The temptation to take home that cute little puppy or kitty is strong. But have you considered the financial obligations that occur when bringing a pet into your household? Therefore, the financial cost of pet ownership should be considered before a commitment is made.
Pets tend to be cute and they do bring people plenty of companionship, joy and unconditional love. Additionally, there are benefits to having a family pet. For instance, pets become part of the family, so it is important to understand the financial obligations that will help you provide for your pet over its life span.
According to The American Society for the Prevention of Cruelty to Animals® estimates the cost for the first year of pet ownership to be between $1,000 and $3,000. After that, it ranges between $800- $875 annually. Even adopting a shelter animal costs money.
Financial and Personal Considerations
Here are some considerations to think about before bringing a pet into your home.
Living accommodations
- Where do you live and is it pet friendly?
- Do you own or rent? If you rent, a pet deposit could be a condition of the lease.
- Do you have the funds to install a fence, dog or cat door, etc.
Time
- Do you have the time to exercise your pet?
- Are you available to take them outside for bathroom breaks?
Pet Sitting and Boarding
- Who will take care of your pet when you are working or traveling?
- Boarding services and pet sitting services will vary based on many factors.
- There are also dog walking and doggy day care businesses that help with pet care but these costs all add up.
Food and Treats
Include pet food purchases in your budget.
- These costs are going to fluctuate depending on the pet’s size, age and dietary needs.
- There are many options offered for pet food, some come with higher costs than others.
- Treats are typically used for training and bonding. They should be given in moderation and for the benefit of obedient training.
Supplies and Equipment
- There is essential equipment and equipment that will make your pet’s life more fun or comfortable.
- Depending on where you live, there might be mandatory licensing and tags.
- Other essential items include leashes, collars, bedding, crates, toys, litter boxes, etc. Plan on replacing these items as they wear out.
Training
- Training is an individual choice, however it can be very beneficial to have a pet that behaves.
- The cost of trainings vary depending on where you live, type of training and even the reputation of the trainer.
Grooming
Depending on the breed and pet, regular grooming might include professional grooming services.- Grooming is a necessary for your pet’s health and comfort. The type and frequency is a variable expense.
- Consider purchasing quality supplies such as nail trimmers and brushes to use regularly at home.
Health Financial Considerations
Veterinary Care
- Routine medical costs such as wellness visits, vaccines, and medications such as heartworm pills and flea & tick prevention, etc all add up.
- Emergencies happen and can be financially challenging.
- Some agencies offer help with the cost of necessary medical care for owners of sick and injured pets.
Pet Health Insurance Plans
- Pet health insurance plans offer various coverage for accidents and illnesses as well as wellness visits.
- Consider completing a pros and cons list to determine if the expense of pet insurance is right for you.
Financial Obligations
Include all financial obligations for pets in your monthly spending plans. Additionally, consider building an emergency fund which is a dedicated savings account for your pet health emergencies. This will help elevate the unexpected expenses that can be stressful and costly.
Having pets is a fun and rewarding experience. Yet, pet ownership requires responsibility and long-term financial commitments. In conclusion, doing some planning will help you provide a loving home for your pet for many years to come.
