Every pet owner is willing to pay for their pet’s health, even if it’s expensive. But caring doesn’t have to cost you a lot of money: you can be prepared in advance and save money.
Did you know that pets can have medical insurance, just like humans? It works in a similar way: you’ll have to pay a monthly premium and, in exchange, you’ll make sure certain unexpected vet expenses will be covered if you needed to pay for them.
Of course, the premiums are much lower than those in human insurance. But, like those, they can be higher or lower depending on the kind of procedures they cover. An accident or an illness can result in major costs, which are usually covered in the most basic policies. For coverage related to congenital or hereditary costs, you’ll most likely have to include some extra money.
Having pet insurance can be a big financial relief. When it comes to big, unexpected, and somewhat unlikely costs, such protection can help you save a lot of money. However, what you pay every month won’t make much sense financially if you’re planning on covering minor, more common vet bills.
Pet emergency fund
Another option is to start a pet emergency fund. This is different from your emergency fund because it’ll be targeted specifically at your pet’s care. It can seem like a better option for those who don’t want to pay for a monthly premium with insurance they don’t know they’ll even use, and it’s another great way to avoid worries about what would happen in the event of an unexpected vet bill.
Start by calculating how much your goal is. Then, you should polish your savings and budgeting tools to reach it. The amount you should plan on saving depends on your pet. Not only whether it’s a dog, a cat, a rabbit, or a bird, but also their personality and how often they can find themselves in trouble.
While it’s recommended to save money for the worst-case scenario, there are ways to make this seem more accessible. First of all, you could set aside a sum of money to cover your pet’s yearly exams. Then, you can destine a small portion of your income to this pet emergency fund.