The costs of bringing an animal into your home go far beyond any initial adoption fee, which can vary from nothing at all to hundreds of dollars. Here is a breakdown of the average first year cost of pet ownership for one medium dog.
One-time Pet Expenses
Spaying or Neutering: Dog: $200 / Cat: $145
Initial Medical Exam: Dog: $70 / Cat: $130
Collar or Leash: Dog: $30 / Cat: $10
Litter Box: Cat: $25
Scratching Post: Cat: $30
Crate: Dog: $95 depending on size
Carrying Crate: Dog: $60 / Cat: $40
Training: Dog: $110
Total One-time Costs: Dog: $565 / Cat: $365
Annual Pet Expenses
Food: Dog: $120/ Cat: $145
Annual Medical Exams: Dog: $235 / Cat: $130
Litter: Cat: $200
Toys and Treats: Dog: $55 / Cat: $25
License: Dog: $15
Pet Health Insurance: Dog: $225 / Cat: $175
Miscellaneous: Dog: $45 / Cat: $30
Total Annual Costs: Dog: $695 / Cat: $705
According to this report, the total first-year cost of owning a dog is $1,270 and for a cat it’s $1,070.
As you can see, having a pet can cost you over $1,000 in the first year, and well over $500 each additional year. Depending on the food you buy and sudden medical expenses, the costs could be much higher. Furthermore, these tables are not inclusive. If you travel, tack on pet sitting or kennel services, and if you rent an apartment, expect to pay a sometimes no refundable pet deposit or cleaning fee, if your landlord allows animals at all.
The Texas Society of CPAs has a PDF version of a pet budget worksheet you can use to help you estimate pet ownership costs. While the page is geared at parents teaching kids the costs involved in pet ownership, the actual worksheet is universal, and could be useful in trying to determine what your actual pet ownership costs might be.
These figures take into account having pet health insurance, which many pet owners do not. If your animal gets sick and you do not have insurance, vet bills can quickly escalate into the thousands of dollars. If you don’t have pet insurance, then potential pet costs are another reason to have an emergency fund of at least several thousand dollars.
Related: How to Prepare for the Unexpected Costs of Pet Ownership
Here are a few steps for making sure you can afford to own a pet:
1. Figure out how monthly expenses will affect your budget.
Are you currently overspending in some area (eating at restaurants, indulging a shoe passion, maybe) where you can cut back? Is that worth it to you? If the answer is “no,” you probably aren’t willing to make the sacrifices necessary to keep a pet happy and healthy.
2. Set aside between $1,000 and $2,000, or a portion of your emergency fund for that unexpected vet bill.
Don’t just say, “It would never happen to me.” We didn’t think it would happen to us either. But as the Kiplinger article says, it is almost definite that every pet during its lifetime will have a major vet bill. Setting aside the funds for that is not optional!
3. Consider how you will feel if you are faced with a life-saving vet bill you can’t really afford before it happens.
If you don’t, you may be faced with a Sophie’s choice between your pet’s life and being able to pay the rent next month. Don’t put yourself in this position; it’s not fair to you, nor your future furry friend.
4. If you’re worried about not being able to afford big vet bills, consider pet insurance.
My family did not purchase pet insurance, but in hindsight we probably should have. When you visit your local vet, he or she will likely have a lot of information for you about purchasing the insurance, but you should do your own research. Not all policies are created equal. PolicyGenius is a Money Under 30 partner, and they offer great resources on pet insurance.
What about you? Do you have a tip for saving money throughout your pet’s life? When were you ready to afford your first pet? What is your largest pet expense?
Read more at: Pet Ownership at MoneyUnder30