Daily Walrus - Helping People Help Animals

As the proud and caring parents of several animals, we know that nothing can drain your bank account like unexpected vet bills.  That’s why we have a pet care emergency fund in our savings accounts.  The emergency fund is one of the basic elements of sound personal finance.  This is a sum of money that is reserved for emergency use only so that you don’t have to rack up credit card bills or borrow money from others.  The money shouldn’t be used to pay regular bills, or spent on luxuries.  Just let it sit in a savings account earning interest.  Hopefully you will never have to use it.  But pets get sick, and the bills add up quickly.  By having an emergency fund, the bills wont affect your budget and your pets can get the care they need. 

How big should a pet care emergency fund be?  That depends on the individual.  After having our cat, Link, lose a battle with a prolonged illness, we know that expenses can accrue rapidly.  So we keep a fairly large emergency fund.  We also have two cats and a dog.  Your furry family may not be as large, so you may be comfortable with a smaller amount. 

If you want to set up an online savings account that will earn interest, Ryan recommends INGdirect.  If you e-mail us at dailywalrus@gmail.com, Ryan will send you a referral that will help you get started building your emergency fund.  If your initial deposit is $250 or more, his referral will get you an extra $25 credited to your account for free!  The only catch is that you have to keep the money in the account for 30 days.  After that, you are free to make withdrawals or transfer the money to your checking account.  Thats a great way to start building up savings that will ensure you have the cash on hand to care for your pets when and if they need it.