How Much Do Pets Cost?
Can Your Budget Handle The Cost Of Your Furry Friend?
I was driving down the highway one morning when I spotted something off. It was still pretty far away, but it looked like a paper bag blowing across the road. Only it didn’t seem to be moving the way bags do.
When I got a little bit closer, I realized it wasn’t a bag at all. It was a tiny kitten, no more than 2 months old. The poor thing was either lost or abandoned, and she was trying to cross the road.
I stopped my car right there, put my hazards on, and got out to try to rescue her. There was another lane, and I figured people could go around.
Right as I did, she darted into the path of an oncoming semi-truck.
Pets Are A Big Financial Decision
Too many people rely on their emotions when they decide to adopt a pet. This is a mistake because whether you’re adopting a dog, a cat, or a lizard, animals are adorable.
Take a step back and remember the financial implications of owning a pet before you decide to pull the trigger.
The exact amounts it will cost will vary a lot depending on your location, the type of pet you want, and the health of your pet. But there are a few general expense categories to keep in mind.
How Much Do Pets Cost Annually?
Every animal needs to go to the vet. For most, this is a once a year thing, but some breeds and species may have special needs.
I’m not talking about emergency trips in the middle of the night when you notice they’ve swallowed something strange. I’m talking about their annual checkup and vaccinations.
These vet bills can be a couple hundred dollars. But you know they’re coming and you can plan for them.
If you know before you adopt a pet that you won’t be able to keep up with their regular veterinary schedule, you need to reconsider the adoption. I know they’re cute, but you’re committing to give that animal the quality of life they deserve. Follow through on that commitment.
Besides the vet, all animals have maintenance costs like food and bedding. The ASPCA estimates it costs anywhere from $500 to $1000 per year to have a dog or a cat.
Smaller dogs and cats will be at the low end of that. The bigger the dog, the more expensive it gets. Big dogs need more food. It's science, I think.
What If Your Pet Gets Sick?
Now let’s talk about the surprise bills. I used to have a cat named Toothless, but his nickname was “Trash Cat” because that’s where I found him. In the dumpster outside my apartment.
Toothless was a sweet old man cat that someone dumped when they moved out. I took him in, and the problems began.
During the time he had been living in the dumpster, he got worms. We treated him multiple times because they wouldn’t go away.
He continued to develop progressively worse health problems. Ultimately, he was diagnosed with lymphoma and I had to make the decision to put him to sleep. It was one of the saddest days of my life.
I only had Toothless for less than a year, but the cat cost me well over $1000 in his emergency medical bills. Owning pets can be expensive.
All animals have the risk of unexpected health complications, even if you don’t find them in the dumpster. Think about and prepare for those veterinary expenses before you adopt that cat. Or that dog. Or that parakeet.
What To Do Before You Adopt A Pet
There are a few concrete steps you can take before owning a pet. In fact, you should do these things when you decide you want a pet. Do them before you ever even look at your local animal shelter’s website.
If you don’t, you’ll get emotionally attached and end up with a pet before you’re financially ready.
Or you could end up like Leslie Knope and adopt the entire animal shelter. Also probably a bad idea. 32 cats and dogs is too many cats and dogs.
Get Your Financial Dog House In Order
You need an emergency fund. When unexpected expenses pop up, you need a way to pay for them that isn’t plastic. You should add to this fund if you have a pet.
While $1000 may be enough to start if you’re alone, you’ll need to add more for your pet. You don’t want to get hit with a $500 vet bill when you’ve been planning to get your car fixed with that money.
Build up this pet fund before you adopt your new best friend. Set aside an extra $500 or so that you’ll only use to handle unexpected pet expenses.
And no, an extra cat bed or adoption fee is not an unexpected expense. I’m talking about expenses for unforeseen illness or injury. Veterinary bills ain't cheap.
Pets Can’t Get Jobs, So You Have To Budget For Them
Once you know you want a pet, you need to find the money to get one. Before you ever adopt, build it into your budget.
Since the ASPCA estimates costs between $500 and $1000 a year for a pet, go ahead and budget for that $1000 mark. Divided by 12, that’s $85 (rounded up) you need to budget every month for your little guy or girl.
Can’t find $85 in your budget for a pet? Your spending could be to blame, or it could be time to rethink adoption.
People spend money on the things they prioritize. If you aren’t willing to pay for your pets' costs, you may be making an emotional decision that you’ll regret later.
I recommend having this at least 3 months before you adopt your pet, and setting the $85 each month aside. Then when it’s time, you have $255 ready to handle adoption fees, vet bills, toys, and cute little superhero costumes your cat will hate.
Ways To Reduce The Costs Of Owning
There are a few things you can do to make owning your pet cost a little bit less. One of them is sticking to that regular vet schedule. Illnesses are a lot cheaper to deal with if they’re caught early or prevented altogether.
But there are a couple other key things you can do to make your pet costs more affordable.
Adopt, Adopt, Adopt
By now, everyone has heard it. Adopt, don’t shop. “Designer” pets can cost hundreds and even thousands of dollars.
And all you’re getting is a dog or cat more likely to have been bred in inhumane conditions. Not to mention all the extra health consequences that come with a lot of pure breeds.
You can save thousands by going to your local animal shelter.
A friend of mine who lives in New York City recently adopted a cat (shoutout Fran) and paid a grand total of $500 for adoption fees, toys and supplies, vet appointments, and a microchip.
If he can adopt a cat for $500 out the door in one of the most expensive cities in America, think about how much you can save. That $1500 Maine Coon kitten just doesn’t seem worth it, especially since you’ll still be on the hook for all the other bills every year.
Still have your heart set on a specific breed of dog or cat? Check your animal shelter. My local humane society has a program that allows you to go on a waitlist for a specific breed. They’ll contact you when they get one in the shelter.
Consider Pet Insurance
Pet insurance is a new industry, but it’s worth considering. Pet insurance works a little differently than your health insurance.
While you’re still going to have deductibles and copays, you actually pay the vet yourself, unlike traditional health insurance. Then, you submit the receipt to the insurance company for reimbursement.
Pet insurance can be a great way to reduce the cost of those emergency bills. Most policies don’t include “wellness,” or yearly veterinary visits, and the ones that do are often too expensive to be worth it. There are also generally maximum coverage amounts per year.
Especially if you adopt your pet when they’re relatively young, consider getting an insurance policy. The premiums are generally affordable, and it could save you thousands if your pet gets injured or develops an unforeseen illness.
Conclusion
The annual cost of a pet can vary wildly. A healthy cat will cost less per year than a sickly iguana. But you should go into the adoption process with both eyes open and your feet firmly planted on the ground.
Adopting a pet is a big decision. You are committing to being that animal’s whole world for the rest of their life. You need to make sure you have the finances to make that happen.
And for those of you wondering, no she didn’t get hit by the semi-truck. Her name is Turtle, and she’s actually the thumbnail image for this post.
She sits in my lap while I write and occasionally causes typos by walking across the keyboard.
The saga of rescuing her could be a post unto itself.