May 14, 2014

Why Pet Owners are Better with Money

Read more about Pet Care Statistics

While owning a pet does require time, attention, and cash, did you know that caring for Fido also means you're more likely to be financially sound? In fact, owning a pet has a number of positive effects related to finances.

Americans consistently spend billions of dollars per year on their pets, leading many to assume that owning a pet is such a huge investment in time and money that the costs don’t always equal the benefits.

Here are five financial benefits pet owners enjoy that might just make pets worth the trouble.

1. Their Homes Have Built-In De-Stressors

In a Penn State study, researchers found that 62 percent of shoppers had made their purchases to lift their mood. “Retail therapy” is a common phenomenon, but spending money just to feel good can really cost you in the long run.

Enter: petting the pooch. People who have regular interactions with pets are 37 percent less stressed after just one 30-minute petting session. Owning a pet means you always have a reason to sit back, de-stress, and lower your blood pressure – and are less likely to feel bad – leading to fewer emotionally loaded expenditures.

2. They’re More Likely to Exercise Frequently

By maintaining your health with cardiovascular activity and weight-bearing exercises, you can lower your health care premiums now and lower your health-care related costs as you age. As a whole, a more fit America could save the healthcare system billions of dollars.

When you’re a dog owner, you’re more likely to walk longer, farther, and faster than those who do not have a pet. Maintaining a daily walking schedule that suits your pup can also help you drop pounds, avoiding the costly upkeep of your health as you get older.

3. They’re Less Likely to Have Certain Illnesses

Whether or not your pet needs to be walked, simply owning one makes you far less susceptible to serious health conditions like heart disease and heart attacks.

That’s good news for your lifespan, for sure, but also for the medical bills that could pile up with multiple, recurring illnesses and diseases as you get older. Owning a pet makes it less likely that you’ll incur such expenses, allowing you to enjoy more financial freedom when you get past your working years.

4. They Understand Long-Term Costs and Investments

When you own a pet, there’s another member of your household relying on you to plan for the future and provide for the present. Premium pet food and routine care? Those are investments in the well-being of a family member who brings you pleasure, sure, but they are also investments in fueling your pet and keeping it healthy. Their lifespan is accelerated compared to us, forcing pet owners to plan accordingly. With a deeper understanding of long-term costs and investments, pet owners have more practice with planning for the future and, likewise, their future financial needs.

5. They Know How to Commit to Personal Decisions

Pet owners know how to commit! They’re responsible, and they do what needs to be done whether they want to or not. Don’t believe it? You try getting up at 5 a.m. in the snow and then pick up the dog poop!

This sense of commitment is very similar to the kind of willpower you need when it comes to saving money. Without willpower and the ability to commit, it’s impossible to follow through with prudent financial decisions.

Do you own a pet? How do you think pet ownership has improved your finances?

More from CreditDonkey:

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    By Kelly Teh - Tips
    In an era of tight family budgets and rising veterinary bills, pet owners should plan ahead for their animals' healthcare needs to avoid catastrophic financial and personal losses.

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