A savings account for your pet is something that every pet owner should have to help safeguard against emergencies. It does not replace pet insurance or managed care plans for the simple fact that if you pay $50 into a savings account every month, it will take about ten years to save $7,000 — which is not an exorbitant amount for a vet bill if your pet becomes seriously sick or injured. Emergencies are by their very nature unexpected, and they will happen regardless of whether you have the money save up for such an event or not. Even if you are fortunate enough to have $7,000 fall into your savings account, if you had to use that money, it would be gone forever. Pet insurance provides an investment that can be used over and over again, and managed care provides a discount every time you use it.
Even though a savings account is not something to replace pet insurance or managed care, we believe it is absolutely something every pet owner should have for their pet. It can help cover costs not covered by your pet insurance, be money set aside solely for caring for you pet, be a rainy day fund, or be for higher priced items like a new cat tree or a dog cart.