Adding a pet to your family is a big decision. For the family dynamics, responsibilities and financially. One of the ways we can protect ourselves from unexpected vet bills is through pet insurance. In today's episode we debate is it's worth it - and we are not in agreement. Let's discuss.
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT:
What do you think? Are you team Lindsay (pro pet insurance) or team Meghan (put it in a slush fund)? Or do you have another method? We'd love to hear from you!
HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
TL:DR Show Notes:
00:03:10 Meghan got a new puppy! And when Linsday asked her if she was getting pet insurance, her head almost exploded. Why? Even though Linsday and Meghan are both working professionals in the finance industry, they have totally different opinions on pet insurance.
00:04:15 Linsday is PRO PET INSURANCE because it's simply easier for her to come up with the money for the premium every month than it would be to come up with a whopping vet bill. She also feels more at ease and has peace of mind knowing that she's covered in the event of a tragedy.
00:07:48 Meghan is NOT persuaded to get pet insurance, because she would rather put the money she would be paying in premiums into her own slush fund, so that she can use that money for whatever she wants, including pet emergencies.
00:09:26 Linsday talks about how she keeps her insurance premiums down by signing up for a policy with a higher deductible. This way, she can put extra money aside every month into the dog-fund, and when the premiums start to rise, do a cost-benefit analysis to decide when it's time to end the policy.
00:13:19 The truth is that we don't have a crystal ball. We can't predict if the decision we make today will be the right one for tomorrow… but it's more important to make a decision and move forward.
