Credit Karma offers financial insights into being a pet parent

We all know that being a pet parent can be expensive. While we love our dogs, they can put a dent in our savings. And Credit Karma knows this.

In a study released back in January, Credit Karma explained that many people purchased dogs during the pandemic to keep them company. And of course at the time, they were home with their pups and things were different. This includes how much it cost to be a pet parent. Now, as people are heading back to the office there a new costs associated with being a dog owner.

On top of heading back to the office, there is also inflation to consider. Rising inflation automatically makes it more expensive to own a pet. And it turns out that many people were not financially prepared for what it means to be a dog owner heading back to the office. This is because of the costs associated with pet care, as well as the necessities that a dog needs. In some cases, parents are finding that they cannot afford their pets. For some people the cost associated with their furry friends has actually put them into debt.

Credit Karma has some financial tips for pet parents

We had the opportunity to ask a financial advocate with Credit Karma, Colleen McCreary, about the impact being a pet parent can have on one’s savings, as well as their ability to save. And while she pointed out just how rewarding being a pet owner can be, she also had some tips for people looking to be more financially responsible as a pet parent.

One of the tips that she offered up was to “plan for what you can.” This means planning ahead for expenses such as dog sitting, trips to the vet, dog grooming, and other expenses you may associate with your dog. And when we are talking about the vet, we don’t necessarily mean emergency visits, although we should be saving for those emergencies too.

Another tip that she had was to “buy in bulk.” There are certain things we know our dogs and cats need. This can be dog treats, dog food, cat litter, cat treats, etc. And when it comes to buying these items, you may save more money by buying in bulk. Since we know we need these items, buying in bulk makes perfect sense.

As we mentioned before, you should also be saving for potential emergencies. Just like we would set aside money for an emergency fund for ourselves, we should also be setting aside money for our pet. Things do happen, and they are not always things that we are planning for. So if you can save money for the unexpected, it is highly recommended. We know that that’s not always possible, but if you can throw a little to the side every month, it is a great idea.

Finally, she mentioned not skipping those yearly vet visits. We already know that visiting the vet can be expensive, however, routine visits can stop problems in their tracks. It’s an opportunity to address an issue before it becomes a bigger problem that costs so much more money. Just like we don’t want to miss our annual physical, our dogs don’t want to miss theirs either. (And we may not love going to the doctor, but we know it is for the best for our own health.)