How to cover your pet’s emergency expenses?

Last updated on November 25th, 2021
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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When your pet is your smile keeper, it can be heart-wrenching to see them in pain because of them falling ill after swallowing something they shouldn’t have, or in need of an emergency surgery. Not many pet owners are able to afford pet insurance which can make it hard to foot the hefty bill that comes with emergency visits. Our handy guide can help you finance your pet’s emergency visit without busting your finances.

Planning ahead for your pet’s expenses

Having a companion can be one of the many benefits that come with owning a pet, but it does come at a price. The first year of ownership is usually the one that costs pet owners more, with expenses going up to $3,000 if you own a dog. Of course, this amount will vary depending on the type of pet you have, its size, and breed. Budgeting for your pet’s annual check-up can help ease the financial strain, and help detect problem areas your pet might have before it becomes dire.

What type of finance options are available?

Even if you have planned your finances, there are unplanned expenses that may pop up, and it pays to know what finance options are available to help take care of these costs. According to Choice, Aussies forked out an equivalent of $2.5 billion on vet bills. You could consider putting some of the costs on your credit card if you do not have money readily available. However, ensure that your card has a lower interest to help you manage your expenses better. Some Aussie may consider taking out a short-term loan, especially if they have bad credit, but this type of finance option can come with higher fees and interest rates.

Using a personal loan

A personal loan can come in handy at such times where you want to provide adequate care for your pet while being able to manage your expenses. There is also a wide range of lenders that offer loans that can help you find something that is tailor-made for your needs. However, before you rush to get a vet personal loan it is important to know how to compare your options so that you don’t fall into a debt trap.

How to compare your options

Being able to access the right finances that comes with a quick turnaround time is something you need to keep in mind. It is also vital to compare the interest rate, fees, and charges to see if it is affordable. Also, check whether the finance option that you choose has a flexible repayment plan that will match your budget. Finding a lender that offers you the flexibility in terms of how much you can borrow can also be beneficial. Before you sign the dotted line, consider using a personal loan calculator to see if you will be able to make the repayments over the term of the loan.

Other considerations

You may be in an emergency situation when it comes to finding the right vet to take care of your furry, winged, or scaly friend. But making rush decisions can end up costing you more in the end. Always remember to compare vet prices or looking for recommendations that match your budget.

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