Pet Inclusive Financial Planning: Why and How to Prepare for Your Furry Family Members
Pet Inclusive Financial Planning
At Cornerstone Wealth, we believe financial planning is not just about numbers and investments; it’s about designing a comprehensive strategy that captures every aspect of your life—including the cherished members of your family, like your pets. As proud pet owners ourselves, we understand the joy and responsibility that come with furry family members. In this blog, we’ll explore why integrating pet care into your financial plan isn't just practical but essential. We’ll also dive into vital statistics about pet ownership costs and offer actionable steps to secure your pets’ happiness and wellbeing.
The Emotional Pawspective on Pet Ownership:
Your pet isn’t just an animal—they’re family. Pets provide unconditional love, companionship, and an endless source of joy. Did you know approximately 66% of U.S. households own a pet (according to the World Animal Foundation). That’s a testament to the deep trust and bond we form with our pets. Given this connection, more pet owners are making moves to include their furry companions in their family financial planning discussions.
Pet Care Statistics That Highlight the Need for Planning
Financial provisions for our pets are no longer optional—they’re a necessity. Understanding the growing financial demands of pet ownership is critical for building a strong, pet-inclusive financial plan.
1. Rising Pet Expenditures
According to the American Pet Products Association (APPA), Americans spent an astounding $147 billion on their pets in 2023. From essentials like pet food and grooming to advanced healthcare needs, the costs can add up quickly. A well-thought-out financial plan ensures you're prepared for these expenses, now and in the future.
2. Veterinary Care Costs
Pet healthcare is a core component of responsible ownership. In 2022, Americans collectively spent $35.9 billion on veterinary services and clinic product sales. Whether it’s routine checkups, emergencies, or treatment for chronic conditions, budgeting for vet bills in your financial plan is a must.
3. Planning for Pets During Retirement
Pets often live longer than we expect—why not prepare for their golden years too? The APPA notes that the average lifespan of a dog is 10-13 years, while indoor cats can live well into their late teens or even early twenties. With longevity in mind, it’s crucial to incorporate pet care into retirement planning to ensure your furry friend’s needs are met during those years.
How to Include Your Pets in a Financial Plan
Integrating your pets into your financial planning process can give you peace of mind while ensuring their care for years to come. Here’s how to start:
1. Emergency Funds for Pets
Set up a pet emergency fund just like you would for other unexpected life events. This dedicated pool of money can cover sudden veterinary expenses or changes in the level of care your pet requires due to unforeseen circumstances.
2. Investing in Pet Insurance
Pet insurance is becoming increasingly popular and for good reason. It offers a financial safety net for costly treatments or emergencies, from routine wellness visits to unforeseen surgeries. Compare different policies, focusing on coverage limits, age restrictions, and annual caps, to find the best solution for your needs.
3. Estate Planning for Pet Care
Pets are family—plan for them as you would for loved ones. Include your pets in your estate planning by designating a trusted caregiver for them and allocating resources for their long-term care. Preparing successors and laying out specific plans ensures your pets’ lives are never disrupted in your absence.
Why Pets Deserve a Spot in Your Financial Plans
Including your pets in financial discussions reflects their integral role in your family dynamics. Not only does this planning reduce stress for you, but it also ensures your pets experience stable and loving care throughout their lives. At Cornerstone Wealth, we approach financial planning holistically, guiding families to consider both short-term goals and lifetime legacies—which, for 66% of U.S. households, includes pets.
True Wealth Includes Your Pets
At Cornerstone Wealth, we know that true wealth goes beyond numbers. It reflects everything that makes your life fulfilling—including the joy, love, and security your pets bring. By preparing thoughtfully and incorporating your pets into your financial strategy, you’re prioritizing their wellbeing and ensuring their needs are met through every phase of life.
Whether it's setting aside emergency funds, exploring pet insurance, or adding them to your estate plan, we’re here to help. Contact Cornerstone Wealth today to start building a financial plan that embraces every meaningful aspect of your life—including your beloved furry family members!
This is for informational purposes only and does not serve as personal advice. Sample information serves as just an example. Please speak to a qualified representative regarding your unique circumstances. Links within this blog are not associated to Cornerstone Wealth and are subject to change. Hyperlinks will take you to a third-party website whose content Cornerstone Wealth does not control. Investment advisory services offered through Cornerstone Wealth Group, LLC dba Cornerstone Wealth, an SEC registered investment adviser.