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Pet savings accounts

08/02/2023

Pet-proof your finances with a dedicated savings account.

While pets bring an immeasurable amount of joy and love to our lives, it’s important to consider the ongoing costs that a new furry member of the family will bring.

From day-to-day food, treats and bedding; to flea and tick treatments, annual injections and unforeseen vet bills, it’s easy for costs to stack up.

As a guide, the first year alone of owning a dog or cat can cost between $3,000 - $6,000.

That’s why setting up a dedicated savings account can help you budget for the known, and sometimes unknown, expenses as much as possible.

Managing your furbaby’s finances

Annual expenses for your pet can be very different depending on the breed, pet type and age of your furry friend.

Their size will obviously dictate how much food they eat, the size of the bedding you need and cost of medications that typically increase with weight ranges.

Health issues with certain breeds can also develop as they age, so do your research early before picking a pet to save you in the long run and ensure that you can provide your animal companion with the best possible care throughout its life.

Pawfect saving solutions

A bank account for dogs or cats is an essential step towards budgeting and saving for any expenses your furry friend incurs.

Sit down and do an annual pet budget to get a realistic picture of what your pet costs you each year, factoring in things like:

  • Pet food
  • Microchipping, vaccinations, de-sexing, dental care
  • Flea, tick and worming medications
  • Bedding, toys, leads, collars, bowls
  • Grooming or training if required
  • Pet insurance
  • Council registration of your pet (if required)
  • Boarding kennels or catteries
  • Unexpected accidents or trips to the vet

Then, you can average out how much you need to put aside each month in your pet bank account so the money’s there when you need it.

7 ways to cut costs as pet owner

There are clever ways you can cut costs as a pet owner:

  1. Adopt, don’t shop. It might be tempting to buy a pure-bred puppy, but you can save serious dollars, not to mention a life, by adopting from a reputable shelter.
  2. Buy in bulk. You’ll save lots – whether that’s on dog biscuits, waste bags, or even worm or flea/tick treatments. Snap up pet essentials in bulk whenever they’re on sale.
  3. Look into specialised pet food services. It’s like a subscription service for pet food and supplies. You can automate your deliveries and potentially cash-in on savings for buying online, plus it’s one less thing to remember.
  4. Make toys instead of buying them. A cardboard box with some holes and treats inside can provide lots of stimulation for your pooch.
  5. Buy pre-loved pet gear. Need a dog bed, cat carrier, budgie travel cage or hutch? Try online communities instead of buying new.
  6. Get pet insurance. A stay at the vet can end up costing thousands – pet insurance can soften the blow. Research different policies to get the best deal.
  7. Schedule in an annual check-up. Your vet may be able to pick up any underlying health issues early so you can treat them and save costs down the track.

Opening a pet bank account

Keeping your pet savings separate from your own is a great idea and it can help you manage expenses throughout the year.

Look for options with a high interest rate, one that’s free from fees and flexible in case you need to quickly draw on some funds.

This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication. We do not recommend any third party products or services and we are not liable in relation to them. Any links to third party websites are for your information only and we do not endorse their content.

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