Are you a DINKWAD? Let’s discover!
1. Have you got a significant other or spouse? Or a your significant other?
2. Do you work as a team and earn money from doing the work?
3. Are you childfree?
4. Do you have your own dog?
If you’ve answered each of them with a yes I’d like to confirm that yes You’re officially DINKWAD!
If you’ve read my article about the SINKs as well as DINKs and DINKs, you may be aware of what DINKWAD means. If you’re not you are, the DINKWAD definition can be described as: dual income without children — and the addition of a dog!
Did you respond “no” any of those? Then you might be a SINKWAD when you’re not married and earn a decent income, have no children and also have an animal.
To my fellow cat lovers who are out in the world, I suggest you could become a DINKWAC (pronounced DINK-wack) just like me!
Do not forget about the single cat owners are out there: The SINKWACs!
Ok, you get it. I’ve gone through the interesting names for people who earn a living and don’t have kids who own pets. It might also be obvious to you based on my title, that we’re talking about children free individuals here. It’s people that have taken the conscious decision to not have children. It doesn’t matter if yours is the fur petor not, you’ve likely have guessed that I’m here to discuss with you my ideas on what makes being a childless person or the couple who have a pet or a number of petsthat is, unique and special from a financial standpoint. These are the top 5 things I think about …
1. TRAVEL!
I enjoyto travel. My cat however is more of a homebody. When my companion and I travel there is a need for her to eat and give the daily dose of Prozac. When she wasn’t on the medication, surely, we could travel more comfortably. We’d put together a huge bowl of food (she freely eats) along with water. clean her litter box and ask your neighbor or a friend to check on her on a regular basis to ensure she’s fine.
For pet owners who are prone to overeating I understand. Just like you, I need to have someone keep an eye on her each day at around 6:30 p.m. so that she can eat and then give her the pill. In terms of finances this means that we have to pay someone. If it’s a per-day cost for taking time or a nice souvenir, we’ll need to factor it into your travel spending budget. I’m sure my pet owners are also required to let their dogs go out and walk their dogs, which isn’t necessarily inexpensive. We wish you luck in finding the perfect pet sitter that will take care of your dog when you’re not there. Don’t forget to leave a tip!
2. VETERINARY CARE — AND PET INSURANCE
VET
Ah, the vet. Everyone’s pet’s best friend! (Well in certain cases, that’s more real than a prank!)
My Coco has visited the vet for dentist and doctor visits more frequently in the past several years than my own. This also implies that her dental and medical expenses have been higher than mine. Pet owners are aware that they’ll be required to pay for health checks, vaccinations if needed, and even licensing. It’s a standard. However, if you have an unusual medical condition or has been wounded in an accident or is just getting old ensure that you have your emergency and future opportunity account (EFOF) in check.
If you’re facing a major expense that could drain the EFOF of funds — for instance, broken bones, cancer or any other procedure that requires an emergency operation Be sure to not take out your credit card at once. Instead, consider asking for interest-free payment plans and care credit. Perhaps you’ve tried the latter for your own needs previously. Did you know that you might be able to make use of it to help your pet? Certain vets have funds pooled from their customers which they are able to offer to help a pet owner in need. It is never a bad idea to inquire for these kinds of help when you are in the middle of a crisis.
PET INSURANCE
If you’re thinking of the cost of veterinary care Do you think pet insurance is the right choice for you? Perhaps, particularly as your pet gets older. However, keep in mind that in contrast to human health insurance pet health insurance may limit certain preexisting medical conditions and therefore it may be beneficial to insure the pet early in their lives. However, insurance plans aren’t always choosy in terms of what they’ll provide. Some policies will not cover certain medical conditions or routine treatments from the beginning. Make sure you go over the fine printor email the policy to me for review. Since I am the Director for Insurance Planning here, I’m delighted to review your pet’s insurance!
Personally, my friend and I have decided that this insurance is not the right choice for us. Even even though Coco is turning 15 in July, the prices we looked over just didn’t work for us. We chose to self-insure ourher medical care by ensuring we have EFOFs are maintained properly and not paying an insurance provider for coverage.
Could she be facing an significant health cost that we aren’t capable of covering by our EFOFs? Absolutely. However, this is a risk we’re prepared to take. We, too, encourage you to discuss this issue with your partner and determine what you’d do to handle the cost of a major medical bill. If you’re an SINKWAD or SINKWAC and would like to discuss this, we can talk! If you’re DINKWAD or DINKWAC the invitation is available to you as well.
