Money Management

Pets are family, but the cost of care can be expensive. Keep reading for the average costs for vet visits — and see how pet insurance can help. 

Keeping your pet healthy is important to you and your family, but it can often come with a hefty price tag. One of the most significant expenses you might encounter as a pet owner is veterinary care. It’s easy to put off taking your furry friend to the vet when you’re not sure what the cost will be. However, neglecting your pet’s health can lead to expensive veterinary bills down the road. Understanding how much an average vet visit costs may help you prepare for these expenses.

How much do vet visits cost?

The cost of a vet visit depends on where you live, the type of pet you have, and the reason for the visit. Out-of-pocket annual costs for a dog average $1,400 and for a cat, $1,150. According to recent surveys, the average cost of a routine vet visit for a dog or cat ranges from $45 to $55. If you want a more thorough exam for your dog, the cost can range anywhere from $100 to $300 — plus the cost of tests. For cats, the cost can range from $90 to $200, not including any additional tests.

Diagnostic testing, such as blood work and x-rays, can cost $500 or more. Treatment for illnesses, injuries, or chronic conditions can also be costly. Surgery can easily cost $1,000 to $3,000, depending on the type of procedure and your location. Dental procedures, which are important for your pet’s overall health, can range from $500 to $800 or more.

Research shows that 1 in 3 pets require emergency veterinary treatment every year, and every six seconds a pet owner is faced with a vet bill of more than $1,000. Pets are a part of the family, but 4 out of 5 pet owners would be unable to afford a $5,000 vet bill. This is where pet insurance comes in.

Pet insurance helps offset veterinary bills should your cat or dog become sick or injured. The premium costs are based on the breed of your pet, age, your location, and much more.

How much does pet insurance cost?

Pet insurance policies can vary widely in coverage and cost, so be sure to research different options before choosing a policy. Remember to read the fine print and understand what is and isn’t covered.

There are two main types of insurance coverages that pet insurance companies offer: Accident & Illness (A&I) Coverage and Accident-Only (AO) Coverage. A&I policies, also known as “comprehensive policies,” cover accidents plus minor and major illnesses such as cancer, infection, and digestive problems. AO policies only cover accidents, such as car accidents, foreign body ingestion, lacerations, poisoning, and ligament tears. Here are the average costs for each type of policy for cats and dogs:

2022 Average Premiums (U.S.)

You can lower the cost of veterinary care by being proactive about your pet’s health. Regular preventive care, including annual check-ups and vaccinations, can catch issues early and help your pet avoid expensive treatments later on. Additionally, keeping up with your pet’s dental health can prevent costly dental procedures down the road.

While veterinary care can be expensive, it’s essential to keep your pet healthy and happy. By understanding the cost of an average vet visit, you can plan accordingly and avoid surprises. Pet insurance policies can also help offset major expenses should your pet need it. Regular preventive care and a proactive approach to your pet’s health can help lower the cost of veterinary care over time. If you’re concerned about the cost of veterinary care, talk to your vet about payment plans or financing options. With a little planning, you can keep your pet healthy without impacting your budget.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Weddings can be expensive to attend when there’s travel involved. Read on for ways to trim your costs. 

If you have one or more friends getting married this summer, you may be excited for their big day. But you may also be wondering how much of a blow your savings account is about to take.

Travel can be expensive at any time of the year. But during the summer, the cost can be even higher. And when you’re traveling for a wedding, you don’t get a choice when it comes to things like the timing or destination. So you could end up staring at a pretty hefty credit card tab after all is said and done.

The good news, though, is that there are steps you can take to lower your wedding-related travel costs. Here are some tactics worth employing, especially if money is tight.

1. Road trip it rather than fly

If you’re attending a wedding, chances are, you have some friends in common with the bride and groom. If you’re willing to hop in a car with those people and split the drive, you might save yourself money compared to the cost of a flight.

As an example, let’s say your wedding destination is six hours away by car, so it’s a reasonable drive for a weekend, especially if you can split it with another driver or more. If a flight to your destination has you shelling out $300 but the cost of driving is $150 all in, you’ll save money even if you drive by yourself. But if you find two other people to road trip it with, you’ll spend just $50 each.

