Owning a Pet Is Getting More Expensive. Here Are 4 Ways to Save

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If you change some of your habits, you may be able to reduce your pet spending.   

Owning a pet can be a rewarding experience. Pets are often cuddly creatures, and they can provide snuggles and companionship while also improving your mood. But it requires money to care for your pets properly. As everyday costs rise, owning a pet is getting more expensive.

Prices are higher everywhere we look — and not just at the grocery store. A recent Insuranks.com study found that “petflation” has impacted the wallets of many pet owners.

According to the survey, nearly half of all pet owners feel they spent more money on their pets in 2022 compared to previous years. Despite higher costs, you may still be able to save on necessary pet care costs. Here are four ways to do so.

1. Consider buying pet supplies online

If you spend a lot of money on pet supplies like prescriptions and food, you may want to compare prices from online retailers. Many pet care companies offer extra discounts to customers who get medications and pet food delivered to their homes regularly through their subscription services. By ordering essential items online instead of in store, you may be able to reduce your pet care spending.

2. Find an affordable veterinarian

If you have a furry pal, committing to regular vet exams is crucial. But not all veterinarians charge the same rates; some are more expensive than others. If you’re feeling stressed about the high cost of your pet’s vet bills, exploring other vets in the area may be worthwhile. You may be able to keep more money in your checking account without skipping trips to the vet by switching to a more affordably priced practice.

3. Groom your pets at home

Another way to save on pet care costs is to do your own grooming. While taking your furry companion to a professional groomer can be convenient and mean less work for you, these expenses can quickly add up. If you’re willing to learn how to groom your pet, you can keep more money in your pocket.

4. Invest in pet insurance

When it comes to paying expensive vet bills, pet insurance can be helpful. The right coverage could help you spend less money overall as you care for your pet. Plans vary greatly, so it’s important to carefully review coverage details to ensure you get the right policy for your furry friend. Some plans cover eligible illnesses and injury-related expenses, while others help cover the cost of preventive care and routine visits.

Save money and plan for the unexpected

No matter what kind of pet you own, you’ll need to spend money to give them a good life. Even if you have a healthy, happy pet, there may come a time when you need to spend more money on their care. You can plan for future costs before you get an unexpected bill.

Setting aside extra money in an emergency fund for potential emergency pet care costs is best. You’ll feel less financial stress in the future if you take the time to save now. Stashing extra cash in a high-yield savings account is an excellent way to prepare for unexpected expenses — plus, you’ll earn interest on your contributions.

We’re all doing the best we can to stretch our money further. If you’re looking for other ways to save money, check out our personal finance resources for additional tips.

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