Puppy dog pet
Last week's newsletter on the cost of pet care reminded me how for most owners, pets are family. Dozens of people e-mailed to share stories about their dogs, mostly, but also cats. Cooper, Dreyfus, Trixie, Laddie, Riley, Nelly all are, or were, much-loved pets owned by readers of this newsletter.
I mentioned last week that my family has a 16.5-year-old dog who has slowed down a lot, and we're thinking a lot about what to do for him and at what cost. Many readers shared their own agonizing decisions about whether to spend a lot of money to save a much-loved dog or cat. Most of the people I heard from spent the money, and most said they had no regrets.
Curious to know how much people have spent on pet medical care? One reader reported an $8,000 cost for surgery and cancer treatments on a dog. Bills of $1,500 to $3,000 were pretty common for tests, treatments and procedures on dogs of all ages. My wife and I spent an amount in that range for hip surgery on our dog when he was just a couple of years old. What I remember about the surgery is, first that is was a complete success and, second, that the charge on our credit card was high enough to trip some kind of alarm at the bank that issued it. Someone actually called us to ensure the charge was legit.
Several readers mentioned they had good experiences with pet insurance, where you pay a monthly premium and receive some degree of coverage of costs for pet medical care. "I've become a huge advocate of pet insurance," one reader wrote. "I've made many claims and have only had to fight for coverage once."
I found this comparison of Canadian pet insurance product from companies (note the disclosure notice saying that the website where this info is posted receives payments from pet insurers). The customer reviews are well worth reading. Some are extremely negative.
As for the question of how to say goodbye to a pet that is a part of your family, I'll leave you with some wise words from two readers:
"You will know by the look in their eyes when they look at you when it is time."
"You want [your pet's] remaining time to be as enjoyable as possible – not spent recovering from surgery, or under the effects of a drug regimen. Take him out for ice cream."
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Rob's personal finance reading list…
Answers to your burning RRSP questions
Tax expert Jamie Golombek tackles three RRSP-related questions, including this classic: Can I hold my own mortgage in my RRSP? Mr. Golombek seems lukewarm on the idea.
Can I name my kids on my RRIF?
An expert on estate planning looks at the ins and outs of naming your children as a beneficiary on your registered retirement income plan. This is something you might consider if your spouse dies.
Bats in the attic – lots of them
A family in a community near Ottawa finds that their attic is infested with bats. "Closer inspection revealed a mound of bat excrement, known as guano," this Ottawa Citizen story says. Yup, that's gross. Will their home insurance company pay the cost of rebuilding the home to deal with the bat problem? Click here to find out.
Financial detox, anyone?
The idea is to find a spending habit that you feel guilty about and drop it for a month. Lots of great comments here from people on their spending regrets.
Today's featured financial tool
This investor profile calculator can help you decide on a mix of stocks, bonds and cash for your portfolio.
Ask Rob
The question: "My son is finishing up his first year of university. He just received a gift of $10,000. Should he use it to pay off his first year student loan, put into savings or use it to pay tuition for year two? He is in a six year degree program."
The answer: "I like the idea of paying off the first-year student loan and starting fresh for his second year. This will lighten his debt load when he graduates."
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length.
In case you missed these Globe and Mail personal finance stories
- My 2018 ETF Buyer's Guide: Best Canadian equity funds (for Globe Unlimited subscribers)
- Ask a behavioural economist: Why do I feel anxious during RRSP season?
- You can help your family with RRSP contributions – but do it right to avoid taxes (for Globe Unlimited subscribers)
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Rob Carrick