Blog

Pet Parenting Budgeting 101

Tips for making smart financial decisions when caring for your pet.

If you’re like two-thirds (67%) of U.S. households — that’s more than 80 million families — you own a pet, according to a recent National Pet Owners Survey conducted by the American Pet Products Association. The same organization estimates that Americans spend a whopping $109.6 billion each year on their pets — a long list of items and services that includes food, grooming, insurance, training, pet sitting, walking … and the list goes on.

While there’s no discernible breakdown of essential vs. discretionary spending for pets, pet owners can save money without sacrificing their pet’s health and comfort by following a few basic guidelines:

Keep ‘em healthy

Unexpected veterinary expenses can quickly escalate if your pet gets sick. To maintain their optimal health and reduce the risk that your pet gets sick, help them maintain an ideal weight by feeding them the proper amounts of food each day. Pets that are overweight are more likely to get diabetes and other ailments.

Also, make sure that you walk your dog each day for at least 45 minutes. This not only helps Fido stay in shape, but it’s a great way for you to stay active on a regular basis.

Dental care is not just for pet owners. Brush your pet’s teeth and check for damaged teeth and gums. Gum disease has the potential to lead to other health issues that require costly vet visits.

Take your pet to the vet regularly

While vet visits can be costly, they’re an important way to help your pet maintain its health by getting professional monitoring and guidance. A vet can spot potential health problems early and provide necessary care to reduce more serious health risks.

Consider insurance

No matter how many precautions you take, your pet will get sick, which can lead to steep vet bills. To lessen the financial impact, consider investing in pet insurance, which has the potential to help reduce your out-of-pocket costs should your pet become sick or get injured. Insurance can also help you avoid a difficult choice between providing essential vet care for your pet and paying your non-pet bills.

Buy in bulk

There are no shortage of pet food purchasing options, and let’s face it: pet food is cheaper in bulk. There’s a limit to this strategy, of course: You want to make sure that the food you buy will remain fresh before your pet finishes consuming it, but simple packing tips (i.e., transferring the food to an airtight container) can go a long way in preserving the food.

By following these commonsense guidelines, you’re likely to reduce the amount that you spend on your pet, an important step in becoming a financially responsible pet parent.

Thanks for checking out the blog.

Greg Armstrong, CFP®

This material is for general information only and is not intended to provide specific advice or recommendations for any
 individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive 
outcomes. Investing involves risks including possible loss of principal. 

This material was prepared by LPL Financial. 
 
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and 
broker-dealer (member FINRA/SIPC). 
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice 
from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL 
Financial makes no representation with respect to such entity.

Share This Article

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children’s education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at relatively little cost to you.

Life Insurance at Various Life Stages

Your need for life insurance changes as your life changes. When you’re young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. Let’s look at how your life insurance needs change throughout your lifetime.

Taxation of Investments

It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?

Investing in Stocks

Businesses sell shares of stock to investors as a way to raise money to finance expansion, pay off debt, and provide operating capital. Each share of stock represents a proportional share of ownership in the company. As a stockholder, you share in a portion of any profits and growth of the company. Dividends from earnings are paid to shareholders, and growth is realized by the increase in value of the stock.

Six Keys to More Successful Investing

A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic principles that may help you invest more successfully.

Are You an Investor or a Speculator?

Recent market news — around social-media driven stock trading that created extreme price swings for shares of certain companies — may have you wondering whether you should jump into the excitement. Before you leap, you might consider this advice from legendary investor and teacher Benjamin Graham, considered the father of value investing: “The individual investor should act consistently as an investor and not as a speculator.” (1)

Blog

Pet Parenting Budgeting 101

Pet Parenting Budgeting 101

Share This Article

You May Also Like

Life Insurance and Estate Planning

Life Insurance at Various Life Stages

Taxation of Investments

Investing in Stocks

Six Keys to More Successful Investing

Are You an Investor or a Speculator?

Don't Miss Anything

LPL Financial Form CRS

Don't Miss Anything