Setting Up a Fund for Pet Expenses

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I have talked before about how I decided that a pet fund was better for me than pet insurance but  every person is different.  If however, you are like me and you want to set money aside every month for the care of your pets, this post is for you!

Before you get started, make sure you read this post on how to get on a budget.  You want all of that in order first and then you can move forward.  If you have a budget, then let's get started! 

 

First, decide how much your pets cost you. 

This is the most important part because this is how you figure out what to save.  You want to do this by looking over receipts for supplies and vet care and knowing an estimate of the cost for your vet appointments.   

 

You need to get a piece of paper for this part, too.  Write down the following categories:

• Supplies (food, cage, accessories, treats)
• Annual Vet Check up and Vaccines
• Extra care (training, daycare, etc.) 
• Emergency
  

Next to each one you will need to write an amount. This amount will be how much it costs in a year for each of those things.  You take the total of what 12 months of those expenses would be and divide it by 12 months.   Now, for things like shots, most of the time rabies shots are given not every year but every couple of years.  I still keep an extra shot amount of money in my account for each dog for once a year, just because it can't hurt to have extra. I also set aside about $300 a year for an emergency vet visit.  But we will talk more about emergencies in a bit.

When you add everything up and you see what you spend per month, this is the magic number you need to save every month.  Obviously you may not be paying for some of these things each month, but you want to set the money aside each month so that when the time comes to pay for these things, you have it.  

Next, create a place to save that money. 

This can be an extra share in your bank account (I have one named PET FUND) or a cash envelope.  Whatever works for you is what you should do.  Some people I know even purchase a reloadable gift credit card and put the money on it.  You can get as creative as you need to. 

Figure out the amount that needs to come out of each paycheck.
If you get paid every week divide your monthly amount by 4 and if every 2 weeks, divide it by 2.  This is the amount you should aim to set aside. 

Add extra funds when you get them. 

So of course emergencies happen and you never know how costly they could be.  That's why when I get money as a gift, from a tax return, or from side income, I put it in this fund.  Over time, it can add up to a decent sized cushion that can be used for emergency appointments or care.  

 

And that is how I always have the money I need without having to go into debt or tap into my regular savings fund. 

 

Do you set money aside for your pets? 

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