Vet Bills Are No Joke – Here’s How to Stay Ahead…

Have you ever been floored by a vet bill for your sick pet? Would you do anything to make them better, including going into debt?

With rising costs of pet insurance people often take the risk, cross their fingers and pray for the good health of their pet. If you’re stretched financially it can be difficult to see where these monthly payments can fit into your budget.

A study commissioned by MyPet.com found that 8 in 10 Brits say their pet is the love of their life so why wouldn’t we proactively plan for their care?

Friend of Financielle Chloe and founder of Chloe’s Deal Club has some advice for pet owners and that’s to review your insurance limit and check with your vet if that’s an appropriate amount for the size of your dog as the costs quickly spiral.

Chloe had pet insurance and a sinking fund for her pet dog Poppy and thought that her £4k policy was a suitable amount, but Poppy’s recent hospital stay was £3k alone and she’s already spent over £1k with the vets on X-rays, appointments and medication – Chloe said “It all vanished pretty quickly…”

“I’ve now spent about £3- £4k of my own money on top of the insurance. It’s had to come out of my emergency fund and the dent is pretty noticeable. I’m still in the thick of it with regular hospital check ups which seem to cost minimum £200 each time and £200 a month on medication which could be for another year”.

Financielle community member Rachael also had to dip into her emergency fund to help fund her fur baby’s emergency vet bill.

“Emergency and sinking funds really do save lives!

Monday afternoon one of my little pugs (my babies) had a funny turn and collapsed, we had to rush her to the emergency pet hospital. Turns out she had a severe infection and ruptured hernia so had to have emergency life saving surgery and an overnight stay in hospital.

When we picked her up today we were presented with a bill for £4,500!

I would have paid whatever it needed to get her better, it wasn’t even a discussion, but it was an eye watering moment when she gave me the invoice. (They had originally quoted £2k but she had complications in the night).

…Not one penny of it went on a credit card! We had the money in a sinking fund… yes it means it’s wiped out pretty much but I’m so thankful I had the money there as I would have had no choice but to put it on a credit card.

Sinking Funds really do save lives!”

Check out our top tips to get your finances in order when it comes to protecting your pet.

1. Have a pet sinking fund for your pet insurance

The average annual insurance premium for a Labrador is £400. If you divide the annual cost across 12 months, that’s a £33.33 contribution per month for your pet to be covered across the year.

You can set up and personalise your pet sinking fund for free in the Financielle app here.

2. Emergency fund to the rescue

Just in case your pet’s treatment requires additional contributions, or you don’t have adequate insurance, an emergency fund will help keep you from putting the bill on a credit card.

Check out this Unlocked episode on how to build your emergency fund.

3. Get the best value

Work to secure the best pet insurance deal at the beginning, getting various quotes, seeing what value add offers they give – not forgetting the opportunity to get cash back!  Make sure you get the right cover for your pet so that you know you’re properly protected.

Let’s give ourselves the ultimate peace of mind when it comes to our fur babies.