The Hidden Costs of Pet Ownership With Bromwich and Smith
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.
CTVNews.ca Top Stories
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
BREAKING London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Auston Matthews was back on the ice with his teammates Saturday.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.