Upcoming Events

There are currently no events, please check back soon.

Book a FREE financial
health check today!

Recent Articles

Take a day: It can pay

Ever thought about taking a break from your routine, a "Financial Health Day" to spend some time tightening up your personal finances? While it might not be the most exciting day you will ever spend unless the thought of saving a significant amount of money excites you, it will be worth your while. It should be a weekday so you...

Read More ...

Have your kids got it covered?

Just because your children are adults, with good jobs and maybe even married with children of their own, it doesn't mean they shouldn't be considered in your retirement plans. Family is a risk that many don't consider when planning for retirement. After all, you probably have little or no debt now the kids are independent and ...

Read More ...

Technology to get you moving

If the ancient Greek Olympians could see the way the average Joe Athlete works out today... well, they might not even recognise it as exercise. Thanks to modern technology and the way the internet helps spread fads, the last few years have seen some truly weird and wonderful fitness trends emerge. If you've recently spotted someone weari...

Read More ...

Know anyone who's happy to pay more tax?

No, neither do we. But if your income is above $90,000 (single) or $180,000 (couple) and you don't have private hospital insurance, you'll be paying the Medicare Levy Surcharge - that's an extra $900 (single) or $1800 (couple) in tax. The good news is you can avoid this penalty because there are hospital insurance po...

Read More ...

< Previous | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Next >
Articles via RSS rss

Are you a young professional?


Furry Friends vs Finances

Written on the 31 May 2017 by Arrow

Furry Friends vs FinancesThere'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.*

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.**

Growing uptake rates show Aussies are increasingly using pet insurance to mitigate unexpected vet bills.***  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.

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

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

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

Author: Arrow

Am I financially secure?

We don't like to think about bad things happening to us or the ones that we love. The reality is that bad things do happen and that they can dramatically impact your life and that of the people around you if you don't prepare for them...... Read More

Our Investment
Beliefs eBook











 

Arrow Focus on Wealth Pty Ltd is a Corporate Authorised Representative (CAR) No. 270472 of GPS Wealth Ltd (GPS) , www.gpswealth.com.au , AFSL no. 254 544 and Australian Credit Licence no. 254 544, ABN 17 005 482 726 . For more information please refer to · Combined Financial Services and Credit Guide (FSG), GPS Privacy Policy , GPS Complaints Process
General Advice Warning:
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.
Whilst Arrow Focus on Wealth Pty Ltd is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Arrow Focus on Wealth Pty Ltd or GPS Wealth Ltd or any officer, agent or employee of Arrow Focus on Wealth Pty Ltd or GPS Wealth Ltd.
Tell a FriendPrintBookmark SiteSend an enquiryBook a consultation