Rodent Ranch. That’s one of the names we contemplated for our collection of pets when our two daughters were young. If it had twitchy whiskers, grasping claws and an insatiable appetite for electrical cords, it lived with us at some point in the girls’ first 16 years.
More than a few of the menagerie arrived as gifts during the holidays. If your family decides to adopt a new pet this season, it can offer your kids the perfect training ground to learn about budgeting and financial responsibilities.


Critter costs


If the new pet is small – like a gerbil, rat, rabbit or fish – consider increasing your child’s allowance to account for food, bedding or aquarium supplies. Here are other tips to keep in mind:



  • Research first. Send kids to the pet store or online to find out what the new pet requires and how much it costs. This exercise makes an important point – the initial price of many things, cars, computers and pets, isn’t the total expense.

  • Divide and conquer. Consider looking after big-ticket items like vet bills while your child handles the day-to-day expenses.

  • Bank it. A separate "pet bank," such as a jar, can hold earmarked funds until they’re needed for pet food or supplies.

  • Give kids ownership. Let your child take responsibility for noting when food is getting low and checking to ensure they have enough funds to buy it, along with paying, checking the receipt and counting change.