Owning a pet is expensive. From veterinarian care to food expenses to grooming, it can really add up and make a dent in your pocket. When it comes to vet care, some prefer to purchase pet insurance, while others (like ourselves) prefer to set money aside into an account for emergency pet expenses. Anyone with a pet knows how much vet bills can cost, whether for a routine exam or for an emergency. For example:
Annual dog vaccinations = up to $100
A simple physical exam + basic blood test = up to $300
Routine teeth-cleaning = up to $1000
A couple of overnight stays at the local animal emergency clinic = up to $2700
4-month-old Momo visits the vet for the first time!
According to the AKC, the first year of pet ownership can cost up to $2000, and that’s without any sort of medical emergencies. For those of us who have never won the lottery nor inherited millions of dollars, we believe it is absolutely necessary to have some money saved up for if/when your pet has an unexpected medical emergency.
From a personal standpoint, having some money saved up on the side was something that helped us when we first found out about Loki’s kidney issues, and continues to be something that we do in case we ever need it for Bear or Momo. As much as we hope we never have to dip into it, it’s simply a wise thing to do.
10-month old Momo visits the vet for a routine checkup!
Starting a Pet Emergency Fund doesn’t have to be stressful! - Bear
A great way to save up for the unexpected situations is by starting an Emergency Pet Fund with a Varo Savings Account. It ensures that you’re financially prepared if something happens to your pet!
Varo is an all-mobile bank account that is completely fee-free - this means there are no monthly maintenance fees, no foreign transaction fees, and no ATM withdrawal fees. Think about all the fees you’ve handed over to the big banks over the last year - it really adds up. In a Varo savings account, that whole amount could have gone to your Emergency Pet Fund instead!
Varo also offers fee-free, high-yield savings accounts that do not require a minimum balance. In fact, Varo pays one of the highest APY (Annual Percentage Yields) of any other bank in the US. The interest is deposited into the savings account on the first day of each month.
A quick comparison shows the huge difference in the yearly earnings (in interest) between a Varo account and an account based on the national average (other banks):
For a savings account with $10,000 balance, Varo (with APY of 2.12% and 2.80% - accurate as of June 4th, 2019) will give a yearly earning of $212 and $280, respectively.
For the national average APY of only 0.09%, you will get a measly $9 in one year.
Based on the interest rate alone, we think Varo is definitely the way to go for those who are looking to start an Emergency Pet Fund.
Varo also has tools available that can automatically deposit money from your Varo bank account into your Varo Savings Account to help build up your Emergency Pet Fund. They include:
“Save Your Pay” - Varo takes a % (of your choosing) of your Varo Bank Account deposits and automatically deposits that amount into your Varo Savings Account.
“Save Your Change” - Varo rounds up every transaction to the nearest dollar, and transfers the difference from your Varo Bank Account into your Varo Savings Account.
Another great perk that Varo offers is that you can get paid up to two days earlier with Early Direct Deposit money. No one likes to wait around for their paycheck to come in. The sooner your pay comes in, the sooner you can pay your bills, earn interest, and save for your emergency fund!
Join Varo and start saving towards your Emergency Pet Fund today! www.varomoney.com
*The Varo app is available on iOS and Android. They currently do not support joint accounts or business accounts.
This is a sponsored conversation written by us on behalf of Varo. The opinions and text are all ours.