Barking Up the Budget Tree: How to Budget for Pets

Jessica Quindlen: [00:00:00] Welcome back to the Sound Cents Podcast. I'm Jessica Quindlen. Today we're discussing finances and pets. I have two wonderful colleagues and pet owners with me today. Bree Shellito, our senior manager of Community Impact. Hello Bree.

Bree Shellito: Hey, Jess.

Jessica Quindlen: And Emma Protsik, our Financial Coaching Supervisor.

Emma Protsik: Hello.

Jessica Quindlen: Hello. I will fully admit I am not a pet owner. I am a parent exclusively at the moment. But I wanted to bring you two on. Let's first just dive in. Bree, tell me about your pets.

Bree Shellito: Oh, I have two amazing dogs. They're two little Shiba Inus, Kira and Dash, and I just adore them.

Jessica Quindlen: How long have you had them?

Bree Shellito: Kira is going to be soon to be 11 and Dash just turned 10 not that long ago. So their whole, almost their whole lives.

Jessica Quindlen: Cute. And did you get them both like close together?

Bree Shellito: Oh, not super close. We got Kira first. She was our little Craigslist pup and then Dash not that long after.

Jessica Quindlen: Cute. I love this. And Emma, tell me about yours.

Emma Protsik: Yeah. I have two dogs. I have a Border Collie mix named Porter and a Pitbull mix named Mallie.

And our newest addition to the family is actually a cat. [00:01:00] His name's MoMo. I've never owned a cat before, so it's been a big learning experience for everyone.

Bree Shellito: A new adventure.

Jessica Quindlen: Yeah. Is it going well?

Emma Protsik: It's going well. The dogs are very interested with MoMo.

Jessica Quindlen: Is MoMo a kitten or like fully grown?

Emma Protsik: He is a kitten, yes.

Jessica Quindlen: He's a kitten. Cute. Very, very cute. And how long have you had the dogs? I know MoMo's new.

Emma Protsik: Oh, gosh. Porter, at least five years now. We got him when he was about a year old. And Mallie, coming up on two.

Jessica Quindlen: Oh, cute. I love that. All right. So, let's dive right in. Bree talk to me about the cost of pet ownership.

Bree Shellito: You know, Jess, it's a lot more than folks think, and it's really something to consider before you bring a pet into the household. Because overall, I did some research before this, it's around $40,000 on average, for a 15-year lifespan. So, it's a lot of money, and we're talking about just tons of various expenses, everything from veterinary care, their food, grooming supplies.

There's lots of stuff that goes into it, and so just thinking in those terms. Especially the original [00:02:00] cost. We're talking adoption fees or whatever it may be. And then getting the supplies that they need, a bed, some toys, food. And especially just like with humans, it's a wide array, a spectrum, if you will, of just costs when it comes to food, to toys, to all the things. So, finding the places that you want to shop at, whatever that may be. And even finding some different work programs and things.

We'll talk more about that later. I found one study that I found interesting that USA Today did. They said that out of the thousand folks that they actually surveyed, 91% said that they had some form of stress around the financials with a pet.

Well, and I think it's just because so much more of it goes into than what you think. I mean, even training, there's a lot of cost associated. And I also think - this is just my personal opinion - but there's been a shift in what it means to own an animal. They're these companions, they're our family members.

And so just all that you have to put into it and just really get them the things that they need. [00:03:00] It's not inexpensive.

Jessica Quindlen: Yes. So, Emma, now that we've established it's a bit pricey and definitely can cause some stress, what are some tips for budgeting for our furry and non-furry friends? I know there's pet owners out there with their iguanas and turtles, et cetera. What are some budgeting tips?

Emma Protsik: Yeah, our pets are definitely a part of our budget we want to consider. And again, I think a lot of those costs might sneak up on us. So as far as tips go, tracking those expenses is going to be priority number one.

We’re probably pretty familiar with how much their food cost. Maybe they have certain medication. So, make sure you're figuring out what that monthly cost is for your budget. Also, this is a great time to figure out the impulse purchasing. I know I am not alone. Every time I see a cute dog toy, especially around the holidays when they're themed, I'm picking it up for them.

Bree Shellito: You are not alone, Emma. We do it. I just got them a "pup-kin" spice latte.

Emma Protsik: Oh, stop.

Jessica Quindlen: Oh my goodness. This is so adorable. Is that a toy? Is that a treat?

