The APPA or the American Pet Products Association, in the month of August, 2010, asked 25,000 nationwide pet owners whether or not the present tough economic state affected their pet ownership in any possible way. The results clearly indicate the fact that America is a nation where people can stop at anything to keep their truthful companions hale, hearty and healthy. As per 75% pet owners, the current sluggish economic state hardly had any adverse impact on the decision of owning a pet. While there are so many pet owners who are desperately looking for ways to pay off debt, they didn’t let their pets suffer due to the extreme credit crunch that they’re personally going through.
90% of pet owners are of the opinion that they haven’t changed their expense pattern for the well-being of their pets, even in this climate. To the utmost surprise of the consumer spending analysts, 65% of the horse owners (horse being the most expensive pet to maintain) haven’t changed their spending behavior in this tough financial state. Households with income level under $25,000 report high pet ownership levels despite the feeble economic growth. All this information demonstrates the fact that the pet owners continue to curb their personal expenses in order to stop depriving their four-legged friends of any luxury.
Don’t let your pets put you into debt – Some money saving tips
If you’re smitten by your pet at the very first sight, be prepared for the commitment that will last for the lifetime of the animal. Before choosing your pet, you need to do a bit of homework so as to live up to the financial needs and expectations of the new member of your family without falling behind on your own monthly debt obligations. Here are some money saving tips.
Do your research: Before you take the ultimate decision of adopting a pet, make sure you determine and comprehend the continuing costs in terms of money and time. The first year expense that you may expect on your pet is around $450 to $2000, according to the American Society for the Prevention of Cruelty to Animals. Make a list of all the debt obligations that you have to pay and check whether or not you can bear all the expenses. There’s no point continuing with a pet and being a bankrupt on the other hand.
Pet-proof your house: Just as you need to take some precautionary measures before bringing a baby to your house, you need to do the same with your pet. Remove the toxic plants, electric cords, clothing and other harmful small objects.
Save money on vet medicines: It has been noted that vet medicine costs are spiraling out of control when compared to human medicines. Did you know that you could save your dollars if you could replace it with human medicines? Take human medicines to the doctor and let him prescribe the dose for your pet. You can use aspirin with regards to arthritis for dogs but remember that drugs containing acetaminophen are fatal for dogs and cats. Glucosamine, Canine NSAID drugs like Previcox may be a good choice for arthritis.
Get pet insurance: Yes, this is the ultimate solution to your financial worries with upbringing a pet. Get pet insurance with enough coverage so that you can let the insurer pay during a financial emergency.
Can you include a pet budget within a Debt Management Program?
If you’re a credit card debtor as well as a pet owner, your creditors and the credit counselor will certainly understand that you need a reasonable budget to keep your pets healthy every month. According to an analysis, pet budget amounting to $30 a month can be included in a DMP. However, since you have to pay the entire amount that you owe on your cards through a DMP, your creditors will certainly be flexible and even allow an increase in the pet living expenses. Make sure you don’t include a huge amount in your pet budget as this may make you fall back on the monthly payment that you need to make towards the DMP. Justify your payments by crafting a reasonable budget so as to make it acceptable by the creditor.
Don’t get smitten by the innocent look of your pet saying “Take me home”. First, determine your personal financial needs. If you’re already on the edge of the cliff looking for ways to pay off debt through a debt management program, it would be wiser to give up the pet so that you can effortlessly continue making your debt payments on time. However, if you still wish to stay on with them, take the precautionary steps mentioned above so as to save your dollars.
