Let’s face it, pets can be very expensive.  Between food, grooming, shots, routine vet visits, neutering, and health issues it’s easy to have a pet that costs up in the thousands of dollars a year.  Then if the unexpected comes you should be prepared for even larger, unknown expenses.  Much like having a child, a pet is a commitment in time and money.  You should budget for both.

When forming your regular, monthly budget you should consider what your normal recurring costs are for your pet.  You should also consider having an amount saved for unanticipated costs for each pet in case something comes up out of the ordinary or if you have known irregular expenses for your pet.  For example, a grooming visit or a known amount for an upcoming kennel stay while you are on vacation.

When you have pets you are accepting the fact you are going to incur additional costs.  Be prepared and do your best to anticipate those costs.  Otherwise, you will do the inevitable which is to incur debt to help your pet.  You should not go in debt due to unforeseen pet expenses but instead anticipate them and have savings.  Those savings could be included in your overall Financial Independence Fund.