pad your savings

Many animals start out healthy but develop health issues over time due to factors that include aging. It’s really important to have money in your savings account for unexpected pet healthcare bills. In fact, you may want to create a separate emergency fund just for your pet so you know you have the money available to deal with a medical issue when it arises.

How much money should you aim to save for pet care costs? Well, that’s a tricky figure to land on.

In a recent Lemonade survey, pet owners said they save an average of $439 a year to care for their animals. At the same time, 42% said they weren’t confident they could afford life-saving treatments for their pets based on that savings threshold.

Because you can’t see into the future, it’s impossible to know what healthcare issue might arise with your pet and how much treatment will cost. But you may want to err on the side of saving a few thousand dollars in case your pet winds up needing surgery or expensive medication that costs hundreds of dollars a month.

It pays to get pet insurance

When you own a pet, having money in savings for their care is important no matter what. But it’s also a good idea to purchase pet insurance so that if a major issue arises, you’ll likely have some financial relief.

A pet insurance policy may not pay for 100% of the costs you incur if your pet gets injured or falls ill. But let’s say your pet ends up needing a $5,000 surgery. Your pet insurance policy might end up paying for the majority of it, leaving you with a much smaller amount to charge on your credit card or remove from your savings.

Now, you may be thinking, “Instead of buying pet insurance, why don’t I just save the money I’d spend on it for my pet’s care?” The problem with going that route is that your savings may not be enough in an emergency, especially if your pet ends up falling victim to multiple issues or ailments at the same time.

The good news about pet insurance is that it can be reasonably affordable. And if you shop around with different insurers and compare rates, you might put yourself in a position to pay less.

When you bring a pet into your world, you commit to caring for it, even if that means having to spend money. Put the right pet insurance in place, and your pet’s next major medical event might be a lot less stressful from a financial standpoint.

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