Create A Pet Emergency Fund To Avoid Surprisingly Large Vet Bills

We love our pets and when their health is in dire straights we can spend a lot of money on surgery, expensive medications, or other veterinary expenses. So why not create a pet emergency fund?

Image: Todd Huffman

Personal finance weblog Free Money Finance argues that you should not use your existing emergency fund for pet health costs as it leaves you exposed to any other calamity that hits while you're rebuilding from vet bills that can range from hundreds to thousands of dollars. The source link below goes into detailed case studies where a few unlucky folk managed to go bankrupt caring for ailing pets.

Their advice is that before adopting any new pets you need to have your personal emergency fund in place as well as a pet-related emergency fund.

Of course, not everyone can throw down the suggested $US2000 pet emergency fund in the source link but it would be prudent to set aside a savings account for your pet expenses.

Getting a Pet and Your Emergency Fund [Free Money Finance]


Comments

    …. or buy pet insurance….

      Not always possible.

    I have a diabetic cat, so my vet if very helpful to me, but if you use a non-franchised vet (local, one business), and slap a couple of hundred on the desk, they would be more likely to allow you to pay it off, especially if you tell them you can pay it off weekly.

    Been using an account that I put twenty bucks amonth into for years. I pay the rego and insurance and vet bills with it, very handy.

    that pup looks very impressed with the CONE OF SHAME heh.

    I need to start doing this- chucking 20$ a month to savings! I can do that.

    Everyone should just save money full stop, not just for vet bills.

    People don't realize that if you put $20 away a week it might not seem like much but at the end of the year you will have just over $1000 ($40/week = $2080). If you look at it this way, the $20 a week can pay for a small holiday, a very nice treat, or even pay for Christmas pressies.

    If you pay for things with cash, it also makes you double think your purchases, so you don't just randomly buy crap on credit card and think (I'll pay for it when the balance comes through at the end of the month).

    Um... that doesn't "avoid surprisingly large vet bills". It merely means you will have enough money to pay surprisingly large vet bills. What's next, Lifehacker? Get free flights by saving enough money to pay for flights?

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