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How to Be Well Prepared for Unexpected Pet Costs

Unexpected Pet Costs Your pet is undoubtedly one of your best friends, and you want to ensure they'll always have the best care possible. Unfortunately, pet care costs can add up quickly, even when it's just for food, toys, and check-ups. Adding in the consideration for what you'll do if something unexpected happens can make anyone feel overwhelmed, but it doesn't have to be that way.

Here are a few tips for how you can be financially prepared for your pet in the event of an emergency.

1. Have a plan for how you will afford veterinary care

To be well prepared for unexpected pet costs, it is essential to have a plan in place. This plan should outline how you will afford veterinary care in an emergency. Some tips to follow include having a savings account specifically for veterinary bills, setting up a payment plan with your veterinarian, and being prepared to take out a loan if necessary. If you end up needing to use a loan to pay for care, then you'll also need a strategy for how you'll pay it off to get out of debt quickly. Bookmark this loan payoff calculator in the event you'll need it should your pet need more care than your budget can afford.

2. Have adequate insurance coverage for your pet

When you bring your new pet home, it's crucial to ensure you have sufficient insurance coverage in case of unexpected expenses. Pets can be expensive to care for, and accidents can happen, but paying for coverage ahead of time may end up being cheaper than having no coverage at all. If you have a pet or are planning on having one in the future, consider what kind of pet insurance is best for you and your family. Many policies offer coverage for illnesses and accidents and are typically less than $50 a month.

Unexpected Pet Costs 3. Have a pet emergency fund

A pet emergency fund can help you cover unexpected costs related to your pet, such as vet bills, lost or stolen pet items, daycare or overnight care, or essential training. You should create a fund that has enough money to cover at least several months of expenses and make sure you have access to it in case something comes up.

4. Keep an updated list of your pet's medical expenses

Having a running tally of your pet's medical bills will help you estimate how much money you'll need for regular expenses so that you can budget for them and won't ever need to dip into the emergency fund for regular check-ups or routine pet bills.

5. Have the contact info for your veterinarian handy

Keep the contact information of your pet's vet and the emergency veterinarian hospital handy. Not only will this ensure you have easy access to the address and phone number of your vet should something unexpected happen, but it will also prevent you from going somewhere that's more expensive than what you're used to paying.

The bottom line
Pets are fantastic family members who contribute many positive things to our lives, but it's no secret that having a pet is expensive. To make sure you're prepared for unexpected pet costs, follow these five simple tips, and you'll never have to worry about being in a situation where you can't afford the best care for your furry family member.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 4th April 2022.

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