Can You Afford to Live with a Pet? Plan before You Purchase or Adopt

Here are some important money issues to consider before you bring home a pet:

Are you allergic? According to the American Academy of Allergy, Asthma & Immunology, there are almost 10 million pet owners who have some sort of allergy to their pets. Check to see if you or your kids might be allergic to your chosen animal before you bring him home, or at least check your healthcare policy for coverage for allergy shots or other medications that can help you co-exist.

Make sure your home/rental policy allows pets. There are some insurers who’ll reject you if you have a large-breed dog. Check your coverage before you get the pet. You might also get stuck with a large pet deposit if you’re a renter, usually half of which is nonrefundable. Keep in mind that you’re responsible for repairing damages to the rental caused by your pet.

Watch that grocery bill. Depending on the pet and your desire to give them only the best, an annual pet food bill can cost between $150 and $400. This isn’t an argument for buying generic, but when it comes to pet food, always clip the coupons and check various pet stores for case discounts on your pet’s gourmet chow. Also confirm with your vet whether you’re giving your pet the right amount of food and at the right time. Your vet may also recommend some lower-priced, healthy alternatives.

Your pet’s stuff – What stuff does a pet need? According to the American Society for the Prevention of Cruelty to Animals (www.aspca.org) the average annual bill for toys and treats for a medium-size dog is around $75. For a cat, it’s around $50. This, of course, does not count multiple pet beds, crates, carriers, litter boxes (and litter) or the occasional piece of couture.

Doctor, doctor – Vet bills can be the scariest financial aspect of pet ownership, and dealing with them spurs the most debate. In major metro areas, annual vet bills can average $100 to $250 just for the basics, which include an annual vaccination and checkup (but no medication). For more serious matters—cancers, joint and bone problems—bills easily run into the thousands. There are pet insurance companies, but financial experts argue whether premiums justify the benefits. According to the Humane Society of the United States (www.hsus.org), there are other affordability options:

• Ask the vet to let you negotiate a payment plan
• Contact your local shelter to see if there are subsidized veterinary clinics in your community
• If you have a specific breed, contact the national club for that breed and see if they might have a veterinary assistance fund
• Ask your vet to submit an assistance request to American Animal Hospital Association Helping Pets Fund (www.aahanet.org)

When looks are everything – There are some people who may wait weeks for a haircut but their dog always looks fabulous. Vanity is one thing, but grooming is an important function for all pets, principally so their claws are maintained and that overgrown or matted hair doesn’t get the chance to cause skin or infestation problems. Talk with your vet first about what he or she believes is a proper grooming regimen for your pet, and shop for a groomer based on experience and familiarity with your pet’s breed. Grooming rates vary by community and size of the pet, with per-visit rates ranging from $20 to $100.

Daycare, pet-sitting and lodging – Very few people can take time out of their workday to go home and walk and play with their pets. Likewise, many people fear taking pets on cross-country trips in cars and planes. That’s why daycare and lodging services are so popular—and not exactly cheap. Depending on the community, daily dog-walking services can cost $20 and up, overnight kennel fees may go well over $30, and pet-sitting services can cost $50 a day or more. It’s always best to get references from local services, veterinary clinics, and most important, fellow pet owners. Also, check www.petsitters.org, the Web site for the National Association of Professional Pet Sitters.

This article was submitted by the Financial Planning Association, the membership organization for the financial planning community. FPA members are dedicated to supporting the financial planning process in order to help people achieve their goals and dreams. Submission of this article does not imply an endorsement or recommendation of the Financial Resource Center site.

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2. Give your Social Security number only when absolutely necessary. Ask to use other types of identifiers when possible.

3. Sign all new credit cards upon receipt.

4. Memorize your Social Security number and all your passwords. Do not carry a written record of them in your wallet or purse.

