MIC S5:E9 Episode Summary Blog
According to Credit.com, the total average cost of owning a dog per year can range from $773 to $1,848. If you’re a cat person, the total annual cost tends to range from $788 to $1,693. As a responsible pet owner, it’s important to account for what you’ll need to spend before taking in a furry friend. On this episode, Crisitna and Randy gain helpful insight from Bethany Hsia, Doctor of Veterinary Medicine and the co-founder of CodaPet.
Cristina asks Question 1: “How do you start budgeting for taking care of your pet?”
Bethany responds: “It definitely is going to depend on what kind of pet we're talking about. The fish versus cat versus dog versus horse. It depends what we're talking about here as far as what you're going to need to budget. A lot of people find their furry family members at a shelter where they can get them at a lower cost, versus a purebred, fancy, high-cost pet, which would be a separate situation.”
Bethany follows up: “Once you have the pet in your home, you also need to consider what their needs are. Our fish are going to need a clean, tidy bowl and some fish flakes. If they're saltwater fish, it's going to take a little more involvement there. A cat, you’re going to need to have litter that you're replenishing as it gets used up. Obviously, food. Dogs are going to need a little bit more intensive things. If you're taking them out on walks, you need a safe leash or a harness. If you're going to be needing daycare, pet care, that kind of thing.”
Bethany follows up: “Health expenses are going to be ongoing. If you're adopting an older pet who already has been spayed or neutered, and they've already got their first rounds of shots, then they just need that kind of maintenance care or care in case of illness, versus puppies or kittens, which might need to have those routine surgeries for spay/neuter. Then they need to have their series of vaccines, which takes a couple of times to get them ramped up on their immune system.”
Randy asks Question 2: “Bethany, how much should an owner really expect to be spending each month for their routine pet care?”
Bethany responds: “That depends, again, on the pet. If you have a dog that has hair versus fur and you're going to need to get them taken care of so you avoid having matting and sores and that sort of thing. Then that's part of their routine pet care. Talking about cats, again, their litter. You're going to need to get fresh litter. You can't really recycle it very easily. Routine flea and tick medications or if you are going to be needing doggy day care, those would be finances that would come up on a monthly basis as well.”
Cristina asks Question 3: “How should someone budget for health care for a pet? Should they put money aside?”
Bethany responds: “Yeah, 100%. I would recommend putting money aside. Especially if you have a high-interest savings account or something like that. I think that's a great place to put money into. There are also different forms of pet insurance and that sort of thing."
Bethany follows up: “So, pet insurance is different from human insurance, where most companies will reimburse you after you've paid the full amount to the vet hospital. For a human, you go in and you provide your insurance card, and then the insurance company will settle up with the provider after the fact. If you decide that pet insurance is right for your family and for your pets, then you might have a monthly fee that you're paying into. Or, you could choose to put that monthly money into a savings account and have that at your discretion for needs later on like if there's emergency care or an illness or something like that that comes up.”
Randy asks Question 4: “What about the cost for caring for a puppy or kitten? And how do those costs differ from an adult pet?”
Bethany responds: “Again, spay and neuter would be something that is usually taken care of earlier in life. Not always, but more often than not, puppies and kittens around one year old, if not before, they're going to have that surgery. To do the vaccinations in the beginning, they need them every 3 to 4 weeks typically. That’s when they're going to have their boosters, and it's a series of vaccines as well.”
Bethany follows up: “So you're going to be needing to do those, but once they are established, then they can get their annual or even every three years, depending on which vaccines you're doing. Then the adult dogs and cats, it's more just the routine maintenance, if you will. Checking on their teeth and checking for health screening, maybe blood work to take a look at that sort of thing. But otherwise we're only looking at in case of need like if an emergency comes up or an illness, something like that.”
Cristina asks Question 5: “What are some hidden fees that we should be aware of?”
Bethany responds: “One thing to consider is where you're living. If you live in an apartment or something, there might be an extra deposit or a rental pet tax, that sort of thing. Getting them established with the city that you're living in, there's usually a pet tax and they want to see the rabies certificates. If we're talking about puppies and the damage that they may cause to your home, that would be incidentals.”
Randy asks Quick Question 1: “What's the best way to board or find care for your pet when you're traveling and what kind of costs come along with that?”
Bethany responds: “I would say the best way is if you have family or friends who can come stay with your pet. If you can find someone who can come and love on her there, that's the best place. There's obviously other opportunities: kennels, boarding facilities and something else to consider would be medical boarding. If you have, say, a diabetic pet, they might need to be boarded at a hospital. And some hospitals do offer both medical boarding for certain rates and then regular boarding if they've got the space for a healthy pet that needs the basics.”
Cristina asks Quick Question 2: “Are there any discounts or loyalty programs for regular supplies or services?”
Bethany responds: “It's going to depend on what you regularly use for your supplies and your services. There'll be different groomers who may have a loyalty program and different places where you can get toys or they might have different subscriptions, that sort of thing. As far as the veterinary care, that's going to be completely hospital-by-hospital basis.”
Randy asks Quick Question 3: “In terms of saving money on pet supplies – when you're trying to evaluate the quality of the supplies, how do you make those types of decisions without compromising quality?”
Bethany responds: “I would say looking at buying in bulk is going to be helpful, because then you're getting the same product that you've come to know and love. If you can keep an eye out for certain times of the year when maybe things are being highlighted. For example, February is dental pet care month, and a lot of veterinary hospitals will have a special for getting your pet's teeth evaluated and having their dental cleanings done at a certain time.”
In this episode, Cristina and Randy highlight an Addition Financial guide that can help listeners prepare for the unexpected, like unplanned vet visits: How to Start an Emergency Fund.