Pet Spending May Increase Satisfaction
Enjoy this week's edition of the Planner's Beta
Beta (n) - climber's jargon that designates information about a climb
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Pet Spending Can Lead Higher Life Satisfaction
Many researchers agree that pet ownership leads to various positive mental health-related outcomes. From increasing happiness to decreasing anxiety, there are many benefits to having a furry companion in your household. However, from a financial perspective, pets can be pricey when it comes to feeding, healthcare, and grooming.
Even with these costs, researchers in the field of positive psychology have recently found that spending money on pets can actually improve happiness. The author of this review notes: “Expressing love with our words and our wallets, we ensure that our four-legged-family members are well fed, well cared for, and showered with appreciation and affection, all of which create emotional satisfaction.”
However, one of the areas that was not included in the study was how well that spending aligned with the pet owner’s budget. If the money spent on pets leads to financial stress, the positive pet-spending effects may disappear.
How can you ensure your Fido-related spending promotes both emotional and financial wellness? Consider these tips: 1. Before inviting a four-legged friend into your home, map out the costs (mostly, future costs) associated with a pet. What will the ongoing nutritional and healthcare costs be? 2. If you have a pet today, consider how some of the money you set aside for more “experiential spending” (e.g., travel, hobbies) could be deployed for your pet. The same type of mental health/wellness outcomes that can result from spending on experiences were seen from this study in pet-related spending. 3. If having a full-time pet isn’t in your financial cards right now, consider some alternatives. Fostering animals can provide companionship, and most foster organizations pay for their healthcare while the pet is awaiting a forever home. Consider providing pet sitting services to friends and neighbors instead of taking on a pet full time.
This Month's Financial Planning Item -
Reviewing Your Property and Casualty Insurance Policies
Your property and casualty insurance policies are a vital part of your overall financial plan. It's important to review these policies each year to ensure that you have the coverage you need. If there are gaps, now is the time to implement changes to acquire proper coverage.
This month I encourage clients to review their auto, home, and personal property insurance policies. In this month's financial planning item, we focus on issues to consider when reviewing your policies, including:
Real Estate/Property Insurance
Did you recently buy or sell a primary residence or vacation property? It's important to review this insurance coverage, and perhaps your insurer, to ensure that the policies cover an adequate amount of the property's replacement value.
Have you made substantial improvements to your property, or has the property appreciated significantly in value? You need to be sure that their coverage keeps up with any increases in the property's value.
You should review your collision and comprehensive coverage. Depending upon the age of the vehicle and other factors, you may want to make some adjustments.
Are your children now of driving age? If so, you need to be sure that your children are covered as drivers and that your liability limits are adequate.
Personal Property and Umbrella Insurance
If you own personal property (i.e., antiques, collectibles, or coins) with a value that exceeds the ordinary policy limits, you may need to schedule these items to ensure coverage.
If you need additional liability coverage over and above what your homeowner's policy offers, you may need an umbrella policy.
Here is a comprehensive checklist of the types of issues you should consider when reviewing your property and casualty insurance policies. These policies play a crucial part in your overall financial planning and protect your family's assets from losses.
If you are a current Pursuit Planning and Investments client, securely upload any documents needing review to PreciseFP. We will discuss these items in our next scheduled check-in meeting. Or you may place an appointment on my calendar.
View this 19 point check list to help you organize your thoughts to optimize your property and casualty risk management plan.
Quote of the Week
"The greatest deception men suffer is from their own opinions." - Leonardo da Vinci
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