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What is the Realistic Cost of Adopting a Pet?

What is the Realistic Cost of Adopting a Pet?

When you see a cute little puppy or tiny kitten, it’s so easy to get swayed into becoming a pet owner. After all, what’s not to love? Pets are loyal, are sweet, and can give you great company. Of course, people who have their own pets will be the first to tell you that owning one is a very big decision. Pet ownership has great perks but it is a big step, and you have to be emotionally and financially ready for it.

When I rescued my dog, Julep, I was so excited. I had wanted my own dog for as long as I could remember and couldn’t wait to get one. I looked for a rescue dog for a long time, and as soon as I saw her, I knew she would be mine. She was the tiniest puppy in her litter and was neglected. I found her in what was obviously a puppy mill and was determined to save her.

As a recent college graduate, I had no clue what a dog would cost (it’s amazing how much I’ve learned in 4 years of reading and writing about personal finance!). As I mentioned, she was pretty sick, so it cost me a few hundred dollars in vet bills to get her back in good health. In addition, there was the cost of vaccinations and spaying.

Now, I’m happy to report that she’s a very, very healthy girl. She went from being the runt of her litter to an absolutely spoiled princess dog. If you are thinking about getting a new pet, below are several factors to consider before becoming a pet owner. These considerations are each important, but are also marginal when compared to the joy of owning a pet.

Pet Accessories:

Treats ($2.00-$25.00)

Standard Treats: $2.00

Intermediate Treats: $10.00

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Luxurious Treats:$25.00

Treats are a necessary part of having a pet. They are great when you are training your new friend and are perfect when you want to give them a little sweet reward. There are many different kinds of treats that you can get, so try a few at first to see which one your pet prefers.

Beds ($17.00-$83.00)

Standard Pet Bed: $17.00

Intermediate Pet Bed: $56.00

Luxurious Pet Bed: $83.00

Most animals will need a cozy place to sleep that’s all their own. Dogs probably want their own dog beds, and cats would probably appreciate a nice pillow!

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Bowls for Food & Water ($7.00-$53.00)

Standard Bowl: $7.00

Intermediate Bowl: $32.00

Luxurious Bowl: $53.00

You’d be surprised at how much pet bowls cost, especially if they are raised off the floor or are electronic machines.

Vacuums ($48.00-$480.00)

Standard Vacuum: $48.00

Intermediate Vacuum: $160.00

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Luxurious Vacuum: $480.00

If there’s one thing most pet owners can agree on, it’s that pets definitely shed (even if they are short haired!). It’s very possible that you will have to purchase both a good vacuum cleaner and pet brushes to keep the shedding at bay.

Pet Health & Care:

Above, we discussed all of the different accessories and add-ons that you can purchase for your pet. Below are the costs that will vary by region. For example, your sister might watch your pet for free, while a kennel might charge you $300 for the weekend. Be sure to check with your veterinarian on costs like emergency appointments, microchips, spaying or neutering, and monthly heart worm medications as these will all fluctuate depending on where you live. However, ballpark estimates are included below.

Pet Sitters/Pet Walkers ($30.00-$300.00)

It’s imperative to find someone who will take good care of your pet while you are at work or on vacation.

Microchip ($25.00-$75.00)

These days, you can pay to have a small microchip implanted in your pet so that you can always find them if they get lost. Be sure to talk to your vet about this as there are certain medical risks involved.

Emergencies ($200.00-$2,000.00)

While I hope it never happens, you have to be prepared for a pet emergency. For example, if your pet accidentally swallows something and needs emergency surgery, it’s important that you have the funds to pay for it.

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Monthly Heartworm & Flea Medication ($20.00-$50.00)

To keep your pet healthy, it’s smart to invest in monthly heartworm and flea treatments.

Overall:

Overall, the average cost of owning a pet including their introductory vaccinations, food, accessories, long term medical care, and emergencies will be anywhere between $1,000 – $6,000 over the course of your pet’s lifetime. The cost of owning some pets might be lower than that, while the cost for others might be much higher, especially if the pet becomes ill towards the end of its life.

However, when you spread out this cost over a period of 8-15 years, it’s actually quite minimal. My dog, for example, has only been sick once in four years, and her yearly vet checkups and food are very affordable. Plus, I truly could not imagine my life without my dog. She’s been with me through several ups and downs and has moved with me literally all over the world. I wouldn’t trade her for anything and know she’s worth every penny I’ve ever spent on her.

How much do you usually spend on your pet per year? Do you have a favorite product or toy that your pet loves?

 

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Catherine Alford

Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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