Planning for Pets with Sara Belhouari
This month I’ve got a mixed bag of topics to talk to you about and I’m tagging in my amazing training team at Financial Gym to help me Gymsplain some of these topics and also give perspective on what they see on a daily basis from clients. I just discussed home buying decisions and when to buy or rent and then next logical financial topic to me was thinking about who or what would you have in your home and that’s pets. I have said this many times throughout the years but at Financial Gym, we have more clients who have goals of having fur babies rather than human babies and the large majority of our clients are already fur parents and from a trainer perspective, we see the financial challenges being a fur parent presents.
Joining me today is Sara Belhouari, Financial Gym trainer and also fur parent to discuss how she helps her client’s budget for and plan for their fur babies but also the challenges she has had in her journey. And now here’s Sara.
What are we drinking?
Sara B – Spindrift Blood Orange Spiked Seltzer
Shannon – Homemade sparkling water
Podcast Notes
Emotional & Financial Commitment of Pet Ownership
Pets are part of the family, but they are a financial commitment. On average, owning a pet will cost a minimum of $200 per month, but this will vary depending on where you live and the type of pet.
The financial commitment of pet ownership isn't something to take lightly. You will have to cover food, toys, care items, and regular trips to the vet, all of which can add up quickly.
Shannon and Sara highly recommend getting pet insurance as soon as you adopt, especially if you adopt a dog. Pet insurance can help cover trips to the vet and can be beneficial if your animal is at risk for certain conditions.
While you consider adopting a pet, set up a sinking fund and practice putting $200 away each month. This can help you get into the habit of budgeting for your new pet and give you a cushion to get started and cover costs upfront.
Day-to-Day & Planning for the Unexpected
The first year of owning a puppy can be particularly expensive, with costs for toys, trainers, and vet visits. Being prepared for these initial costs can make that first year more manageable. Sara had to pay for extra training, which she hadn't expected initially.
Pet insurance can be great for any pet, but Sara and Shannon highly recommend it for dogs. Dogs need regular shots, spend a lot of time outside, eat things they aren't supposed to and tend to get injured more than other pets.
If you plan to adopt a dog, research the breed beforehand. This can help you learn more about the dog's personality type and whether it'll be a good fit for your lifestyle.
Having a pet will impact your lifestyle. If you like to travel, you'll need to budget for the extra expenses of having someone watch your pet or board it. Sara has found community with her neighbors, and they take turns pet-sitting for short trips when needed.
Pet Care & Financial Wellness
If you have debt or struggle to build an emergency fund, it's important to consider the whole picture before adding a pet to your family. You should weigh the pros and cons and consider whether you can realistically budget for the ongoing costs of pet ownership.
As much as we love to pamper our pets, balancing that with financial wellness is important. Bougie pet care, like fresh food diets or pet interpreters, can be part of your plan if it brings you joy and fits your budget.
You do not want to put yourself into a precarious financial situation trying to care for a pet. It can be hard to make decisions at the vet's office when emotions are high, so it is important to plan ahead of time. A Financial Trainer can help you with this if you don't know where to start.
Even seemingly low-maintenance pets, like fish or cats, come with their own expenses. Regular vet visits, medicine, and unexpected costs can quickly add up. The goal is not to discourage you from adopting a pet but to make sure you're prepared to give it the best life possible.
Takeaway: My biggest takeaway is that being a fur parent is a special goal, but it also comes with higher-than-expected ongoing costs, and you want to make sure that you can afford to give your fur baby a home without wrecking yours financially at the same time. Random Three Questions
Are you adding more properties to your portfolio?
What do you do to relax?
If you were given $20k for travel, where would you go?
Resources Mentioned:
Costs to Consider When Adopting vs. Fostering a Pet
6 Ways to Keep Your Dog Healthy on a Budget
Connect with Sara:
Sara Belhouari, Financial Trainer
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and Retirement. As a reminder, we work with individuals, couples, or business owners.
The exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services, available for people looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company. We literally have a solution for you, no matter where you’re starting from. So what are you waiting for? Head over to or send friends to financialgym.com to get started today. Our warm-up calls are free of cost and judgment, so you have nothing to lose.