Should You Set Up A Pet Savings Account
Why should you have a Pet Savings Account?
As a Pet Blogger I routinely get emails from complete strangers asking me to help pay for their pet’s crazy medical condition or emergency surgery. Or they ask me to share their chip-in pages with all of my readers. When I say strangers I mean people who I have never heard of or interacted with before. It is one thing if a rescue is asking for help with one of their babies then of course I would share it because readers can visit their rescue see that they have a 5013(c) and really are trying to help an animal get better. It makes me sad when I do receive these requests because I want to help but at the same time it makes me upset because not only this person but so many people out there have pets that they cannot afford. By having money set aside for vet emergencies you will not have to figure out a way to pay for an unexpected vet bill.
It is not the animal’s fault they are suffering and in pain and their owner cannot afford to pay. The owner knew from the minute they brought that animal home that they could barely afford to feed it let alone take it to the vet, get it spayed or neutered, and its yearly exams. That is the part that makes me upset. Anyone with a dog knows that is costs a lot of money to keep them healthy, happy, and long lived.
How can you ensure you have the money necessary for regular vet visits as well as those unexpected emergency visits?
Set up a Pet Savings Account!
We have a Savings Account specifically for Davinia and Indiana. It is attached to my checking account and each month a certain amount of money gets transferred automatically into that part of the account. Honestly it is only a small amount that I really should raise now that both Davinia and Indiana according to the veterinary definition are Senior Dogs – Indiana will be 8 next month and Davinia is 9. They don’t think they are old ladies ad have not slowed down one bit but their bones and muscles could be saying something different and so they should be visiting the vet twice a year just to stay on top of things.
Our Pet Savings Account was a free service offered by the bank when I created the checking account. Each month without me having to remember to make the transfer the money goes into the Pet Savings Account. Granted they don’t call it a Pet Savings Account it is just the savings account associated with my checking account. In my mind any money in that portion of the account belongs to Davinia and Indiana for vet expenses. Money for food, treats, collars or anything else they use on a regular basis including boarding, or vaccinations does not come out of that account – it is for emergencies only. You can make your own personal rules for the account including using it for regular vet visits or that is goes towards yearly a dental to keep your pet’s teeth looking good or to pay for a life long prescription that you have already been told by your vet is only a matter of time.
Next time you go to the bank schedule in some extra time so that you can sit down with one of the people there and ask how you can create an savings account that money is automatically transferred from your checking account into each month. They will be happy to speak with you and very willing to help you save money. You might have to automatically transfer some money into it on creation so bring your check book and know that this is the start to knowing you have a safety net in case of emergency or sickness when it comes to your pet.
Even better though would be to start saving for your new bundle of love and energy before you even bring them home! Put aside some money each month so that you have those first vet visits and vaccinations covered. Call your local vet and or shelter and ask how much a spay or neuter costs (sometimes when you s/n your pet at a shelter it pays for one of the shelter dogs as well) so that you aren’t shocked when the time comes.
Do You Have a Pet Savings Account? What sorts of things does your Pet Savings Account Cover?
It’s a great idea and this is a great post! I have a “Kayo Account” where money goes every paycheck for her food, flea and heartworm meds, insurance, treats, pack walks, plus a little extra goes there every month. It’s hers and her alone. I did have one time where Lucky’s eye got really swollen and she needed an emergency surgery that wasn’t covered by our preventative veterinary care and Kayo got a bacterial infection at the same time that required a lot of meds and treatment. I hadn’t saved enough and had to spend my rent money. But it all worked out in the end. I think a lot of people get dogs without understanding how much it’ll cost. They don’t realize their dogs will need insurance, training, walks/daycare, etc. I’m working with a friend of mine who’s really struggling with her two dogs right now. One was given to her as a gift and her heart is to keep the dog but she’s struggling with all the costs. I think we need more education up front about how costly having a dog can be. It’ll help people in the long run.
BoingyDog recently posted..Burned Puppy’s Misery Turns Into Mission
Interest rates are horrible right now. Savings accounts won’t even keep up with inflation. Tucking money away is a good thing but that money would be better off in other investments.
Really smart idea – we have a savings account and pet health insurance for Dex.
Carol Bryant recently posted..Things You Do Not Have in Your Dog First Aid Kit
I agree it’s a good idea for many people. It depends on the income of the household and how people budget. I do have pet insurance.
I also have made arrangements for BJ if I die before he does. I have someone who will take him and have left money for his care.
BJ Pup recently posted..Snapping
We have our health insurance and we share Mom’s savings account with her but it is a good idea! You never know what can happen and you have to be prepared.
emma recently posted..Cruisin’ and Love | GBGV | Monday Mischief
I don’t have a specific account, but I’m a pretty good saver. As a result, my regular savings account can cover my two guys adequately. I don’t do pet insurance as the monthly payment in my high cost of living area is way too much! Just saving the premium amount is a better idea.
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Sounds silly but I got a savings account (well it under mom’s name). Mom started it when I was 8 years old. Every month mom set a aside certain amount of $ for my vet bills/food expenses for the year and certain emergencies (as I don’t have pet insurance). Lots of Golden Thanks, Sugar
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I do not have a “pet savings account” but I do have enough fluent cash, and the Care Credit Card, to cover most emergencies until my pet insurance reimburses me (minus the deductible).
I agree that some sort of backup plan is a good idea. I used to think “if you can save enough to cover your vet bills then you can’t afford to have a pet”. Now I am not so strong in my convictions. In an ideal world everyone would have some money socked away for emergencies. However, some people can’t afford to put money away into savings every month. Should those people then not own pets? No, not necessarily. But it IS sad when you see people in desperate situations with their pets.
I guess if you can’t save, it’s even more important to create a support network before something bad happens…..because I am also leery to help or share if money is being solicited from people I have never heard from before.
Jessica@YouDidWhatWithYourWeiner recently posted..Where to Get What’s Inside My Hiking Backpack and Winner
If you can’t save chances are you cannot afford to take your dog to the vet on a regular basis. Yes there are cheap option but even $5 a paycheck put away for the animals for vaccinations, a yearly exam, flea tick and heart worm prevention you will barely be able to cover all those regular things let alone an emergency. $5 x 52 weeks is $260 is only $21 per month barely covering food let alone anything else.
My husband and I have a savings account for Taylor. We chose to do this instead of paying premiums towards insurance. Like you, we designated this savings account as for emergencies only. Thank you so much for this post because this is an idea that I hope all pet parents act upon!
Jessica recently posted..Procrastination: NOT in a Dog’s Vocabulary
This is a great idea. I honestly had never thought about anything like this because any sort of emergency would be covered by our credit card that we have just for that situation (had to take Gris to the Pet ER for an allergic reaction from shots last year). But it totally makes sense. People have savings accounts for their children, so why not fur kids? Having that peace of mind and planning for emergencies can at least remove some stress from the equation. Great post!
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