292 Payneham Road, Payneham SA 5070

(08) 8362 0060

(08) 8362 0061

info@owlfinancial.com.au

Furry friends vs finances

Furry friends vs finances

There’s nothing quite like the joy of spending hours on end playing with a puppy. Or the sensation of sheer freedom taking a horse out for a gallop. Or the feeling when your cat settles on your lap and starts purring like a tractor. Pets become part of the family in no time. You might not even realise it’s happened until someone refers to the dog as ‘the baby’ or ‘your sister’.

In fact, there’s one aspect of pet ownership in Australia that’s more like child-rearing than many of us would like to admit. In the first year of life, parents spend about $7,488 on their (human) babies. Costs for the first year of pet ownership can reach $5,200.i

That sounds like a lot, until you start writing it all down. The first cost is actually purchasing or paying the adoption fee for the pet. Then there’s microchipping, council rego, multiple vet costs, accessories, and training. Ongoing costs can include things like food, litter, treats, grooming, walking and boarding when you go away on holiday. Many people only consider food when planning their ongoing pet budget, figuring that it’s the only true must-have. In truth, it can be just a small portion of the annual bill. It is estimated that over the average lifespan of a dog, owners will spend more than $25,000 per animal.i

Spoiling our ‘fur babies’

If you think the above mentioned costs sound like a lot, consider what some people spend on treats, accessories and ‘experiences’ for their furry pals. A world apart from basic kennels, luxury ‘pet hotels’ offer pampered pooches and felines exclusive suites with full sized beds, swimming pools, spa treatments and regular Skype calls with the owner – for up to $100 per day. The rise of designer pet boutiques like Dogue says something about the way pets have shifted from working animals to fashion accessories. At these high-end stores, you can pick up a dapper bowtie for $60, designer bed for $180, high tech raincoat for $150, or Swarovski crystal collar for $70.

Looking after their health

While it’s possible to forego the luxury treats, keeping your pets in good health is an essential, but sometimes significant, expense. Many cat, dog and bird breeds have common health problems that can crop up sooner than expected, and get worse as the animal ages. These include breathing disorders, joint disease, and even cancer. These problems may require surgery or medical intervention that can cost several thousand dollars to resolve. A hip replacement can cost $6,000. Canine cancer treatment may cost $10,000-$20,000, once diagnostics, surgery, chemotherapy and follow-up care are factored in.ii

Growing uptake rates show Aussies are increasingly using pet insurance to mitigate unexpected vet bills.iii Insurance is available for accidents only, accidents and illness, or all vet bills including routine care. The monthly premium can vary depending on variables like breed and age.

If you decide that you don’t want to take up insurance it’s important to make sure that you can manage to cover unforeseen medical emergencies.

Worth the expense

All in all, any loving pet owner would agree – having a pet is well worth the cost. They can provide endless entertainment, companionship for older people, life lessons in caring for kids, a great reason to exercise, and unconditional love. We all want to give our furry friends a full life and budgeting for both the ongoing and unexpected costs can ease the strain.

i https://www.moneysmart.gov.au/life-events-and-you/life-events/getting-a-pet/the-cost-of-a-pet

ii http://www.smh.com.au/environment/animals/top-treatment-for-pet-patients-20120913-25uwe.html

iii http://www.ibisworld.com.au/industry/default.aspx?indid=623

Furry friends vs finances

Owl Financial Management is an Adelaide Based Financial Planning Business. We can be contacted on 08 83620060



Financial Advisor Adelaide

We are an award winning practice that has been providing financial advice to South Australians since 1969. We really enjoy getting to know our clients and building a relationship with them that lasts over many years. We have a diverse range of clients from mum and dad to AFL players to ASX CEOs. All of which have a diverse range of financial advice needs and very different relationships to maintain. Our clients describe a 'breath of fresh air', personable, expert and people with high integrity. Clients have also mentioned that they are not treated as a number and the advice is specific to them. Working with clients for clients.

Financial Planner Adelaide

The one most rewarding thing about being a financial planner in Adelaide is when you have been working collaboratively with a client in developing and building their goals and objectives and the come to fruition. This give both the clients and myself a real sense of achievement and to use the famous quote 'are we there yet?' and together we can say YES! There has never been a better time to look towards what you want to achieve and start a financial plan so you can get there too.

Financial Planning Adelaide

A person's financial story is like a jigsaw puzzle... "lots of pieces needing to be put into their correct places". A financial adviser can assist a client to put the pieces in the right places by having a series of simple conversations about where a they are currently situated, where they want to be and what strategies can assist them. Every client has a different financial story and goals. Each jigsaw puzzle will always be different. A good financial adviser is experienced at putting together a wide range of jigsaw puzzles. Helping a client put their own puzzle together and seeing their satisfaction is a wonderful feeling.


Barry Phillis, Chris Scriva, Paul Cetrangolo and Owl Financial Management Pty Ltd are Authorised Representatives of GWM Adviser Services Limited Australian Financial Services Licensee Registered Office at 105-153 Miller Street North Sydney NSW 2060 and a member of the National Australia group of companies.

GENERAL ADVICE WARNING: The advice on this site may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.

Opinions constitute our judgment at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. View Terms & Conditions >