Bree Shellito: Probably all of the above. This particular one was an adorable little [00:04:00] fluffy toy shaped like a little latte.

Emma Protsik: I love it. My dogs will tear those toys apart super quick, so adds even more to the cost.

Jessica Quindlen: My childhood dog, if it had a squeaky in it, that was the toy. Let's get rid of the squeak.

Emma Protsik: Constant, especially when you're on meetings. That's when they like to squeak them the most.

Jessica Quindlen: It's just like children. I'm never more interesting than when I'm on Zoom. Like I can be working and she's fine. The second I'm like, "Hi, everyone. Welcome." She's like, "mommy, I need you now." I'm sure dogs are the same. They're like, “oh, you're busy. Let me squeak away.”

Emma Protsik: Yeah. But tracking those expenses if you're not exactly sure what that might look like, again, you can pull the past couple of months and get that overall look. This is the time where you're going to identify areas that you can cut costs on.

This is a good tip for any area of your budget as you're reviewing those expenses. You know, is the food that you're buying for your pet more affordable at another location? I was looking at those. And then a very, very important part too, when we're talking about budgeting for pets is that emergency fund for [00:05:00] the pet related expenses.

Oh yes. We learned this lesson the hard way the first time. You know, the emergency vet visit in the middle of the night is not an inexpensive trip to take.

Jessica Quindlen: I can imagine so.

Bree Shellito: And time consuming.

Emma Protsik: Oh my goodness. Hours. So being able to work into your budget, setting aside some money for when your furry friends have those emergencies come up is going to be extremely beneficial.

It saved us a couple times when we started getting that emergency savings established for them. But that can even include making sure that you're including veterinary costs in. You know, those are annual expenses we don't see too often. If you can put a little bit aside each month, you're not going to feel it as much when it's time for their checkups.

Jessica Quindlen: That's great. I love it. So going to checkups and healthcare for pets. Bree, can you talk about pet insurance?

Bree Shellito: Yeah, absolutely. As a personal choice, I do not have pet insurance for my animals. But just like with any other insurance, take a look at what the policy actually covers. They've got everything from nose to tail [00:06:00] policies that covers anything that might happen, to truly just accidents.

And there's a lot to consider, just like with any other insurance plan. What is the annual maximum? What is the deductible? Most of pet insurance plans are reimbursement plans. At what percentage do they reimburse? A lot of them are anywhere from 50%. I don't think I've seen one up to 100% as I've done my research, but a lot of them are 50%-90%, whatever it may be.

And it heavily factors on the age of the animal and of course, anything that they've experienced. The younger that you get them on pet insurance, the more affordable it will be. But just like with every other insurance plan, thinking in terms of the long term of how much it's going to cost, versus like what Emma was talking about with that emergency savings.

And just an instance with my pup. My older dog, Kira, she has battled glaucoma for the past four to five years. And what that meant for us was specialist visits. We had her first eye removed about four years ago, which was a journey, and we were lucky that she had several [00:07:00] more years. We just about two months ago had to have the second eye removed.

And it's been a journey, but it's a very painful situation, glaucoma. It's migraine-like headaches. And so having to go through that at those points, just like with a lot of human times, anything that's preexisting does not count under pet insurance. None of that would have been covered unless we had already had it.

You also need to look at which vets accept it, which all the things are. And in our case, it was not just the specialist visits, it was a lot of medication. She was on several drops. And so, some of those things add up and she's our baby, so we're going to do what we can for her. But I mean, everything from the surgeries, there's a lot of costs involved.

I have spoken with plenty of people who have pet insurance, and it has certainly saved them, but it's a personal decision, what you think is going to happen. Also, sometimes even breed specific. Lots of breeds will have specific things that come up with that breed.

For a Shiba Inu, they're not the highest at risk for glaucoma, but they certainly are high up on the list. And so, especially when you're considering even the [00:08:00] type of dog, what you might be experiencing later, but then just like with us, there's plenty of cancers and all kinds of things that you can experience. So just what is that going to do and are you going to be able to take that on as it comes up?

There's lots of different policies. They're great to look at online. You can play with just even the features of it, raising what your deductible might be, raising what your reimbursement to really get a good idea of what they cost. I would highly recommend using some of the online tools to compare that for your furry friends.

