Regardless of whether you opt to minimally fund your pet, and provide for them in your Will, Living Trust or life insurance policy, or fully fund now, it is important to adequately provide sufficient funds to care for your pets for the balance of their lives.
The following steps (Steps A, B, and C below) outline a draft pet budget for you to consider.
STEP A
Write down the yearly expenses, in which you can look at your current expenses in order to estimate the dollar values. Please remember that new pets (puppies, kittens, foals and such) have larger initial costs, and that older animals usually have additional costs for health care and other related expenses. If an item is not applicable, you can just leave it blank. If there are other items, you should add them.
Item |
Yearly Estimated Amount |
Food |
|
Treats |
|
Toys |
|
Leashes and Collars, Clothing, Harnesses/Tackle and Equipment |
|
Bedding, Litter Box, Litter and Liners, Cage, Stabling |
|
Other Accessories (water bowls, pet seat belts for cars, etc.) |
|
Veterinary Care |
|
Medicine, Medical Treatments (fleas, heartworm), Vitamins and Supplements |
|
Medical Contingency Fund (for unexpected and serious medical conditions and treatments that may occur) |
|
Pet Health Insurance (please note that cancer coverage may substantially increase the cost of pet insurance) |
|
Pet Sitter |
|
Grooming/Ferrier (if horse) |
|
Pet Walker |
|
Pet License |
|
Home Repair (pets can cause wear and tear on the pet caretaker’s home) |
|
Yearly Payment to Trustee for Services |
|
Yearly Payment to Pet Caretaker for Services |
|
TOTAL ANNUAL BUDGET |
|
STEP B
Next, you should consider adding an amount for the pet caretaker’s initial setup of their home to get ready for the pet(s), such as adding pet gates, pet supplies, and fencing.
STEP C
Next, you should determine the likely lifespan for your pet. Below are a few average life expectancies for common pets. These are average values and your pet may well, and hopefully, live significantly longer. Further, these values are heavily influenced by breed, size for dog (weight, rather than height), sex of the dog (females tend to live a bit longer), so you should determine the life expectancy for your pet based on its breed.
Small Dog (e.g., Pomeranian, Miniature Poodle): 15-16 years
Medium/Large Dog (e.g., Boston Terrier, Retriever, Standard Poodle): 10-13 years
Giant Dog (e.g., Great Danes, Mastiffs): 7-8.5 years
Cat: 12-15 years for indoor cats (only about 4-5 years for outdoor cats)
Parakeet-Budgie/Canaries/Lovebird/Finches: 10-15 years
Cockatiels: 15-20 years
African Grey Parrot: 30-40 years
Macaw: 40-50 years
Cockatoos: 40-60
Amazon Parrot: 60-80 years
Horse: 25-33 years
STEP D
Finally, the amount that you should consider for funding your Pet Trust is your total dollar amount from STEP A above multiplied by the balance of the lifespan of your pet(s), then adding the set-up fee in STEP B.
Further, adding a contingency amount for unexpected expenses or the possible long life of your pet(s) is something to consider.