How to Budget for Pet Ownership

We all want to give our pets the best lives possible, but to do so we need to have at least a basic budgeting plan in place to ensure their needs are met and any emergency costs will be covered. Pets are a long-term investment, and difficult periods can bring financial stress, but planning ahead will help to ease the burden and keep both your furry friend and your wallet happy.

One way to look at pet expenses is to break them down into initial, recurring, infrequent, and emergency costs, all of which we detail in our comprehensive guide. Give it a read!

Budgeting for Upfront and Initial Pet Costs

When you’re looking to acquire a pet, there are a number of upfront costs you’ll need to take into account. For dogs and cats, you could be faced with adoption fees, and for dogs specifically, possibly breeder fees, which can range from $400 up to $5,000 in some cases. Of course, if you find and rescue a dog or cat, or acquire a puppy or kitten from a friend or loved one, you can likely avoid many of these costs.

You will, however, need to take your pet to initial veterinary appointments for checkups, shots, and spaying and neutering, which could amount to several hundred dollars in some cases. You may also need to factor in a pet fee if you are renting.

Beyond this, you will need to acquire basic supplies for your pet, like food bowls, food, beds, toys, carriers, and more. You will also likely want to invest in obedience training if you acquire a dog to help them acclimate to their surroundings. If you’ve opted for a fish, reptile, bird, or rodent rather than a dog or cat, you would need to purchase an aquarium, vivarium, or a cage and accessories.

All told, the average cost for first-year pet ownership is $1,500 to $2,000, so make sure to plan accordingly and have some spare cash on hand.

Planning for Routine and Recurring Monthly Pet Costs

Of course, your upfront costs are only a portion of owning a pet, because there will be a number of ongoing costs you have to budget for. These can include:

• Pet food – Account for $10 to $50 a month for cat or dog food, and around $5 to $15 for fish food. If your pet has any special dietary needs and requires a certain type of food for health reasons, your costs could be higher.
• Medications – While some pets might rarely need medications, others may need pills or injections (such as diabetic pets) regularly to keep them healthy.
• Sanitary supplies – Cats will require fresh litter and deodorizers, dogs will need waste baggies for walks, fish will need filter changes, and other types of animals will need paper for their cages and other items.
• Grooming – While not necessarily a monthly expense, you will likely need to have your dog or cat groomed several times a year, so be sure to factor in these costs as well.
• Toys – Whether you have a dog or a cat, you’ll likely find they’ll burn through plenty of toys due to aggressive play and wear and tear, so budget for picking up new ones from time to time.

In total, pet owners can expect to spend around $90 or more per month for their dogs, and around $50 per month for cats.

Preparing for Expected and Unexpected Vet Visits

Your pet will have their annual or biannual checkups to factor in, obviously, but you’ll also have to plan for cases when your pet suddenly becomes ill, is injured, or experiences a medical anomaly. Here are some key aspects to keep in mind:

• Annual checkups can range from $45 to $300 a visit, and vaccinations can cost between $90 and $360.
• Every few years, your pet may require dental cleanings, which can range from $500 to $1,000.
• It’s imperative to have an emergency fund set up for your pet, since disaster can sadly strike at any time. Put a little aside each month to build up a solid amount, possibly as much as a couple of thousand dollars to account for surgical needs if a problem warranted it.
• Pet insurance is also an option for pet owners, but it does come with caveats since many pets’ preexisting conditions may not be covered. Some people recommend only getting pet insurance when your pet is a puppy or kitten and thoroughly healthy, to avoid being denied later. Deductibles can range from $100 to $1,000, with policy coverage ranging from $5,000 to an unlimited amount. Be sure to research any companies and plans thoroughly.

Strategies for Cost Minimization

Being smart and proactive with pet care will not only help your furry friend, but it can save you money in the long run. Be sure to invest in healthy and vet-approved food and treats to maintain pet wellness, and attend your annual or biannual appointments to prevent any costly issues from developing.

Budgeting for specific costs for your pet throughout the month can also be a wise move, as well as putting some aside in an emergency fund as we discussed above. If money is tight, you may want to look into local aid programs that can provide assistance in times of need, and online groups like Buy Nothing can be great resources to get help from your community.

Other aspects to consider before you adopt a pet include:

• How expensive a specific type of animal will be, as well as the expenses required for various breeds
• What kinds of specialized care or diets you will need to engage in, and the costs associated
• Whether a rental’s pet deposit or ongoing monthly payment will be an unwanted burden, and if your building has any limitations on tank sizes for certain types of pets

Annual Costs for Pets

Different types of pets have different needs, and individual animals can cost more or less than average, but a good baseline to keep in mind is the following:

• The average cost of dog ownership is around $1,700 to $2,500
• The average cost of cat ownership is around $1,300 to $1,500
• Dog owners can expect to spend between $5,000 and $20,000 during the average 12-year lifespan of a dog
• If dogs or cats seem too expensive for you right now, fish and other small animals can be ideal starter pets, since their annual costs can be much lower

Need Great Care for You Pet? Let Our Experts Help!

As you map out your pet budget, know that Pet Palace Resort offers a variety of services at competitive prices. We provide diverse grooming packages, doggy day care, and dog and cat boarding to make sure your furry friends get all the TLC they need! Plus, several of our locations supply dog training services as well.

Reach out to our team today to ask about our services. We’re here to give your pet the royal treatment!

Categories: All Posts, Cats, Dogs, Tips for Your Pets