A house without a pet does not always feel like a home for some. However, when taking in a new animal companion, there must always be some financial planning and budgeting. Depending on your income and monthly expenses, adopting a pet may bring in additional fees that you might have to adjust to. Budgeting your finances is essential when you have a new family member to provide for.
Like humans, pets require food, bedding, and medical care. On average, Americans spend at least $500 a year on their pets’ needs. To ensure a long and happy life for your new companion, you must be financially prepared to provide for their daily needs. A thorough planning ensures that you can support a new family member in your home. Here are some tips on how to make a financial plan for pets:
Be Familiar With the Adoption Costs
The adoption process for dogs and cats often varies but is rarely free. Certain animal shelters may require you to pay for the spaying and neutering of your chosen pet. Additionally, there may be vaccination fees that you must settle before you can take your new companion home. It pays to talk to your chosen shelter first and determine the total expenses before getting a new pet.
Make a List of All the Pet Supplies You Need
Depending on what kind of pet you are preparing for, you must list all the supplies they will need while living in your home. Specialized food, bedding, treats, and toys tend to be costly items that require regular maintenance. Before welcoming your new animal companion, you may opt to do your research on how much certain food brands and pet supplies will cost you per month.
Consider Your Day-to-Day Expenses
Specialized food is something you might have to purchase regularly for any pet. In the case of cats, however, you will also have to spend on cat litter frequently. Before you take in a new animal companion, you must consider how you can afford their day-to-day expenses. Prior research and budgeting are helpful to ensure that you will not overspend.
Plan for Veterinary Care
If your pet has never been checked by a veterinarian or has never received any vaccination, getting an initial evaluation must be considered. While medical care for animals requires additional fees, it will help ensure that your new companion will be free from parasites and health problems. Upon receiving an initial assessment, you may talk to your vet about annual checkups and their fees.
Get Low-Cost Credit for Your Pet Expenses
After doing the planning and budgeting of expenses before welcoming a new animal companion, you might want to apply for a loan or get credit for their initial needs. If you are looking to make a financial plan for pets, 1st Community Credit Union can provide you with the resources that you need. Contact us today!
Stores and manufacturers like to offer deep discounts on certain popular products at specific times of the year. If you love a good sale, time your purchases so you can take full advantage of these traditions. The following list shows the best month to find the best prices on popular items:
January – Sales revolve around New Year’s resolutions about getting in shape, or people looking for items to keep their home’s interior cozy during the cold winter.
Fitness products, TVs, electronics, bedding and linens
February – Comfy interiors continue to be high priorities on everyone’s To-Do list. People in the Northern states also need to deal with ice and snow.
Mattresses, humidifiers, interior paint, snow blowers, winter apparel and sporting equipment
March – Many are planning kitchen renovations. It’s also time to introduce new models for digital cameras.
Countertops, space heaters, digital cameras
April – Spring cleaning is on everyone’s mind, for the interiors and exteriors of their homes.
Vacuum cleaners, lawn mowers, tractors, air purifiers
May – Time to begin sprucing up the exterior of homes and after a hard-day’s work, enjoy a good barbeque!
Roofing, siding, and decking materials, gas grills
June – Summer begins, and many people can now really work on the exterior of their homes.
Pressure washers, cordless drills, string trimmers, smartwatches
July – Hot and humid, so you’ll find appliances to keep yourself dry, cool, and clean.
Dehumidifiers, laundry machines, dish washers, refrigerators
August – It’s Back-to-School season, so you’ll find the best prices for pricier school supplies.
Laptops, headphones, printers
September – You’ll find items to help to clean up your house, inside and out.
Leaf blowers, washers, dryers
October – Time to check or replace smoke detectors and get ready for winter.
Smoke detectors, snow blowers, interior paint
November – A favorite month for Shopaholics because the biggest discounts are offered, starting with Veteran’s Day and ending with Black Friday and Cyber Monday.
Blenders, coffee makers, fitness trackers, TVs, refrigerators
December – The biggest gift-giving season heralds multiple sales on nearly everything through the entire month. It’s also when car dealerships try to meet their end-of-year sales quotas.
Headphones, wireless speakers, fitness trackers, cordless drills, smartwatches, automobiles
Many Americans struggle financially, living paycheck to paycheck, hoping they have enough to cover all their bills at the end of the month. Life is easier if you have a cash cushion or an emergency fund, but how do you save when there is not much fat in your budget?
First, you need to find out where your money is going. Start by tracking all your spending for 30 days. Everything, even a pack of gum, should be noted using any tracking method you prefer – a notebook, your smartphone, an online spreadsheet, whatever works best for you. Then categorize each expense. Start with these essentials:
- Rent/mortgage
- Utilities
- Food
- Transportation to get to your job
- Healthcare – prescriptions and co-pays
These five are priorities that must be paid each month. Everything else, like clothing, cosmetics, gym membership, etc., are areas where you can cut back and save a little. Here are a few other saving suggestions:
Entertainment – Look for low-cost ways to have fun.
- If you have a streaming service, discontinue it for a few months. For example, a service that costs $25.00 per month means you’re spending $300 per year – that’s a month’s worth of groceries.
- Get a library card to check out movies and video games instead of renting them.
- Listen to podcasts. There are over a million to choose from on all subjects.
- Learn a new language or start a new hobby. Here again, the library can be your friend by providing free resources.
Food – Try to spend no more than 11% of your take-home pay on food.
- Shop for generic store brands instead of name-brand items. Many generic versions can be up to 60% cheaper.
- Use coupons and download your grocery store’s app for more deals.
- Buy vegetables in their natural form. Washed and cut vegetables can be twice as expenses.
- Buy only what you know you can eat in a week or two to avoid throwing away food. Use a free meal-planning app to help you shop.
- Make at least 75% your own meals instead of ordering from restaurants.
Energy bills – Changing habits can save you big money.
- Use a toaster oven, slow cooker, or other small appliance instead of the oven.
- Wait until the dishwasher when it’s full before using it and turn off the heated dry setting.
- Unplug unused appliances and power strips to avoid phantom loans.
- Turn off lights when you leave a room.
- Adjust your thermostat, especially at night and when you're away from home, to save on heating and cooling costs.
Credit Card Late Fees – Missing payment due date comes with a heavy price.
- To avoid late fees and protect your credit score, set up automatic payments to pay at least the minimum payment by the due date.
- If you can’t pay your bill in full each month, then use the card only for emergencies.
- If your credit card has a high interest rate, look for one with a lower interest rate. Check out the rates on 1st CCU's Visa Credit Card.
By cutting costs even just a little and putting those savings into an account, you will be able to pay bills with less worry and even save for fun trips or a special gift.