Saving for the Kids' College Fund is the Same as Saving for your Dog's Future Medical Bills
Courtney Corvan Alovis and Will Alovis pictured with Shanti
"Having our four-legged kid gives us the opportunity to experience parenting while also allowing us to maintain a level of independence that fits with our lives and careers. As with a child, the love shared between us and our four legged kids is unconditional."
By Jamie Downey Photo by Heather Green
Once you have a child, you should start putting money away for their college tuition. This requires a long-term savings plan to accumulate the amount of money which will be needed to fund a four-year college education. There are many options on the market, and you should probably consult with a financial planner to decide which fits your budget; a College 529 plan, an Education IRA, a Regular Investment account, savings bonds, or saving money through a state college fund program. It is important for parents to start saving for their kid's education as early as possible since college is very expensive, and will most certainly be a lot more costly, 18 years from now!
When you include a dog in your family, you are making a commitment to your dog for his lifetime care, and that will include future medical bills which could stretch into the thousands of dollars. Pet health care costs are on the rise, and with advances in veterinary medicine, dogs are living longer, due in part to life-saving surgeries that are available today. Just as the importance of saving for your child's future college education, you should set aside a separate savings account for your dog that you contribute towards monthly, that way you can avoid the shock of receiving an unexpected $3000-$4000 vet bill in the future. As dogs age, they encounter the same health problems as humans, and some common dog surgeries are for Cataracts, Hip Dysplasia and Gastroplexy. Also, the leading cause of death in dogs is cancer, and that could cost as much as ten thousand dollars or more in treatment, to prolong your dog's life. The smart option now, is to start planning for those future vet bills, so you will be able to take care of your best friend, and be prepared for any medical emergencies that you encounter during his lifetime.
