Life has a way of throwing out a curve ball every now and then! One way to be prepared for the unexpected is to maintain a savings account. There are many different reasons to use your savings account; vacation, wedding expenses, or car repair. As for me, I have a savings account established for my Furry Family Members! I came across a situation with one of my pets recently, and it made me realize how grateful I was to have that savings account.
I’ve adopted and rescued my fair share of 4 legged family members. Recently, one of my cats (Possum), a loving, playful and entertaining creature came down with the flu; he needed immediate medical attention. Needless to say, it was definitely an unexpected expense! When the veterinarian gave me an estimate for Possum’s treatment, I was floored….. it was $ 1,100.00! I was able to speak with my vet about what was really required to save my fur baby and I was able to bring the cost down a bit to $800.00. Still, that’s no small change!
Possum has had several medical issues after the flu scare, and I’ve learned from the first unexpected expense that I needed an option in case another illness came up. I spoke to my veterinarian about pet insurance after Possum recovered from the flu. It seemed like a great option, especially if you own a breed that is more susceptible to health issues. However, most pet insurance policies require you to pay a higher premium. Instead, I decided to use funds from my savings account with ECU Credit Union. Plus, you can add money into this savings account automatically out of your payroll, instead of paying for a costly option like pet insurance. A savings account allows you to set aside money so you can prepare for unexpected expenses and I was sure glad to have done this!
I already cut my pet ownership costs by purchasing food and /or medications online, grooming at home, staying current on shots, and preparing DIY treats and DIY toys. By cutting these day to day costs and putting the extra cash into my savings, I was knowingly prepping for any unexpected emergency.
When determining how much you’d feel comfortable saving in a pet emergency fund, consider the type of animal you have. You probably won’t need to save as much if you have a pet guinea pig versus a large breed dog, of course.
Recommended Pet Emergency Fund amounts according to www.Kiplinger.com below By Amanda Lilly, online Community Editor are:
- Dog ranges from $ 2,000.00 to $ 4,000.00
- Cat ranges from $ 2,000.00 to $ 3,000.00
- Rabbit - $ 1,000.00
- Hamster - $ 500.00
- Turtle- $ 500.00
- Bird- $ 500.00
- Fish - $ 250.00
The key is to consistently save for all unexpected emergencies.
By: Lesley Leago
