Your pet may play a big role when it comes to your financial and budget planning. Here are some items to keep in mind whether you’re a pet pro or thinking of adding one to your family.
BUDGET PLANNING
A pet can be expensive. While you may be planning on items such as food, toys, and regular check-ups, an unexpected pet related expense can throw a wrench into your budget. Looking into options such as pet insurance may help alleviate some of these costs.
For example, if you are living with a pet in a rental, any damage they cause may affect your security deposit, which would impact your budget. You can combat this by either selecting a pet that won’t cause damage or crate your animal when they’re left unsupervised.
For more information on the costs of pets, click HERE.
ESTATE PLANNING
When planning your estate, you should include a guardian for your pets. This will ensure that they end up in a home that can properly care for them and will be one less detail for your loved ones to think about. Make sure that this person is willing and able to care for your pet before naming them in any documents. Leave detailed instructions on how to care for your pet to make the transition as seamless as possible.
If you are able, it may also be helpful to leave some money for the purpose of caring for your pet to this person to help reduce any potential financial strain. To help make sure the money goes where it needs to go, you may be interested in creating a pet trust. This will ensure that the person caring for your pet has want they need and can also be used to designate a plan for the money after the pet passes.
