Disclosure: This post may contain affiliate links that earn me a small commission, at no additional cost to you! See our disclaimer for details.
What is a Dog Sinking Fund?
If you are planning on owning a dog, it is important to do your math regarding how expensive they can be!
Every year, owning a dog can cost anywhere from $500-$3000. You have to account for food, vaccinations, crates, dog sitting, toys, medications and more.
However, these should be expected expenses. If you’re planning on owning a dog, it is important to know ahead of time how much it will cost you per year. Otherwise, these costs can become a significant burden to your finances over time.
Therefore, a sinking fund allows you to set aside these expenses for your future dog! If you know how much you’ll need, a sinking fund is perfect to pay for expected purchases associated with owning a dog.
Be sure to check out my ultimate guide on sinking funds, which details the different types of sinking funds, and my tips for having a successful sinking fund for your new dog!
If you are new to the concept of sinking funds, a “sinking fund” is money you specifically set aside for expected expenses.
Some people have numerous sinking funds, ones for yearly insurance costs, pets, pool maintenance, Christmas, and so forth. It’s a popular way for people to not go over budget – and to be in control of their finances!
Why You Need a Sinking Fund for a Dog
If you have owned dogs before, do you remember how much you spent on your dog within one year? You likely spent money on your pet throughout the year, and you may not have had a budget set in mind.
Considering it can cost over $1,000 every year to own a dog, having a sinking fund is extremely helpful to not go over budget, and to prevent going into credit card debt when you weren’t prepared for it!
It is also a smart idea to build this fund in with your other sinking funds.
If you are a new dog owner, go through different articles online to determine how much money owning your new pet can cost you for this next year.
If you are a seasoned dog owner, try to go through purchases this past year to determine an average amount that you spend on your pet this last year.
Remember to account for accidentals as well! This can include vet visits, grooming, and medications.
As mentioned above, sinking funds are helpful to plan for expected expenses, and it is important to plan for such a large yearly expense that you’ll have to pay every year.
5 Quick Tips to Creating a Sinking Fund for a Dog:
By creating a sinking fund for your dog, you can decrease financial stress and strategically plan your spending over the year or over a handful of months.
Use these 5 tips to create a successful sinking fund for your dog:
- Set aside money every paycheck for your dog’s sinking fund. This budgeting habit helps you be prepared for any expense that comes up within the year.
- Don’t lie to yourself about money. It is important to be true to yourself about how much money you plan to spend, or had spent in years past.
- Use a visual tracker. It is very helpful to use cash envelopes, a printable tracker, or an excel spreadsheet to watch for growth of your dog’s sinking fund.
- Use cash for your dog’s sinking fund. Setting aside actual cash is a great way for anyone new at budgeting, because it can help you quickly build better financial spending habits.
- Enjoy the process of saving for your sinking fund. Having a sinking fund for your dog can be a fun experience! Encourage your kids to participate in saving money, too!
Use A Printable for your Sinking Fund
Using a visual tracker for your sinking funds is a great way to ensure consistent saving of your money to build up your sinking fund! It is also fun to watch your sinking fund fill up and grow over time. Plus, utilizing coloring sheets is a common way to track how much you’ve saved for your new sinking fund.
Be sure to download your free coloring sheet for your dog’s sinking fund, above! This printable is a great way to prevent financial stress over the year and provide for your pet!
Use these following steps to make the most of your sinking fund printable:
- Print out your free printable – add this sheet to your budgeting binder
- Write down your sinking fund goal – write how much it will cost over 1 year for your pet(s) and place this at the top of your sheet
- Divide your sinking fund goal and write those fractioned numbers onto the outer lines
- Determine how much you need to save each paycheck or each month to achieve your yearly sinking fund goal
- Every time you contribute to your sinking fund, color in lines on your printable until you achieve the next line
- Complete your yearly sinking fund goal for your dog’s expenses