If you have or are thinking of having a pet, you have probably already asked yourself this question. The cost of keeping a healthy dog depends on multiple factors, but with a little organization and a few simple strategies, it is possible to ensure their well-being while saving money.

Veterinary, medication and prevention expenses vary according to your dog’s health condition, lifestyle and genetic characteristics. In addition to these factors, their health is related to their environment. Where you live, for example, can influence their risk of suffering certain types of accidents, injuries, or illnesses that are more common in certain regions.

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Managing Risk

Like in all other areas of life, taking care of your pet’s health implies ensuring that they receive a lot of affection, eat a healthy diet, play and exercise according to their possibilities, and that the chances of accidents and/or diseases throughout their life are minimized.

Although it is impossible to eliminate all risks, anticipating problematic situations in your pet's life and having a plan will allow you to handle each situation in the best possible way. Click To Tweet

So, understanding risk and managing it can not only prevent your pet from suffering, but also save you money.

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Assessing and managing risk is something that business specialists know very well and something we can learn to apply in almost every situation in our life. Click To Tweet

This includes taking care of our pet and, of course, personal finances.

In business, risk analysis and assessment consist of identifying and analyzing which events could negatively affect an organization, their probability of happening and the impact that they could have. Business owners would certainly like to know whether their company can tolerate such risks.

Just like business people use risk management techniques to take care of their organizations, you can leverage this knowledge to take care of your pet, your family and yourself.

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Managing risks consists of combining the evaluation of potential causes with the strategic use of available resources to minimize their negative impact and take advantage of opportunities.

Having a pet is a long-term commitment, so if you manage to assess the risks and establish a sustainable plan, you will be able to calculate the costs and make decisions as if you were a business professional.

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By applying simple strategies, you can take advantage of all opportunities and better use your money to ensure the well-being of your dog. Grab a pencil and paper because in the next article, we will show you how you can estimate the basic costs of veterinary care for your pet.