Having a pet costs money, sometimes more than pet owners expect to pay. At the same time, that can be money very well spent for an animal lover. Having a pet can bring joy to life, improve your physical health, and help kids learn responsibility. So, even though it’s undeniably more frugal not to have a pet, sometimes it’s worth trying to fit one into your budget.
When it comes down to it, we spend on pets the same way we spend on kids: the costs increase the more we have to spend. So, while adding up the costs in either case may seem overwhelming, remember that many line items are optional. You can spoil your pet with lots of toys and treats or focus on the inexpensive joys of a walk or a $1 tennis ball. Focus your pet budget on those things your pet actually needs.
The Cost of the Pet
The initial cost of a pet can vary from a $5 goldfish to a pedigreed dog that costs tens of thousands. In many cases, buying an expensive animal can be a status symbol. However, most popular pets can be found at a shelter or rescue for much cheaper than that. These days, an adoption fee for a dog or cat at an animal shelter may range from $50-$300. This helps defray the shelter’s expenses and pay for the vet care your pet needs before they come to you.
However, if you are willing to wait, you may find fees are periodically waived when the shelter gets crowded. Or you might find a pet on Craigslist or through personal connections for cheap or free. Remember, though, that an animal that you obtain privately is still going to need the same shots the shelter would have given. Initial vet care for a cat or dog can run from $200-$700, including shots and neutering. But preventive care like this will save you much bigger costs in the future—don’t economize on it.
Have your heart set on a specific breed? If you do your research, you may be able to find a purebred or mostly-purebred animal at a nearby shelter. Petfinder is a search engine that can allow you to look for the pet of your dreams, filtered by distance, breed, age, color, and more.
Everyday Pet Care
When you bring your pet home, you’ll need to gather a few basic supplies: food bowls, a litterbox for cats, a leash for dogs. But in general, it’s wise to wait a little while on other items to see what’s really needed. Cats, for instance, likely won’t sleep in their bed even if you buy them one. But dogs will chew, and you’ll want to offer different types of chew toys to see what they like best before buying too many of one kind.
Depending on the size of your pet and the type of food you choose to offer, you may end up spending anywhere from $200 to $400 on food annually. You likely won’t notice this cost, since it’s part of your grocery bill, but it’s smart to break it out from time to time and see how it affects your budget. While pets can thrive on inexpensive food, if your pet develops an issue or is a picky eater, you may find yourself shelling out for something more costly.
Dogs may need an obedience class, especially if they’re a large or energetic breed. Some breeds of dogs and cats also need regular professional grooming. If you’re still deciding what breed to get, remember to consider these costs.
If you travel, expect to pay to board your pet, around $25 per day, or hire someone to come to your home. In some localities, you’ll also need a pet license. The fee for this might be $10-$25 annually. And, if you live in an apartment, you may owe a pet deposit or pet rent. Since these can be a significant amount, check the policies before even considering a pet.
Vet Costs
By far the lion’s share of the expense of owning a pet comes from vet costs. Regular annual checkups for a cat or dog run in the range of a few hundred dollars, including vaccines. But, just like you, animals can’t be guaranteed to never get sick. Especially as they get older, expect for your pets to sometimes have medical complications. Some of these can be chronic and expensive.
Vet insurance is one solution to this issue. You’ll pay $10 to $25 monthly, and in return you’ll be reimbursed for vet care your pet needs. Generally, there’s no network to worry about, since you pay at the point of service and are reimbursed after. You can get a plan with a deductible to save on monthly premiums.
The only catch here is the same as for all insurance: if it ended up saving most people money, the company would never offer it. But it will help you out in cases when a large bill comes in. So it can help you have a plan of action if your pet gets severely sick, instead of having to wonder if you can afford to treat your pet at all. That said, if you have a healthy savings account anyway, keeping some money in there for veterinary bills will save you money overall compared to vet insurance.
One easy way to improve your pet’s health for free and reduce the chance of an expensive accident is to keep your pet indoors. Cats do not need to go inside if the environment indoors is stimulating and pleasant. And keeping them indoors more than doubles their lifespan. Dogs generally need outdoor walks, but keep them well supervised or in an enclosed yard.
Can Your Budget Handle It?
Overall, pet owners spend around $700-$1000 on a pet annually, not counting initial costs. Can that put a dent in a budget? Sure. But walking a dog is cheaper than hiring a personal trainer to make you work out, and snuggling a cat to cheer you up is cheaper than going out on the town. If you or a member of your family really longs for a pet, it’s possible to find a way to afford one even on a restricted budget.To make sure your budget is trim and efficient, talk to your financial advisor. They can point out items you might be able to cut as well as talk you through how to stick to the one you have. To meet the right advisor for you, contact us today.
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