Pets and Finances

Before committing to a pet, set aside the estimated cost of food, medical care, and insurance for three months in a savings account. This helps you test your budget and see if the expense is manageable long-term.

When estimating costs, think beyond the basics:

• Are there species, weight, or breed restrictions where you live?

• Could certain animals increase your home insurance or add a pet fee to your rent?

• Will the animal require regular grooming or specialized care?

Avoid making an emotional decision based solely on cuteness. It’s much harder to rehome a pet later if the costs or responsibilities become overwhelming.

Pets, just like people, can get sick or injured unexpectedly. Having insurance provides a safety net that protects both your pet and your budget.

The best time to buy pet insurance is when you first bring your pet home. If you already have a pet, the next best time is now. Cornerstone partners with Fetch Pet Insurance to offer members a 10% discount on coverage.

In addition to insurance, create a separate pet savings account for ongoing and emergency expenses. Start by opening a dedicated savings account separate from your regular funds to ensure the money is used only for pet-related costs, such as vet visits, grooming, medications, or emergencies.

Decide on a set monthly contribution that comfortably fits your budget, and consider automating transfers so the savings grow consistently over time. You can also factor in anticipated expenses, like annual checkups or vaccinations, to determine how much you’ll need to set aside. 

Cornerstone’s Rainy Day Savings Account is a convenient option for setting aside these funds while still giving you quick access in case of an emergency.