3. LIABILITY INSURANCE
If your pet is moving to you do you have insurance for liability? It’s common to get this kind of insurance through your homeowner’s insurance or renters policy. You might be asking what the property and casualty insurance is in relation to your pet. Let me explain.
You may be aware that liability insurance covers you in the event that you’re held liable (responsible) for the damages caused to someone else. This is pretty obvious, isn’t it? What you might not be aware of about liability insurance that you have through your renters or homeowners policy can include members of your household — and could even include your pet.
Tips for the Pros:Be sure to inquire with your insurance provider about this issue. Certain policies only cover the household members who are human and some insurance companies exclude some breeds from insurance coverage. If you’d prefer not to change insurance providers, an insurance policy for pets may be a good alternative.
What is liability insurance for your pet? Let’s suppose that an repairman comes to your house to repair your dishwasher when your dog bites the repairman. Your pet’s liability is on you and your liability insurance will cover you in the case that the person who was injured sues you. This kind of insurance shields you from financial loss.
If I say I’m here to make sure that your insurance is properly covered you’ll see that this applies to your pet too!
4. ESTATE PLANNING
With your assets secured against liabilities What are your plans to protect them when you’re gone? You might be the kind of person whose beneficiary accounts are pet or animal-related charity organizations. That’s lovely! When I talk about the estate plan, it’s talking about the plan you have regarding your animal or pet.
It’s not a common thing to think about their own death. But when it comes to financial planning, it’s a must. To put it simply If you die today as an SINKWAD or SINKWAC What would happen to the pet you have? Are your wishes clearly stated in a legally binding Last will and testament which could be accepted in the courts?
Are you happy with DINKWACs and DINKWADs? If you die in the next day, your spouse could be the one to care for your pet. If you and your spouse, partner or significant other went in the same day and who would take care of the same pet?
A crucial aspect of estate planning that is essential for members of the child-free community who own pets is to create an estate plan that provides funds to care for your pet when you passing. Most likely, your family or friends could be able to take your pet into care. However, if it’s not an official the pet could end up in an animal shelter and it may not be non-kill. Therefore, I urge you to make sure you do your estate planning due diligence for your pet family member or friends also.
To get a little more specific about the estate planning aspect If you lived but could not take care of your pet, what could occur? You might want to think about the possibility of a worst-case scenario such as being disabled. If you had to move to assisted living facilities for the remainder of your life could you manage to locate a place which would take your pet or pets with you? Include this — as well as the extra expenses it might need into your budget.
5. END OF LIFE CARE
This time, and again, with a sad trombone I know! This one is particularly sad as I’m here today to talk about the ending of your pet’s existence. It’s likely that you’re aware that pets do not have longer lives than their human counterparts. Much like your plan for estate and keeping advance medical directives it is beneficial to have your end-of-life plans set out in advance. This will help you reduce some of the emotional burden from a difficult decision when you’re most emotional.
If, for instance, your pet was suffering with no hope of healing Do you offer to help them make it over the bridge of rainbows? Do you offer them with pain medicine in the same way as it happens in nature? Are you planning to revive them? If you prepare for the worst in advance you will be with your pet in the final hours of their life.
Another vital aspect of end-oflife care that goes beyond the cost of care burial. Do you have a pet who has the most loved spot in your backyard that you would like them to lay in peace? Perhaps your family has an area in an animal cemetery. Maybe you’re less particular about location and prefer your pet to remain there with you when you die. If so it could be a good idea to consider cremation. I’ve heard of other ways for having the ashes of your pet transformed into a beautiful stone or maybe tattoo ink. These are all wonderful ways to honor your loved pet. If you’re choosing cremation, make certain to consider what happens to your cremated remains after your death.
Incorporating a pet into your family or establishing your own family unit adopting a dog or cat is an important step. The best way to start this process would be to make sure that you’re financially prepared. In the end, taking care of the living things in your life is an honor as well as an enormous obligation. I wish that your relationship to your animal is filled with affection — and maybe some cuddles and kisses too!
Did I overlook any major expense you’ve faced in a SINK that is child-free or DINK when you had a pet? Tell me! I’d like to hear about your story and how you’ve dealt with your financial planning without children.
