People who are single are oftentimes in need of better financial habits. When you have nothing to think about but yourself, you tend to be a bit more relaxed about how you spend your money. While there is nothing wrong about enjoying the fruits of your labor, you may want to consider learning some money management skills for the single person.
If there is a point in your life when you need to be responsible with money, it is this time. You may think that you can splurge on yourself because you have no obligations yet. That may be correct but that is the immature way of thinking. You have to take advantage of the time when you do not have too much financial responsibilities to save for the future. There is no such thing as being too early. You have to work on it now so you can contribute only a small amount and still end up with more than enough when you retire.
Of course, this is easier said than done. This is why we have a proposal for you: be a pet owner. Believe it or not, there are great financial habits to be gained when you become a pet owner. In fact, the benefits will even surpass the financial learnings. The main benefit of having a pet in your home is in the companionship and the way the animals can encourage you to be a better person.
3 healthy habits of pet owners that can help in financial management
There are three important habits that we guarantee you will gain when you start owning a pet. You have to be a natural lover of animals to be able to appreciate all of these. Here are the financial habits that you will develop as soon as you bring home that dog, cat or even a bird.
You learn to make wise spending decisions.
Let us begin with the most relevant financial habit – smart spending. When you look after the welfare of someone else rather than your own, it will make you less likely to splurge your money unnecessarily. You have to think of someone else’s financial needs now. Obviously, your dog or cat cannot fend for themselves. They will be relying on you for their basic needs – food, medical treatments, vitamins, hygiene and so much more. This responsibility will be imposed on you and it will force you to make better spending decisions so you can squeeze in the needs of that smaller companion that you have in your home.
You practice commitment and responsibility.
We have mentioned responsibility but in addition to that, you will also be trained to commit to your pet. Their helplessness will prompt you to clean up your act and start organizing your life so they will not suffer. You need to learn how to plan your life so you can have time to groom them, feed them and take them to the vet when necessary. As you practice being responsible and committed to your pets, you are already learning two important skills in credit management. All type of debts will require you to be responsible in paying it back. You have to be committed to making your payments so you do not suffer the late penalty charges and the high interest rates that is associated with a low credit score. By learning how to manage your credit properly, you are teaching yourself how not to be afraid of debt. You will be able to use it to improve your financial situation without fearing for the assets and personal wealth that you already accumulated for yourself.
You are encouraged to live a healthier lifestyle.
This is probably the most valuable benefit to owning a pet. It may not be directly beneficial to your finances, but the gains will be much more than what you will expect. Your pet will not only be reliant on your for financial aid – they will also take your cue in being healthy. Now you will have the reason to take them out to give them some fresh air and exercise. That means you get your own exercise too.
According to an article published on WebMD.com, living with pets can help lower your blood pressure and relieve you of any stressful feelings during the day. They can also boost your immunity because our pets can really get dirty sometimes. Being around that can improve your immune system immensely. We have also mentioned our pets being natural stress relievers. We all know that stress can bring a lot of health complications in our lives. If you let you pet heal you of the daily dose of stress, then you should be alright. That can save you a lot of money since you do not have to worry about paying those high healthcare costs.
The true cost of owning a pet
At this point, you may be thinking about the cost of owning a pet. We have mentioned that they will be relying on you for food and other expenses. That means you have to shell out some money to take care of them.
If you think about it, owning a pet is like having your own baby. But compared to the latter, a pet will be more economical and still be rewarding emotionally and physically. So if you do not have plans to get married yet or have a kid of your own, opting to get a pet should be worth your while.
According to an infographic published on CreditDonkey.com, 37.2% of American homes has dogs, 32.4% has cats, 3.9% has birds and 1.8% of homes has horses. The total vet care in 2011 amounted to $13.41 billion. The cost of vet care, based on the infographic, revealed a growth of 67.2% from 2001 to 2011.
In a separate study published on AAHAnet.org of the American Animal Hospital Association, it is revealed that pet owners have broken the record when it comes to pet expenses. In 2012, $53.3 billion were spent on pets and in 2013, that grew to $55.7 billion. The majority of the expenses went to food at $21.6 billion. Pet owners are opting for healthier food and that causes consumers to spend on more expensive kinds. The second expense is on Vet care which amounted to $14.4 billion. It is followed by over the counter medicines and supplies ($13.1 billion), grooming, boarding, pet-sitting ($4.4 billion) and live animal purchases ($2.2 billion).
If these figures look overwhelming to you, there are ways for you to save on pet care costs. Obviously, if you are thinking of getting a pet because of what you have read in this article, you want to keep the costs low. You want to focus on the financial habits you will develop and that means it should not include any debt.
Here are some tips to keep your costs low.
- See if you can buy food in bulk so it will cost less. You can split the costs with a friend.
- Have your pet checked in a local veterinary school. They have available vets that are qualified to treat your pet but will not charge as much because they are after the practice and training as part of their education.
- Clip coupons to help save on pet products.
- Take care of your pet. In the end, this the best way to cut back on veterinary costs.