The Hidden Costs of Pet Ownership With Bromwich and Smith
VANCOUVER -
During the pandemic, shelters saw a surge of adoptions for pets.
Many were seeking additional companionship and pets have proven to provide their owners with a mental health boost.
However, their are many costs associated with pet ownership.
According to an annual spending survey, the average household in Canada spent $756 on pet expenses in 2019.
Costs associated with pet food, travel accessories, toys, clean-up products and veterinary care can easily add up.
Taz Rajan of Bromwich and Smith says that it is important to have an idea of fixed and variable pet expenses and be sure that space has been made in the monthly budget.
Having a plan in place can help owners avoid having to go into debt because of a pet.
To mitigate pet expenses, Rajan shared that there are many pet insurance companies out there.
Research should be done to evaluate if that is the best option or setting up a separate savings vehicle for unexpected costs that crop up.
Having an emergency fund for household pets is important should an unplanned veterinary visit become necessary.
Even with the best laid out plans, sometimes pet debt does get accrued.
As much as pets can help with mental health, the financial stress can take a toll.
Rajan recommends that those overwhelmed by debt should reach out for help.
Bromwich and Smith is a licensed insolvency trustee that offers free consultations.
They can discuss personalized solutions that can help light the way toward a brighter financial future.
To learn more check out the full video from CTV News Vancouver.
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