The Real Cost of Pet Ownership: Preparing Your Budget
Owning a pet brings immense joy to a family, but it’s crucial to understand that this companionship comes with significant financial responsibilities. Many devoted pet owners have faced difficult situations, including having to give up their companions due to unforeseen costs. Before welcoming a furry, scaled, or feathered friend into your home, it’s wise to thoroughly assess your budget and prepare for a range of expenses.
It’s estimated that dog owners, for example, can expect to spend a minimum of $20,000 over the lifetime of their pet. The expenses span from the initial purchase or adoption to daily care, and unexpected emergencies. Here’s a breakdown of typical costs you should consider before adding a new animal to your family:
1. The Initial Investment
Bringing home any new pet triggers a series of initial purchases. If you’re getting a puppy from a breeder, expect to spend anywhere from $500 to $2,000 or more, depending on the breed. Purebred cats can come with a high price tag, too. Adoption is often a more affordable option. If you are prepared to welcome a mixed-breed pet from a local shelter, you can significantly reduce the adoption price, which generally ranges from $50 to $200.
In addition to the initial purchase or adoption fee, you’ll need to budget for your pet’s first veterinary visits. These appointments will typically include essential vaccines and boosters, deworming treatments, and spaying or neutering, if your pet hasn’t already had the procedure. Be prepared for these expenses to potentially exceed $1,000. Adopting an older pet that is up to date on vaccines and has already been spayed or neutered is one way to potentially save money.
Finally, don’t forget the necessary supplies. This includes food and water bowls, collars, leashes, toys, a bed, and a crate – a necessary item for puppies and some cats. On average, first-time pet owners spend between $200 and $500 on initial supplies. Make sure to include these items in your budget as part of the initial cost of getting a pet.
2. Ongoing Expenses
- Food: Standard food for dogs or cats typically costs a few hundred dollars each year, but this could increase if a special diet is needed.
- Veterinary Visits: All pets require an annual exam and vaccinations. Some also need yearly tests for parasites and deworming treatments. Yearly vet visits cost an average of $750 for cats and $1,750 for dogs, but prices will vary depending on your location, so check with local veterinarians before you get a pet. Consider choosing a veterinarian you trust before your pet arrives. Remember that your pet might also need routine care, such as dental cleanings.
- Preventative Medical Care: Cats and dogs need flea, tick, and heartworm prevention. Factor the cost of preventive medications into your budget.
- Grooming: If your pet requires regular grooming, such as nail trims, baths, or haircuts, call local groomers to inquire about pricing and how often you should schedule appointments for your pet’s breed.
- Boarding or Pet Sitting: If you travel frequently, consider the costs of boarding your pet or hiring a pet sitter. Research local rates to find the best option.
- Miscellaneous Expenses: Prepare for other costs like licenses, toys, treats , obedience classes, and replacing damaged furniture.
3. Financial Planning for Emergencies
Even with a healthy pet, unexpected emergencies can arise. It’s wise to have an emergency fund of $1,000 to $2,000 specifically for unexpected vet bills if specialized treatments or surgeries become necessary.
4. Pet Insurance
Pet insurance can help cover unforeseen vet bills and sometimes routine check-ups. Research different plans to determine which one works best for you and your pet.
Jan Diaz is President/CEO of the Better Business Bureau serving Northern Indiana.
For trusted pet care services, visit BBB.org to view business profiles and provide customer reviews and file complaints. If you spot a pet scam, report it to BBB Scam Tracker at BBB.org/ScamTracker to help build consumer awareness.
Contact the BBB at 800-552-4631 or visit www.bbb.org.