Emma Protsik: I don't have pet insurance either, but I've had some friends make the decision to get it when the animals are younger. When they're a little bit more rambunctious, get into maybe a little bit more stuff before they calm down a little bit with age. So it can be just a certain amount of time when you're looking into that.

Jessica Quindlen: That's great. Thank you. Emma, let's switch gears a little bit. Let's talk about do it yourself versus professional services. And outside of healthcare, of course, I don't think any of us would recommend doing it yourself with healthcare. But all the other parts of pet ownership, let's kind [00:09:00] of discuss those options.

Emma Protsik: Yeah. I am a big DIYer when it comes to all things with my pets. For example, grooming. That could be a big cost that you're faced with, so we always bathe our animals at home.

Bree Shellito: Especially since they just got skunked a couple of weeks ago.

Emma Protsik: We have a little bit of a skunk scent lingering on one of them, but I think we're good.

Jessica Quindlen: So what do you…isn't that like tomato sauce?

Emma Protsik: We tried. That did not work.

Jessica Quindlen: But what kind of worked?

Emma Protsik: Nothing. Nothing. Time.

Jessica Quindlen: Oh, no. Was it both of them?

Emma Protsik: Yes. Oh, right in the face. They're a duo. They ran up on the skunk together.

Jessica Quindlen: Good for them. Okay. So at home baths.

Emma Protsik: Yes. My animals, they don't need haircuts, but I have some friends that will give them a trim just in the home, even if it's just in between appointments to lessen that cost.

One thing I will say with grooming, a DIY I very much recommend is getting into brushing your animal's teeth as early as possible. It is [00:10:00] expensive to get them professionally cleaned.

Jessica Quindlen: Their teeth? They have a little dog toothpaste. Really?

Emma Protsik: It's like peanut butter flavored. They love it.

Jessica Quindlen: And like a toothbrush?

Bree Shellito: Yeah. Oh, they're different. They've got some different shapes. Most of the things have little finger attachments so you can get in there. But Emma's right. The earlier the better. With my dog's no way. And my dog's also no nail trimming. It's a pterodactyl-like scream that they reserve for things like that. So the earlier you get started with getting them used to those grooming techniques, save you a lot of money. The better off you are.

Jessica Quindlen: All right. Good to know.

Emma Protsik: Some other things that we've DIYed is the training side of it. It is expensive, especially for dogs, if you want to get them trained. There are tons of articles you can read, YouTube videos you can watch to do that yourself and save some money in that light.

Bree Shellito: Sometimes getting a professional involved though, especially if you've got a very rambunctious dog that can cause some real damage, is worth it. I mean, we've seen a lot of pet damage. One of mine - [00:11:00] they're small so we're lucky for that - but chewed every trim corner, rounded out all of them.

I mean, it just chewed up our bed sets and all of those things. So keeping in mind that sometimes spending the money and working with a professional can save some money in the long run. If you have a dog that's super rambunctious and is…I mean, I've seen eaten couches. Oh my gosh. All sorts of things.

So making sure that you're spending the time or at times, spending the money in order to save.

Jessica Quindlen: And I think it depends on your situation. Maybe one of the things you fit into your budget and the other you don't. Maybe you train professionally and you groom or vice versa. Of course it's always personal preference.

Bree Shellito: As with anything too, the research. Understanding the different dog breeds is huge, especially when we're talking about grooming. As Emma said, her dogs don't need trimmed. Mine don't either. But certain dogs do need that. Otherwise, their furs get matted. And I mean, whoever wants to venture into actually trimming them is great, but just understanding what the specific breed, and especially if [00:12:00] you're looking to adopt dogs, Typically mixed breeds, mutts, those are going to often be healthier and require sometimes a lot less maintenance, just depending on what you're looking at. So doing the research before you decide to bring that furry friend home is key.

Jessica Quindlen: I love that. Building on that, what are some ways outside of DIY that we can save on pet expenses?

Bree Shellito: Comparison shopping, for sure. There's a lot of great programs, especially with locally owned pet stores. They do a lot of times with specific dog food and even cat food, where you buy a certain number of bags, you get a bag free. So there's some, some really good programs, but just comparing what that costs across different places, not just for their items, but their care.

Jessica Quindlen: That's great. And I love always love supporting local as well.

Bree Shellito: If you're also adventurous and somebody who likes to cook, even making pet treats at home.

