Contributed by: Kelsey Arvai, MBA
**Register for our upcoming volunteer event at The Ferndale Cat Café HERE!
Did you know that May is National Pet Month? This month celebrates the joy that pets bring into our lives. In honor of our pets, The Center will spend the month of May promoting the benefits of pet ownership and supporting local non-profits who offer shelter and pet adoption services.
There are many health benefits of owning a pet. According to the Center for Disease Control (CDC), pets can help manage loneliness and depression through companionship and decrease blood pressure, cholesterol levels, and triglyceride levels through regular walking and playing. If you have a pet already, you probably have already experienced some of these benefits. However, if you are in the market to adopt a new pet, it is crucial to do your research prior and consider the following question: Do I have the capacity in my life to give this pet the proper home it deserves? To name a few factors to consider before increasing your family in size, think about how much exercise the pet will need, the type of food it eats, the habitat it will need to thrive, the pet’s size, cost, and life expectancy.
There are also some financial planning aspects to consider, such as pet insurance and estate planning for your pets. Pet insurance can help cover the cost of medical care for your animals. Typical policies can cost around $50 per month for dogs and $28 per month for cats. Premiums will vary depending on your pet’s age, breed, cost of services where you live, and the policy you choose. Pet insurance is not suitable for everyone, but it is important to obtain it before your pet has an expensive diagnosis and you are potentially looking at $5,000 or more in medical bills.
Planning for your animals can be a challenge that is often overlooked. It is estimated that more than 500,000 loved pets are euthanized annually because their pet parent passed away or became disabled. It is possible to craft a plan to protect your pets using your will or by establishing a trust. When planning for your pet, it is important to first determine if your pet has a unique circumstance (i.e., health issue) and who you would like your pet caregiver to be if you can no longer take care of it.
Once you have confirmed that your choice is willing, you will want to determine a few things. This can include where you want your pet to live, what financial resources you will provide to ensure your pet is adequately cared for, and who you want to be responsible for administering your assets left behind to care for your pet. Using these elements to create a plan will ensure your pets are properly cared for when you cannot do so yourself.
Each week, The Center will be hosting trivia on our Facebook to spotlight local non-profits dedicated to finding loving, forever homes for animals. Be sure to follow us for a chance to win a $50 gift card for your pet!
Kelsey Arvai, MBA is an Associate Financial Planner at Center for Financial Planning, Inc.® She facilitates back office functions for clients.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Kelsey Arvai, MBA and not necessarily those of Raymond James.