The Hidden Costs of Pet Ownership with Bromwich and Smith
VANCOUVER – During the pandemic, shelters have seen an increase in pet adoptions.
Many were looking for additional companionship, and pets have proven to provide their owners with a mental health boost.
However, there are many costs associated with owning a pet.
According to an annual spending survey, the average household in Canada spent $ 756 on pet-related expenses in 2019.
The costs associated with pet food, travel accessories, toys, cleaning supplies and veterinary care can easily add up.
Taz Rajan of Bromwich and Smith says it’s important to get a feel for fixed and variable pet expenses and to make sure space has been made in the monthly budget.
Having a plan in place can avoid going into debt because of a pet.
To alleviate the expenses related to pets, Rajan explained that there are many pet insurance companies.
Research needs to be done to assess if this is the best option or if it is setting up a separate savings vehicle for unforeseen costs that arise.
It is important to have an emergency fund for pets if an unscheduled vet visit is required.
Even with the best prepared plans, sometimes pet debt accumulates.
Just as pets can help with mental health, financial stress can take its toll.
Rajan recommends that those overwhelmed with debt seek help.
Bromwich and Smith is a Licensed Insolvency Trustee who offers free consultations.
They can discuss personalized solutions that can help light the path to a better financial future.
For more information, watch the full video from CTV Vancouver.