‘I will spoil my dog’: Half of American parents would sacrifice child care after a layoff — but only 38% of pet owners would cut back on pet purchases. How to protect your dear ones

Tay Ladd loves taking her mini goldendoodle, Gus, to bougie pet-friendly restaurants and dressing him in silk scarves and sweaters worth thousands of dollars.

"He lives a better life than most people in the world," Ladd, a corporate lawyer based in New York City, admits.

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She says her pet's little luxuries are one area of spending she refuses to cut back on — and if she did the same for a human child, few would judge her for it.

"I will spoil my dog and I will not be judged for that," she asserts.

Ladd's not alone in prioritizing expenses for her pooch. An April study from personal finance software company Quicken found that although 56% of American parents would consider giving up child care services if they were laid off from their jobs, only 38% of pet owners would be willing to slash their pet-related expenses in the same situation.

Here's why pet parents won't cut back — and what you can do to make sure your kid or pet stays protected whatever comes your way.

Some pet owners like Ladd go above and beyond for their fur babies. She notes that while she won't blow her bonus on a YSL bag, she will buy and feed Gus fancy market bowls instead of the typical generic-brand kibble.

If Ladd were ever to be laid off from her job, she says she’d look for other areas to cut back first — adding that her spending on her dog is "negligible" compared to how much she spends on rent in New York City.

Lee Decker, personal finance expert at Quicken, says child care expenses likely end up on the chopping block in the survey because they’re something parents already know how to do.

"Folks can stay at home more, forgo date night, and even rely on family and friends for child care before they need to outsource it to an expensive sitter," Decker said via email.

"Pet-related expenses likely aren't so simple."

Decker points to vet visits, which are a necessary expense that pet parents can't reduce, compared to child care services. Ladd also "doesn't see a scenario" where she’d cut back on her pup's monthly heartworm disease, flea and tick prevention medicine or pet insurance.

"These are fixed costs, and the alternative to spending on them would be getting rid of the family pet — which would be a drastic decision for most," says Lee.

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Whether your dependents are human or otherwise, it's essential to have some solid savings to fall back on. That way, should you ever get laid off, you won't be in a position of having to cut back on their care.

Two-thirds of respondents told Quicken that the current economic situation has made them rethink how much they should have in an emergency fund, and they’re trying to grow their savings as a result.

Ladd puts 100% of her brand dealership revenue — which she estimates is roughly $4,000 to $5,000 a month — into her savings and is also working on building up her emergency fund.

Experts generally recommend having three to six months’ worth of expenses stored in your fund to ensure you can still cover your rent or mortgage payments, groceries and child care or pet care costs while you get back on your feet.

If you’re a pet owner like Ladd, you could also look into pet insurance to protect your pet in the event of an emergency expense, like an accident or illness.

Since these expenses have a tendency to pop up at unexpected times, it's crucial to create and stick to a consistent budget. Lee recommends scaling back on splurges, like dining out or expensive new toys for your pet.

She even suggests leaning on your community in times of need — for example, you could ask a friend or a neighbor to watch the kids when you have to go out.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.