February is Responsible Pet Owners Month. Let’s say you’re considering owning your first pet. If so, you should know that it can be a great experience — but it’s important to consider the responsibilities and financial implications before welcoming that pet into your home.
There are several categories of costs involved in owning a pet, including the initial cost of purchasing all the necessary pet-related supplies, monthly costs for ongoing food and other needs, regular costs veterinary and unforeseen expenses such as medical treatment. The cost of owning a pet can vary depending on the type of pet you choose, including its size, age and health status.
For example, owning a larger dog may be more expensive than owning a cat or small mammal such as a guinea pig or rabbit. But if you’re considering adopting a small dog, the annual costs are roughly comparable to owning a cat.
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Dogs are the most popular pets in the US
My family and I are the proud owners of a 5-year-old pug named Charity. Although she is an indelible part of our family, we had to do some research before we adopted her to make sure we would be able to properly care for her throughout her life.
The cost of owning a dog can include the initial cost of its purchase, along with the purchase of a dog bed, toys, leash, collar, microchip and other necessary items. Ongoing costs include annual veterinary exams, vaccinations, treatments to prevent parasites, food, pet treatments, training sessions, grooming, pet insurance and more.
If you want to go on vacation, you may need to find a dog hotel/kennel or dog sitter — which can be expensive.
Other considerations: Do you need a fence in your yard? Or do you work full time outside of your home and need the services of a dog walker? In some countries, it is also mandatory to have insurance for potential injuries if you own a dog.
Cats are second in popularity (but don’t tell them that!)
In comparison, the cost of owning a cat can include the initial cost of buying a cat, food and water bowls, scratching post, litterbox, cat bed/basket and toys.
Ongoing costs of owning a cat include annual veterinary care — health checks, vaccinations, treatments to prevent parasites, dental care, etc. Food and treats should also be included — and don’t forget the cat litter.
Considering all the implications
Owning a pet can be a wonderful experience, and that pet can become a much-appreciated member of your family. But like entering into any important relationship, you need to consider the commitment required. You should take the time to consider all the implications before deciding to bring a pet home. The ongoing cost of owning a pet can range from several hundred dollars to several thousand dollars per year or more, depending on the type of pet you choose and the circumstances you encounter.
Budgeting is important before you own your new pet and while they are part of your family. Once you have a handle on your estimated costs of caring for your new pet, you should factor those costs into your household budget to make sure you have enough cash flow.
You may also consider creating and funding a savings account equal to six to 12 months of your expected monthly pet-related expenses before bringing home your new pet. That way, you can be financially prepared to deal with any higher-than-anticipated out-of-pocket expenses that may come your way, such as a sudden illness.
Getting pet insurance is another significant way to cover your financial commitment to caring for your pet. Policies have a wide range of costs and benefits, so please take the time to research and determine the best plan for your family. You can assume that there will be an ongoing monthly or annual premium along with the deductible and coinsurance amounts you are responsible for.
However, it can be a way to save you a lot of money to provide medical care for your pet. If you’re not sure how to begin your search, discuss it with your veterinarian to see if they can guide you through which pet insurance providers they have experience with and can recommend.
With some early and ongoing financial planning, you can ensure that you meet your companion animal’s needs and provide them with a happy and healthy life.
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This article was written and presents the views of our contributing advisor, not the Kiplinger editorial staff. You can check the advisor’s notes at SAYS SEC or with FINRA.
