If you’re thinking about adding a pet to your family (and believe me, they do become part of the family) what are the financial considerations?
Before becoming a Financial Adviser, Catriona held senior roles with several charities, including The Dogs’ Trust. She’s the proud owner of Tommy, an eight-year-old French Bulldog she rescued six years ago and one day Cat hopes to open an animal shelter.
The Dog’s Trust slogan ‘A dog is for life, not just for Christmas’ applies to all our furry (and not so furry) friends. Getting a pet, no matter its size or type, is a major commitment of your time and money. If you’re thinking about adding a pet to your family (and believe me, they do become part of the family) what are the financial considerations?
The initial outlay of some animals can be huge. Pedigree cats and dogs can easily run into the hundreds - if not thousands. And if we’re talking about horses, well who knows how many zeros you may need to consider? Of course, a rescue animal is far cheaper (and arguably more ethical) but it’s all down to personal preference at this point.
Once you have bought or adopted your new family member there are everyday costs to consider such as food, insurance, walkers, sitters or kennels, trainers, behaviourists (yes that’s a thing), livery costs (for ponies and horses), and vets bills (both expected and unexpected) which can be astronomical if you don’t have pet insurance.
As with all insurances, you need to consider both the actual monthly premium and the excess policy. Certain breeds - in particular, those that have been bred for aesthetics and are prone to many health conditions - often face much larger premiums and excesses than more robust breeds.
Even if you do have pet insurance, there are a number of veterinary costs that are not covered. These include vaccinations, neutering, worming and some ailments and diseases. Whether you choose to insure of not, it’s wise to work up a budget of known expenses (including regular treatments that aren’t covered by insurance), with a bit extra to protect you from any hefty, unexpected vet’s bills.
Hopefully, you’ll have many years of happiness with your beloved pet but at some point, cremation and possible memorial costs also need to be budgeted for.
Whilst we’re on that cheery note, what happens to your pet if you pass away before they do? You might well be planning on leaving your treasured pet to a trusted someone. But what if you haven’t let that person know yet? Or worse, what if they can’t afford to keep them? Making sure you have a will with clear instruction will certainly help in this instance: it may well be possible to make provisions in your will to provide an allowance for looking after your pet.
Alternatively, The RSPCA (and many other charities) offer a free service known as ‘Home for Life’ where they will take care of your pet until they are able to rehome them. The RSPCA provides suggested wording for inclusion in your will. This makes sure that, when the time comes, your Executor will be fully aware of your wishes and any arrangements about your pet will be recognised by the RSPCA. Whilst this service is completely free, they do hope that you’ll include a monetary gift to them in your will. Visit their site for more information.
The financial burden of owning a pet sounds a bit scary when laid out like this – but my intention isn’t to put you off! Most pet owners – myself included - would say that it’s worth every penny and that the joy their pet brings far outweigh the costs. They are most definitely a part of the family and, like any other family member, they should be provided for, during your life and after.
By Catriona Bryden DipFA
Disclaimer
Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.
Ginkgo Financial Ltd does not offer Pet Insurance.
