06-09-2014 11:07 AM
That cute little puppy can grasp at your heartstrings and before you know it -- or taken time to evaluate the financial implications -- you’ve added a new family member. According to the American Society for the Prevention of Cruelty to Animals, a new dog could add roughly $1,300 to $1,800 to your household expenses in the first year. With their eyes on your wallet, CERTIFIED FINANCIAL PLANNER ™ professionals with USAA, Scott & JJ, encourage you to understand all the costs of ownership before expanding your family:
Concerned about expenditures for your pet’s health? Check out USAA’s latest offering: Pet insurance.
Grocery store: You won’t be able to roll past the pet aisle anymore. In fact, you’ll be a regular visitor. You’ll need food, treats, toys and don’t forget leashes, crates and grooming supplies. It adds up quick.
Home maintenance: Even under the best of circumstances a new pet could add a new dimension to your trips to the local home improvement store. Fencing, carpet cleaning, and lawn maintenance are all part of the deal.
Medical expenses: Just like humans, pets need regular checkups. Expect to lay out big bucks for vaccinations, wellness exams, heartworm medicine, flea and tick treatments, and the like. You may treat them like kids, but you can’t cover them on your family health plan.
Vacations: The price of time away from home just skyrocketed. In addition to plane tickets, hotels, or gas money, you may need a pet sitter or kennel which can add hundreds to your getaway.
Views and opinions expressed by members are for informational purposes only and should not be deemed as an endorsement by USAA.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
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