Pet lovers know owning an animal means accounting for extra costs: food, bedding and, of course, toys and treats. But for Justin, an Ally Bank customer and cat owner, making room for his pets meant keeping enough money on hand for day-to-day expenses and any surprises. Justin shares how financial preparation and help from Ally Bank’s tools allowed him to maintain financial peace of mind through his toughest moments as a pet parent.
Preparing for pet parenting
Justin brings a money-conscious approach to all areas of his life, including his pet budget. As a retail beverage manager in Arizona, he views money as a tool to deploy across different needs. One such expense was the arrival of two stray cats, both by chance encounters. But Zedd and Nikko quickly became highlights of Justin’s life — and his finances.
Whether you’re carefully planning for getting a pet in the near-term or want to be ready for any surprises with your current pet, Justin suggests building up your emergency fund and setting it aside via a savings bucket through Ally Bank’s Savings Account. Consider your pet’s emergency needs as you build your own fund — after all, their needs are your responsibility.
“It could be $100 a paycheck, but put something into an emergency fund,” Justin advises. “It exists for if you hurt yourself or blow a tire, but also for unexpected trips to the vet.”
Build essential spending for your pet, such as vet visits and vaccines, and non-essentials, like toys, into your overall budget. Justin emphasizes the importance of preparing for the long haul, since expenses can increase as a pet ages. And if you’re getting a pet with a partner, be sure to clearly outline who is responsible for any related charges.
Consider your pet’s emergency needs as you build your own fund — after all, their needs are your responsibility.
4 ways to save on pet expenses (and make room for emergency savings)
If you’re looking for ways to boost your pet-focused savings, Justin shares his insights to help.
1. Shop around
Check prices at your local pet stores and online. Convenience may cost you a little extra, so think about how much you’re willing to go out of your way to spend less on the essentials, such as your pet’s specific food preferences.
Once you have your pet’s needs nailed down, you can adjust your budget to those recurring costs — for example, Justin knew it was $68 a month for food and litter for both cats, so he built that into his monthly spending. These expenses are predictable and not optional, which makes them perfect for the built-in features of an Ally Bank Spending Account. Create a spending bucket to help you set aside the right amount for recurring costs.
2. Avoid splurges
Buying expensive toys, pet furniture or accessories is fun but can add up very quickly. “Often, Zedd and Nikko’s favorite toy was a cardboard box,” says Justin. Your attention and love matter more than spending on fancy items.
3. Consider pet insurance
Researching pet insurance choices is a good step to take, especially if you have a purebred pet that’s more prone to specific disease.
4. Prepare for the unexpected
Every pet owner probably has experienced at least a few surprises, from destroyed furniture to chewed-up shoes to emergency vet visits. Ensuring you’re emotionally and financially set up to handle these scenarios can make them less stressful in the moment.
Expect the end-of-life expenses
No pet owner wants to think about the loss of their beloved animal, but being prepared financially gives you one less thing to worry about and leaves you with more time and energy to get through those difficult moments. When Justin’s cat Zedd was around 10 years old, he began experiencing unexpected neurological symptoms. Zedd’s condition rapidly worsened and Justin had to visit the closest 24-hour vet. Medical testing and end-of-life care cost him $1,500 — which he had on hand, thanks to his emergency fund.
“Being emotionally compromised, I was also spending more money to make myself feel better,” Justin said. “It’s okay to be sad and frustrated, but try to plan and prepare for those emotions ahead of time.” Having an emergency fund set aside can not only help manage immediate expenses, but also give you financial grace through a period of grief.
Ready, set, pet?
Animal companionship is a priceless addition to many people’s lives, but it does come with costs. Being aware of these expenses ahead of time and doing what you can to prepare will help set you up for success as a new (or existing) pet owner.
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