5. Keep items with personal information in a safe place. Tear them up when you don't need them anymore. Make sure charge receipts, copies of credit applications, insurance forms, bank checks and statements, expired charge cards, credit offers, and bills you receive in the mail are disposed of appropriately. Consider purchasing and using a shredder, if you do not already have one.

6. Empty your wallet of extra credit cards or IDs. Cancel the cards that you don't use.

7. Guard your ATM personal identification number and ATM receipts. Never leave ATM receipts at bank machines, bank counters, or trash receptacles. Retain them for your records or destroy them.

8. Deposit outgoing mail in post office collection boxes instead of your own mailbox.

9. Pick up your mail nightly. Don't leave it in your mailbox overnight or on weekends.

10. If regular bills fail to reach you, call the company and find out why. Someone may have filed a false change-of-address notice to divert your mail to his or her address.

11. If your bills include any suspicious charges, don't ignore them. Investigate immediately.

12. Order your credit report once a year to check for fraud or other discrepancies. Consumers can order a free credit report once a year.

Procedures to Follow upon the Initial Loss of Personal Documents
1. Contact the Social Security Administration's Fraud Hotline at 800-269-0271 if you lose your Social Security card. The hotline is available daily between the hours of 10 a.m. and 4 p.m. Eastern Time. You can also reach the Social Security Administration online, by phone at 800-772-1213, or by mail at SSA Fraud Hotline, P.O. Box 17768, Baltimore, MD 21235.

2. Report all lost or stolen credit cards immediately. Contact all creditors by phone and in writing to inform them of the theft.

3. Report lost or stolen checks immediately. Alert your bank to flag your accounts and contact you to confirm any unusual activity.

4. Contact your state's department of motor vehicles to inform them of the theft and to begin the process for a replacement driver's license.

5. Keep a log of all your contacts and make copies of all documents. You may also wish to contact a privacy or consumer-advocacy group regarding illegal activity. The FTC has added to its website downloadable form letters and worksheets to guide consumers through the proper procedures for preventing or repairing any damage.

Procedures for Identity-Theft Victims
1. Take all five of the above steps.

2. Contact your local police. File a police report. Get a copy of the report to submit to your creditors and others who may require proof of the crime. For mail fraud, contact the law enforcement arm of the U.S. Postal Service, the U.S. Postal Inspection Service.

3. Close the accounts that you believe were either tampered with or opened fraudulently. To dispute transactions on your account, ask the bank or credit card companies for their fraud-dispute forms. You may not be held responsible for a fraudulent transaction if you dispute it in a timely manner. Notify credit card companies and banks in writing, by certified mail, return receipt requested.

4. Call any of the three credit bureaus'  fraud units below to report the crime. Ask to have a "Fraud Alert/Victim Impact" statement placed in your credit file before opening any new accounts. Monitor the status of the fraud alert. You are entitled to order free copies of your credit reports when you have a fraud alert in your file. Follow up all reports of fraud to the bureaus in writing, by certified mail, return receipt requested.

TransUnion Fraud Victim Assistance Department Phone: 800-680-7289 Fax: 714-447-6034 Post Office Box 6790 Fullerton, CA 92634-6790

Equifax Consumer Fraud Division Phone: 800-525-6285 Fax: 770-375-2821 Post Office Box 740241 Atlanta, GA 30374-0241

Experian Experian National Consumer Assistance Phone: 888-397-3742 Post Office Box 2104 Allen, TX 75013

5. Contact the Federal Trade Commission's Identify Theft Hotline to file a complaint. The phone number is toll-free 1-877-IDTHEFT (438-4338); the mailing address is Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580; the website can be found at www.consumer.gov/idtheft. Update your complaint if you have any additional information or problems.

6. Keep records of all transactions and any expenses incurred. Once a case is resolved, problems can recur. Moreover, you may be able to obtain tax deductions for your expenses, or, if the thief is convicted, you may be able to seek restitution.

7. For more information on how to guard against or recover from identity theft, visit the web sites listed at the bottom of our "Links" page or on our Fraud and Crime Prevention page..