2. Use the right credit card to book your flight

Air travel can be costly, especially if you want the option to be able to pick your own seat. But if you use a travel rewards credit card to book your flight, you might reap some savings along the way.

It’s common for these cards to offer free checked bags on flights, for example. If you’re attending a wedding and different festivities related to it, sticking to a carry-on may not be feasible. So if you don’t have to pay to check a bag, that alone might save you a nice amount of money.

3. Bunk with a bunch of friends at a private rental

It’s common for couples getting married to encourage guests to stay at the same hotel so everyone is centrally located. But staying at a hotel could be costly, especially if the wedding is being held at a popular destination. If you know other people attending the wedding, it could make more financial sense to split the cost of a private rental for lodging.

As an example, a 3-bedroom home that sleeps six in Hyannis, Massachusetts on Cape Cod costs $978 to book for the weekend of July 21 through July 23 through VRBO. A standard room at the Hyannis Inn that sleeps two that same weekend costs $753. (These prices include taxes and fees.)

So if you have a group of six traveling to the same wedding, you might spend $163 per person to split the cost of the $978 rental, versus $376.50 per person to stay at the hotel. And the VRBO property might also make it easier to cook some meals while you’re away, thereby helping you save on food costs.

There’s no question that attending a wedding can cost a lot when there’s a travel component. But if you take these steps, you might manage to lower your costs and minimize the financial burden. And that should put you in a better frame of mind to celebrate with the people you care about.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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The political struggle over the debt ceiling has the potential to impact all Americans. Read on to learn what effect a default could have on your investments. 

Investing in mutual funds is a great way to make your money work for you. They offer diversification, professional management, and liquidity. However, with Congress grappling with the debt ceiling limit, many investors are concerned about what would happen to their mutual funds if the government defaults on its debt. Will their investments be wiped out? Here is what happens to your mutual funds if the government defaults on its debt and a few steps you can take to protect your investments.

What does government default mean?

When the government issues bonds or Treasury bills to investors to raise money, it promises to pay back the principal with interest. If the government fails to make the scheduled payments on its debt obligations, it’s considered a default. Think of your mortgage loan. If you miss a payment, then your credit score could take a hit and the house could be foreclosed on.

A government default would be a severe blow to the financial markets and could lead to a major crisis. The U.S. government’s credit rating would drop and it would not be able to pay its bills, which include Social Security, Medicare and Medicaid, and other government-funded programs.

What happens to your investments?

Mutual funds that hold government debt, such as Treasury bonds or bills, will be affected if the government defaults on its debt. However, the impact on the mutual funds will depend on the extent of the holdings of the government debt. If the mutual fund has a significant amount of government debt in its portfolio, it may experience a significant decline in its net asset value.

However, it’s important to note that mutual funds hold a diversified portfolio of assets, including stocks, bonds, and other securities. Therefore, the impact of a government default on a mutual fund will depend on the proportion of government debt holdings compared to other assets. If the mutual fund has a relatively small amount of government debt in its portfolio, the impact may be negligible.

What can you do to protect yourself?

One way to minimize the potential impact of a default is to diversify your investment portfolio. Don’t put all your eggs in one basket. Invest in different types of mutual funds, including those that invest in stocks and bonds issued by private companies. This will help you reduce your overall risk and protect your investments in case of a government default.

Make sure your emergency savings account is fully funded, as this can help you weather any kind of financial storm. Consider investing in foreign currencies or overseas assets to avoid being solely reliant on the U.S. dollar. It’s also important to keep an eye on the news and stay informed about the government’s financial situation. This way, you can anticipate and prepare for any potential consequences. Finally, focus on reducing debt and lowering expenses, so that you have more cushion in case of financial hardship.

But don’t panic yet. The likelihood of the U.S. government defaulting on its debt is relatively low. The government has never defaulted on its debt, and it’s unlikely to do so in the future. Even during times of economic turbulence, the government has always found ways to meet its debt obligations.

In the event of a government default, mutual funds that hold government debt will be affected, but the impact on your portfolio will depend on the proportion of government debt holdings compared to other assets. By diversifying your investment portfolio and investing in well-diversified mutual funds, you can minimize the impact of a government default on your investments. Remember, investing is a long-term game, and staying calm and patient during volatile market times is the key to achieving your financial goals.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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