5 essential financial tips for pet parents

Pets enrich our lives in countless ways. They’re beloved companions, offering unconditional love and unwavering support. ¹Research from the Human Animal Bond Research Institute (HABRI) has even found that pets contribute to their owner’s well-being, with 98% of pet parents reporting benefits like increased happiness and reduced stress. Knowing what pets do for us, providing optimal care for these furry family members is a top priority. However, it requires a clear understanding of the financial commitment involved. Just like planning for human health care and living expenses, budgeting for pets is essential — especially with pet care expenditures rising more than 60% from 2018 to 2023. Today, nearly half of pet parents underestimate the cost of care and emergency pet care plays a big role in that discrepancy. With 2025 just around the corner, now is the perfect time for pet parents to ensure they are prepared for both routine and emergency expenses that may come their way. Here are five essential tips to consider when planning for the potential cost of pet care in 2025: 1. Openly communicate with the veterinary team

Going into 2025, pet parents should be honest with their veterinarians about any potential financial concerns they have regarding care in the upcoming year.

Vets understand the challenges pet parents face and want to ensure they don’t have to make difficult decisions between cost and care. That’s why your veterinarian can offer personalized insights on costs, as well as valuable guidance that is tailored to a specific pet’s medical history or breed. In addition to discussing annual checkups, pet parents should also ask about how to prepare for specialty care. A new study from Synchrony found that only 25% of veterinary specialists believe pet parents have realistic expectations about the cost of care, and over half of pet parents surveyed admit to having little to no knowledge about specialty care in general. By speaking with a veterinarian, pet parents can better understand the potential costs associated with specialty services, such as surgery oncology or cardiology, empowering them to make informed decisions should their pet need these services in the future.

2. Prepare for the unexpected with pet insurance

²Pets Best Health Insurance has found that 80% of pets will experience a medical emergency in their lifetime — this makes pet insurance a crucial safety net for pet parents to consider when looking to minimize the cost of vet care. Pet insurance helps pet parents manage unexpected veterinary bills, helping ensure a pet can receive necessary care with less financial compromise.

3. Streamline your pet care finances

Managing pet insurance reimbursements and various payment options can be a hassle and add stress when trying to manage care for your pet.

To simplify this process, Synchrony has built a first-of-its kind pet industry innovation that links the CareCredit health and wellness credit card with Pets Best Pet Insurance. This new integration provides a seamless reimbursement experience, automatically crediting eligible expenses back to a user’s CareCredit card after a claim has been filed with Pets Best. This streamlined approach eliminates multiple transactions and simplifies managing a pet’s health care expenses — allowing pet parents to prioritize their pet’s well-being and helping ease financial worry.

“As a board-certified veterinary surgeon, I’ve seen firsthand the difficult decisions pet parents face when balancing their pet’s health with their financial realities,” said Dr. Courtney Campbell, DVM, DACVS-SA, and founder of Stitches Veterinary Surgery. “This new integrated offering helps with reimbursements, so pet parents can focus on what matters most — getting their pet the care they need.”

4. Prioritize preventative care

Investing in preventative care, such as annual checkups and vaccinations, can lead to significant long-term savings by helping to identify and address potential health issues early on. By staying close to a pet’s veterinary team, pet parents can work with them to identify potential future health issues and take steps to mediate those risks.

5. Build a budget that accounts for expected and unexpected costs

Once a pet parent has researched the estimated costs and signed up for these critical cost-saving measures, they should create a dedicated pet fund that covers both routine and unexpected expenses.

Synchrony’s Lifetime of Care study found that pet care costs can add up significantly over a pet’s lifetime, reaching up to $55,000 for dogs and $45,000 for cats. Regular contributions to a pet savings fund can help cover routine vet visits, medications, food and other pet-related costs, easing financial strain when unexpected bills arise.

Commit to a healthy and happy 2025

By taking these steps, pet parents can enter 2025 with confidence, knowing they are financially prepared to provide whatever care their beloved companions need. Every minute of planning today can help ensure a pet remains healthier, happier tomorrow.

CareCredit is owned by Synchrony Financial and is an independent, indirect affiliate of Pets Best. Pets Best does not own, administer, or make decisions regarding CareCredit.

Pet insurance coverage offered and administered by Pets Best Insurance Services, LLC is underwritten by American Pet Insurance Company (NAIC #12190), a New York insurance company headquartered at 6100 4th Ave. S. Suite 200 Seattle, WA 98108, or Independence American Insurance Company (NAIC #26581), a Delaware insurance company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254. Pets Best Insurance Services, LLC (NPN #8889658, CA agency #0F37530) is a licensed insurance agency located at 10840 Ballantyne Commons Parkway, Charlotte, NC 28277. Each insurer has sole financial responsibility for its own products. Please refer to your declarations page to determine the underwriter for your policy. Terms and conditions apply. See your policy for details.

References

[1] International Survey of Pet Owners & Veterinarians, Human Animal Bond Research Institute (HABRI, 2022)

[2] Pets Best claims data, 20155-3/31/2020, for unexpected medical care.