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The dog days are just beginning

The dog days are just beginning

The biggest news around here is that we decided to get a puppy! He is a whoodle named Bowmore, born in November 2018.

My husband and I are both dog people and we’ve been waiting a long time to finally get a pet. Based on our expenses, savings and current lifestyle, we decided to go for it.

Things to consider

Before getting a pet, we thought about our current financial position, lifestyle and willingness to adapt to change. We don’t have consumer debt, we have multiple income streams and we can both bring the dog to work. Although timing is never perfect, we felt it’s as good a time as any to dive in!

Should we rescue?

If you are comfortable rescuing a dog that needs a home, it’s absolutely worth it! I know many people who have had amazing experiences adopting a dog from a rescue organization.

We ended up purchasing our puppy from a reputable breeder - the main reason being there were many barriers to working with the rescue organizations in our area. In the end I feel good about our decision to purchase Bowmore, and I’m sure we’ll revisit rescuing in the future.

Having a dog is expensive!

Any way you slice it having a dog is very expensive! Our decision to get a dog was a question between relentlessly increasing our savings and creating a big, joyful, love-filled life. Our furry friend presents even more incentive to grow our passive income and side hustles to make up for our investment in puppy-filled joy.

The pet budget

Overall, the dog is going to cost us $4240 this year, and around $2000 every year after that.

Here’s the estimated cost breakdown:

Monthly - $175/month

  • $75/month for pet insurance ($200 annual deductible and 80% coverage up to $15,000/year)

  • $60/month for food

  • $40/month for misc. expenses (toys, treats, poop bags, etc.)

Annual costs

  • $200 insurance deductible

One time costs - $2140

  • $1800 Initial purchase cost

  • $90 first vet visit

  • $100 travel crate

  • $150 vaccinations

Pet insurance

Dogs, especially when they’re puppies, will inevitably need a few trips to the vet! It doesn’t take long for one vet visit to cost more than $500.

We decided to purchase pet insurance for 2 reasons:

  1. It makes sense for our cash flow to output $75/month ($900/year) as opposed to lump sums (that could be in the thousands)

  2. Insurance protects our savings by not having to output lump sums

I don’t want to be in the position of deciding between my bank account and my pet’s life. And it’s realistic to consider that we’ll likely face a big vet bill in the next 12-15 years.

I researched a couple of pet insurance companies and many had bad reviews. After careful consideration, we went with Pets Plus Us because of the Costco discount. I also figured that if Costco stands behind Pets Plus Us, that lends some credibility!

What about you?

Do you have pets? Did you get insurance? Do you wish you did? Tell me in the comments below…

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