What is the Cost of Owning a Pet?

Pets can bring immeasurable joy to our lives, but it’s no secret that they also cost money. New pet owners frequently underestimate the lifetime cost of caring for a pet, which ranges from $20,000 to $55,000 for dogs and $15,000 to $45,000 for cats. But knowing the costs beforehand can help you assess whether you are financially ready to care for a pet. Keep in mind that the following costs are estimates based on information from the American Society for the Prevention of Cruelty to Animals and will vary depending on your specific pet.

Initial Costs

• Adoption/Purchase Fee: $200–500. This varies widely depending on the type of pet, breed, and source (shelter, breeder, etc.). The good news is that it usually covers costs like an initial medical exam, vaccines, spay/neuter procedures, and deworming.
• Basic Supplies: $175. This includes essentials like a crate, leash, collar, food and water bowls, and a bed.

Annual Costs

• Food: $200–400. The type and amount of food your pet needs will depend on their size, breed, and age. Higher-quality food can be more expensive but may be worth it for many pet owners.
• Veterinary Care: $160–260. Annual check-ups, vaccinations, and preventative care can add up quickly.
• Grooming: $135–270. Depending on your pet's breed, you may need to factor in regular grooming appointments for haircuts, nail trims, and baths. Costs may vary based on your pet’s size, breed, coat condition, and more.
• Cat Litter: $165. Dogs may not require litter, but you’ll have to buy waste bags to take on your walks with you.
• Toys and Treats: $25–75. Toys are essential for your pet's mental and physical health.

Plan for the Unexpected

When it comes to owning a pet, you never know what additional costs might come up. So, it’s best to be prepared. Emergency vet visits, for example, can cost $100–200, but hospitalizations and surgeries can cost thousands of dollars. If you plan on traveling without your pet, you’ll have to pay to board them while you’re gone, unless you can find someone to watch them for free. And even well-trained pets can cause damage to furniture and other belongings.

How to Manage the Cost of a Pet

Pets may be expensive, but there are ways to financially prepare and manage the costs of pet ownership.

• Invest in pet insurance: For a small monthly fee, insurance can make veterinary visits much more manageable.
• Open a savings account: Putting away money each month in a pet-specific savings account can help you cover unexpected costs when they arise.
• Take out a personal loan: If you find yourself caught unprepared by an expensive vet bill, you can take out a loan to help with the cost. SharePoint Credit Union offers competitive rates.

For more financial resources, visit our website or contact us today to speak with a representative.