Emma Protsik: Yeah, we've started doing that. And one thing I really like, I didn't know if Bree started doing it too, like even the little lick mats for them. You can look up pet safe recipes. Their [00:13:00] ingredients, I will say it's pumpkin, yogurt. It's pretty dang affordable, and saves you a lot of money rather than buying those treats.

Bree Shellito: I wish we discovered those sooner. And what Emma's talking about, it's called a lick mat, but you can get them pretty inexpensive. They're a silicone mat that you can either put to a wall or to the floor. They stick, but you can put peanut butter, you can freeze it. It really is a great enrichment tool for your animal, but also it tires them out a lot.

I mean, it just keeps them busy. And so a lot of folks will use it while they're grooming or while they're doing something the pet doesn't particularly like, like nail trimming. But my dogs won't let that happen.

Jessica Quindlen: Do either of you make your own food? I have a friend who makes it's dog food as well.

Emma Protsik: We've started. We're dabbling into that. It has saved a lot of money. What we do is we still buy the kibble for our dogs and we supplement a little bit of it. We'll do yogurt, they like eggs or just veggies and fruit and it has saved us a ton of money. It really stretches out that kibble because that is honestly probably one of the most expensive reoccurring expenses you'll have with your pets.

Bree Shellito: What's hard [00:14:00] too is the research for food. I've tried to do so much research and so much of it is funded by pet food. So just with anything you're doing research, you need to look who's funding it. It's hard to tell. It's hard to tell what's in these certain things.

So ours are completely spoiled. They get eggs every day. Sometimes it's scrambled eggs. Sometimes it's a dog omelet. My partner is very great about making the eggs.

Jessica Quindlen: A dog omelet. Wait, you need to stop. A dog omelet? Please elaborate.

Bree Shellito: Yeah. No, he mixes it up for them, so they get different things.

Jessica Quindlen: Of course. He wouldn't want them to get sick of their food.

Bree Shellito: Exactly. I mean, can you imagine eating the same thing every day? I know they say it's fine, but yeah, so they get eggs every day.

Jessica Quindlen: But what's in this omelet though? I'm still stuck on that.

Bree Shellito: It's a good question. Sometimes it's just different vegetables. He also slips in just some like different meats, especially when we have leftovers.

But yeah, it's primarily just eggs, a little bit of cheese. There are certain things they can't have. So that's the other part of the research. It's interesting stuff like avocados, grapes, onions.

Jessica Quindlen: I've never heard of avocados.

Bree Shellito: Some of them are toxic, so knowing what you can feed your pets, especially if you're going to go the [00:15:00] homemade route is huge.

Jessica Quindlen: What are the other fancy things? So we have eggs every morning. Do we have a souffle for dinner?

Bree Shellito: They do not. We actually use one of those subscriptions. It's called the Farmer's Dog. That's the one that we use. We've looked across a couple and some of them do seem expensive initially, but as you're looking at it and pricing it out it has definitely been a saver for us. They send us this huge box full of freezer bags and then you thaw them out. It's a whole thing, but there are some different recipes and stuff in there and it's been a journey.

Jessica Quindlen: I love it. Any other tips for saving with pets?

Emma Protsik: If you are thinking about getting a pet, one thing you can definitely consider is the adoption route. There's nothing wrong with however you want to get your furry friend, but different rescue organizations, are typically more affordable to adopt those animals. So just something to keep in mind as you're doing that research.

Bree Shellito: Especially the initial care. Because the majority, if you adopt an animal, they will typically have their vaccinations, they'll be spayed or neutered. A lot of that will [00:16:00] be taken care of for you because that adds up very quickly. So just in terms of just saving a little friend.

Emma Protsik: Yeah, they're just ready to go.

Jessica Quindlen: I love that. And we'll certainly link some of those in our show notes. Anything else to add today, ladies?

Bree Shellito: No, thank you for having us.

Jessica Quindlen: Absolutely. Thanks for, for schooling me on my pet knowledge. No, thank you both very much for being here. Well, that brings us to the end of our show. Bree, Emma, once again, thank you for joining. It was lovely to have you both.

Bree Shellito: Thank you.

Jessica Quindlen: Thank you for listening to Sound Cents from Ent Credit Union. Be sure to follow our podcast as well as rate and review us. I'm Jessica Quindlen. I will see you next week. Same time, same place.