Pet costs - Don’t be blinded by love
For many, pets are an extension of family and the centre of regular activities. Darren Smith from our partner Financial Advice Matters explains what you need to consider before adopting or purchasing a pet.
Note: this article contains general advice only.*
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Throughout the last year, pets have become even more important in supporting good mental health. In my household, it is the beloved dachshunds (pictured above) who bring cheer and take me for a walk each day.
While pets bring great joy, they can also put a strain on the household finances. Knowing what you are getting into upfront and ensuring it fits your lifestyle is crucial. There are some great resources available to help you make your decision - like Getting a Pet by Money Smart.
On this website it estimates the ongoing annual expense for a dog is $1,627 or $962 for a cat. The upfront cost can vary depending on whom you purchase from. The range tends to be $500 to around $5,000 from a breeder.
Of course, you could select a cheaper pet such as a goldfish.
You need to consider living arrangements, how much space you have, what your budget is and how active your lifestyle is.
In terms of managing the upfront cost, this will come down to whether you purchase or adopt a pet. Adopting or rescuing a pet can cost about $500 but it comes with the added advantage of vaccinations and worming.
There are several ongoing expenses that you need to keep in mind. They all add up.
These include feeding, housing, healing, training, and boarding. The first step is to have budget and stick to it. Always look for opportunities to save.
Tips:
- Adopt, don't shop
- Buy food in bulk / when on special
- Cook your own pet treats
- Visit the vet and exercise your pets regularly
- Create a pet rainy-day fund
- Come to an agreement with friends and family for boarding
- Get friendly with the local butcher for scraps or bones
- Consider insurance for bigger medical expenses
- When purchasing pet accessories wait for sales or find discount codes.
As with most expenses, try and limit emotional purchases and track where you spend. This does not mean you cannot purchase the cute elf outfit for your pets at Christmas! Just be smarter about decisions and look at ways you can save or find the cheaper alternative.
This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither Alliance Wealth Pty Ltd not its related entities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information. Corporate Authorised Representative No 1234989 of Alliance Wealth Pty Ltd AFSL 449221 ABN 93 161 647 007 Credit Representative No 480095 of Centrepoint Lending Solutions Pty Ltd ACL 377711 ABN 40 100 947 804 | http://www.centrepointalliance.com.au/AW
