My family recently had to say goodbye to our 14-year-old cat, Chester. Recently, we noticed he was limping and not himself. Turns out, it was cancer in the bones of a back paw. We ended up having him euthanized at home by an exceptionally nice vet.
Total cost of this journey: a little over $1,700. I know a lot of people have brought pets into their home in the past two years and many have decided to pay for pet insurance in case of health problems that lead to big vet bills. For owners of older pets, think about putting away $2,000 in end-of-life fund.
We never did buy pet insurance for our cat, or for the dog we had for 16 years. Our dog did rack up some costs – hip surgery to correct an issue he had from birth, plus some dental work later on. But until the end, our biggest cost of cat ownership had to be replacing all the window blind cords and earphone wires he chewed.
Our recent trip to the vet was an education in how the cost of veterinary care for an animal can add up quickly with exams, treatments and medicine. We started out with an exam, x-ray and medications. Another trip to the vet led to more medicine, including painkillers.
The total cost at this point was close to $1,000. The rest of the money we paid went to a mobile hospice vet who came to our home and compassionately helped end our cat’s suffering. Then, she wrapped him in a blanket and took him away for cremation.
I found I was almost eager to pay the vet bills for our cat because they represented hope of getting him back to health. But the cost of a sick, aged pet can be a burden for a family, especially in today’s world of relentless inflation. Having an end-of-life fund for your aged pet can help make things easier.
Here’s a picture of our cat taken last summer, as my wife and I were getting ready to head out on a vacation in Newfoundland.
Rob Carrick
ICYMI …
Part Two of the 2022 Globe and Mail ETF Buyer’s Guide: Bond Funds
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Rob’s personal finance reading list
Tips for women on financial planning for a longer life
Women have longer lifespans than men, a point that is increasingly playing a role in financial planning. Here are some tips specifically for women to ensure they save enough for retirement.
Seven travel destinations where the Canadian dollar goes a long way
Thinking ahead to travel later this year? Check out some of these countries with a favourable exchange rate for Canadians. From Egypt to Costa Rica
Ten ways to annoy your restaurant server
Don’t seat yourself, stack your dishes or wait until the end of the meal to split your cheque.
Making the Scene
All about the problems Bank of Nova Scotia is having with the reboot of a credit card rewards program now called Scene+. People could potentially be out thousands of points.
Q&A
Q: Are there any valid studies of real-world average citizen investment experience in equity markets? Those market growth charts just don’t reflect an average person’s experience.
A: You’re right – individual investors often don’t do as well as the major stock indexes over the years because of emotion-based buying and selling. A recent study by an investment consulting firm called Dalbar estimated the average equity fund investor underperformed the U.S. market by almost 2 percentage points.
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 and clarity.
Today’s financial tool
How to get free help with your taxes if you have a modest income and a simple tax situation.
The Money-Free Zone
A “lost” soul gem: You and Me, by Penny & The Quarters. Escapist listening for these troubling times.
Watch this
CBC is relaunching its 1990s/early 2000s Street Cents TV show for teens on TikTok. I watched a bunch of these videos and they’re great. Fun and practical, including a good overview of credit scores. Here’s Globe and Mail editor Sierra Bein on how she uses TikTok to learn about investing.
What I’ve been writing about
- With Russia invading Ukraine, it’s time to get real about all the risk people have taken on in stocks and real estate
- A realist’s guide to winners and losers in the wave of interest rate hikes that just began
- Inside the portfolios of ETF investors – favourite markets and sectors, plus hedged vs. non-hedged U.S. exposure
More Rob Carrick and money coverage
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Even more coverage from Rob Carrick:
- 🎧 Catch up on Stress Test: Are your parents giving you money? • Why it’s time to stop shaming the renting lifestyle • Is now the right time to buy a house? • Why are young Canadians leaving the cities they love? • Eating in: How COVID has shifted our food spending • Crisis-proof your finances? • Can you afford to live downtown? • The cost of kids
- ✔️ The housing file: The housing boom is ripping apart the financial fabric of Canada • Shut out: A well-qualified millennial home seeker throws up his hands after losing multiple bidding wars • Big city housing affordability is over – now what? • She sold her Toronto house to retire somewhere cheaper, but it didn’t work • How young adults and the whole country win with a tougher mortgage stress test for home buyers • Can’t afford your house? It’s likely not your fault
- 📈 Investing: Robo-advisers have grown out of the novelty stage. Here’s help in finding one right for you • The 2021 ETF Buyer’s Guide: Best Canadian equity funds • The 2021 Globe and Mail online brokerage ranking: Who’s best for investing … and answering the phone • Are these the stock market returns of a lifetime? • On the cusp of retirement and wondering about an ETF that pushes the limits on aggressiveness
- 💰 Your money: The five most important numbers for checking the health of your personal finances • Today’s freakishly low mortgage rates can’t last. What will pandemic home buyers do when they rise? • There’s a cost in money, isolation and family stress when seniors choose to remain in their own private homes • Taking CPP early can cost you $100,000 and limit your long term options • Fleeing the city for the suburbs? Watch out for higher property taxes, more cars and other costs
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