Are You Planning for Your Fur Babies?

When I take on a new client, the first activity is to understand their values, their current and desired lifestyle, and assess how closely their cash flow management matches where their hearts are.???

While taking down the names and dates-of-birth of parents, children and grandchildren, I’m sure to write down the breeds, stories, and names of the family’s fur babies. I track—whether or not my clients are aware—the ages of these fur babies and, like kids becoming teens and needing more lifestyle funds for after-school activities, I note when they’re likely to incur veterinary expenses.

Finally, I listen carefully for what types of monthly expenses they have: boarding, training, dog walking, or special food/medicine to support their pet-loving lifestyle.

Families Fail to Account for the Cost of their Pets

What I see often is that families fail to account for the general cost of their pets, as well as the increased costs they incur as their pets reach middle and old age. What’s more, too often I see households failing to account for the addition of a second or third pet.

We assume we can absorb the extra cost, and that the lifestyle impact is 1.5x or 2.5x. But your second child doesn’t eat half as much food, require half as many vitamins and inoculations or use half as many diapers. So just like humans, second and third pets will cost 2x and 3x, respectively.

Here's the truth:? According to Rover’s 2024 report, the cost of a fur baby ranges from $35,000 to $50,000 over the life of the pet.

Elder Care for Pets is Costly

How many of you have casually, over drinks or dinner, discussed what you would or would not spend on an aging pet? Invariably, someone at the table is of the “take ‘em out back and shoot ‘em” variety, whether or not they really mean it. (Boy, isn’t that a tell? Maybe we don’t invite him or her in the future.)

Others use more discreet logic, stipulating a certain “point-of-no-return” to quality of life as the deciding factor for putting a pet down. Still others will do anything for an ailing pet to ensure it doesn’t suffer. (You’re preaching to the choir:? I remember giving saline injections to a 20-year-old cat with failing kidneys.)

You and I both know that you’re going to spend the money no matter what you said at dinner.

Here’s the rub: That money can reach five digits quickly. I kid you not, I have clients who have spent well over $10,000 to ensure a pet had a first-class ticket across the rainbow bridge. And I won’t make them wrong for it. How could they not see off a beloved long-time member of the family?

So, here’s your financial planning tip: I’m a fan of aspirational bucketing. Thus, I’m advising you to keep a savings account for your pet expenses. Because, just like anything else in your financial life, you must responsibly account for their impact on your cash flow and save for their elder care.

Consider Pet Sharing

I’m also a fan of pet sharing for people who can’t afford the entire upkeep. If you can’t imagine life without a pet but can’t afford the cost, consider a sharing agreement with another family member or friend. This has the benefit of built-in pet sitting while you are away from home. And if you pet share, make sure your agreement is in writing so everyone involved is on the same page about quality-of-life and other medical/maintenance services you will pay for as your shared pets age.

?#WeRescueOurselves

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Copyright Madrina Molly, LLC 2025

The information contained herein and shared by Madrina Molly? constitutes financial education and not investment or financial advice.

Sherry Finkel Murphy, CFP?, RICP?, ChFC?, is the Founder and CEO of Madrina Molly, LLC.

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