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![A woman with a dog in the foreground of the kitchen while a man watches.](https://m.foolcdn.com/media/affiliates/original_images/GettyImages-1179643709.jpg?width=1200)
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Don’t be caught off guard.
Key Point
- Every aspect of finances can be affected when an economy enters a recession.
- Start thinking now about the types of expenses you face as a pet owner.
- It’s worth stocking up on food and supplies at discounted prices, creating a veterinary care fund, and considering pet insurance.
The word “recession” seems like a dirty word that everyone hears these days. It’s also a possibility worth considering, as it’s the voices of top economic officials who have the loudest voices. Everyone has been struggling with inflation this year, and despite aggressive rate hikes by the Federal Reserve in an attempt to make consumer borrowing more expensive, inflation has not fallen as expected. As we move forward to 2023, we encourage you to consider all aspects of your financial life, including the money you spend on pet care.
I am lucky enough to share a home with the three wonderful cats I adopted. It costs money, but it’s worth it when you consider all the love and joy they provide. I bet you love your pets as much as I do. So you have to consider the potential impact on your pets if you lose income in a recession. Here are three things you can do to make sure you and your pet are in the best possible shape to weather the economic downturn.
1. Stock up on groceries and supplies
There are some great ways to save on pet supplies. For example, Chewy offers free shipping over a certain amount, allows automatic delivery of frequently used consumables, and frequently sells different products. Amazon is another great place to buy pet supplies. You can also look to your local pet supply store or one of the national chains that sell just about anything your pet needs.
During these uncertain times, it can be really beneficial to watch out for pet product sales that you use frequently. To do. The same applies to cat food. Having a spare bag or two in your pantry is very helpful.
2. Set aside money for veterinary care
This is a great time to fill in as much emergency funds as possible for both your own needs and your pet’s needs. You can create, pour money into various expenses, and track how much you have saved in specific categories. If you’re lucky, you won’t have to pay extra for your pet’s regular vet appointments and all the costs that come with it (vaccines, flea treatments, etc.) over and above what you would normally pay.
If you can afford to set aside more money to cover additional costs, that’s fine. But even a few regular vet visits for each pet (if you have multiple pets) are enough to help give you peace of mind as you head into an uncertain financial future. You may also consider shopping with another veterinarian if you know your pet will need expensive non-emergency treatment or treatment right away.
3. Consider pet insurance
Finally, if you don’t have pet insurance yet, now is a good time to consider it. Some policies offer regular care, but where pet insurance really excels is in reimbursing pet owners for unexpected veterinary costs. If your cat or dog gets sick or breaks a leg, pet insurance works by paying you a percentage of the medical bills, and some insurance companies even pay the veterinarian directly.
It’s not certain if a recession is in the cards or not, so don’t panic about the future of our economy. Knowing this will help you sleep better at night.
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