Grandpa Moneybags And The Puppy Plan
The following story is part of the Grandpa Moneybags series. Created by Hurlow Wealth Management Group, Grandpa Moneybags is a fictional character who shares lessons that parents and grandparents can use to teach the next generation of wealth holders. In this lesson, discover how Grandpa Moneybags helps his grandson, Keith, navigate the financial realities of dog ownership, teaching valuable lessons about responsibility and budgeting.
Grandpa Moneybags and the Puppy Plan
by T. Claire Kest , CFP®, CAP®
Over summer break, Keith hesitantly approached his grandfather with an agenda. "Hey, Grandpa Moneybags, did you ever have a dog as a kid?"
Grandpa Moneybags lowered his newspaper, a nostalgic smile creeping across his weathered face. "Yeah, kid. We had this mutt named Scrappy: all shag and some wag. He probably ran away from a junkyard. He just showed up on our lawn one day."
Keith's eyes widened. "So, you agree that having a dog was good for you, right? Can you help me convince mom?"
Grandpa Moneybags chuckled as he settled back in his favorite armchair. "Well, that's a loaded question. Let's think this through. Having a dog can be wonderful, but it's also a big responsibility. It's about more than just the fun parts, like playing fetch and getting puppy kisses. A dog is a living creature that depends on you for everything - food, shelter, health, and love.
It's a good idea if you're ready for the commitment. It teaches you a valuable life lesson about caring for another living being. It can bring a lot of joy and companionship, too. I loved Scrappy, even if he was a bit of a handful.
But it's also a long-term commitment. Dogs need daily care, exercise, and attention. They can be expensive, though, with food and vet bills. Is it a good idea? Yes, but only if you're prepared for the responsibility and your family situation allows it. It's not just about wanting a dog; it's about being ready to be a good dog owner."
For the next hour, Grandpa Moneybags and Keith dove into puppy planning, discussing everything from adoption fees to vet bills.
Grandpa Moneybags pulled out a notepad and started jotting down figures while Keith looked up estimates on his phone. "Alright, Keith, let's see where we are, but remember, these are just estimates and can vary quite a bit."
He showed Keith the list:
- Adoption fees: $100 - $4,500 (one-time cost)
- Spay/neuter surgery: $90 to $500 (one-time cost)
- Microchip: $45 to $50 (one-time cost)
- Collar/harness $10-$140 (first-year cost, will need replacement as the puppy grows)
- Leash $5-$75 (one-time cost)
- Beds: $10 to $400 (one-time cost, but may need replacement)
- Food and water bowls $5-$80 (one-time cost)
- Training Classes: $149-$355 (first year)
- Poop bags $10-$90 (annually)
- Food and Treats: $300-$1,500 (annually)
- Toys: $25 to $200 (annually)
- Grooming: $30 to $500 (annually)
- Routine Veterinary Care: $700 to $2,000 (annually)
- Preventative Medications and Supplements: (annually)
- Dog Walking: $0 to $5,200 per year (if you need a dog walker)
- Petsitting or Boarding: $100 to $300 (per vacation if you need a pet sitter)
"Let's break down these costs with money-saving strategies," Grandpa Moneybags instructed, and Keith recorded the analysis.
| Expenses | Costs | Money-Saving Tips |
| First-Year | $1,029-$14,400 |
|
| Annual | $645- $9,035+ |
|
Budget Planning:
| Assumptions | |
| First-Year Expenses | $2,960.70 |
| Annual Expenses | $1,224 |
| Savings Goal | $4,184.70 |
As their budgeting session wound down, Keith sighed heavily. "$4,000, Wow! I had no idea how much a dog would cost."
Grandpa Moneybags leaned forward, his eyes twinkling. "Let's talk about how to make money! Now, I can't give you the money because your mom would kill me, but we can figure out other ways to earn money. What's the first idea that comes to mind?"
"We could sell some stuff? Mom told me about a movie called "The Upside," where this guy painted a picture of a dog, and they sold it for $50,000. Maybe we could do that?"
"Yes, selling things is a classic way to make money. Selling art is one idea. What else?"
As they began brainstorming money-making ideas, Keith's mother, Sarah, walked into the room. "What's going on here?" she inquired, eyeing the notepad in Keith's hand.
Keith's excitement quickly turned to apprehension. "Mom, I... Grandpa Moneybags was helping me budget for a dog. Now, before you object..."
Sarah's eyes narrowed as she turned to her father. "Dad, don't fill Keith's head with unrealistic ideas. A dog is a huge responsibility and very expensive. Please don't make him any promises."
Keith looked between his mother and grandfather, his dream of owning a puppy crumbling. The tension in the room was palpable.
Grandpa Moneybags stood up, his cheerful demeanor replaced by a serious expression.
"Now, Sarah, we're not just talking about getting a dog. I'm teaching Keith about financial responsibility and planning. We're working on a budget and researching costs. Keith is learning valuable lessons here." Grandpa Moneybags held his breath waiting for his daughter's approval to continue.
Sarah looked between her son and her dad, closed her eyes, sighed, and relented. "Ok, you can talk about it, but Dad, you better not give him money for this dog. I highly doubt that a dog is going to fit into our budget, but I won't stop you from talking about it." Then turning to her son she added, "Now Keith, don't get your hopes up."
Grandpa Moneybags put a comforting hand on Keith's shoulder. "Don't worry, kiddo. We have some work to do – not just to save up for a dog, but to show your mom that you're responsible enough to handle it. It won't be easy, but I've got your back."
Keith nodded, a glimmer of hope returning to his eyes.
