The Financial Side of Pet Ownership
Thinking about adopting a furry friend? Whether you’re in the market for a cat, dog, or even a hamster, remember that pets come with financial responsibility as well as love and affection. From vet bills to kibble, Origin Bank breaks down the cost categories of pet ownership so you can build them into your budget.
1. Food. Whether you’re buying canned cat food or dry kibble, food is one of the biggest expenses for pet owners, ranging from $200 to $700 annually. And if your pet develops medical or age-related issues that require a special diet, prescription pet food can burn an even bigger hole in your wallet.
2. Grooming. Good pet hygiene and care includes keeping your furry friend’s coat clean and nails trimmed. Whether you’re scheduling monthly grooming appointments for your dog or buying special brushes for your cat, pets need a consistent grooming routine. If you have a long-haired pet, it’s probably best to let a professional groomer cut, comb, and dry their coat at least every other month. If you have a short-haired cat or dog, you can probably get the job done at home, however, make sure to buy the right tools and set aside time every week for grooming and nail trimming.
3. Vet Appointments. Another major pet expense is annual veterinary appointments. Routine care and annual vaccines are a must, and can cost $200 to $500 a year. There are also incidental vet expenses such as microchipping and spaying or neutering to consider.
4. Pet Insurance and Emergency Funds. If your pet gets sick and needs emergency care, pet insurance or a discretionary emergency fund can ease the financial strain. Pet insurance will reimburse you for covered medical expenses and other vet-related costs, and premiums vary. If you opt not to pay for pet insurance, you should still set aside funds for emergency use so your furry friend gets the care they need in a crisis.
4. Doggy Daycare and Walking Services. If you’re away from home during the day, you will probably need to invest in doggy daycare or walking services for your dog. Whether you drop them off at a dedicated center or hire a walker, these workday options ensure your pup gets the exercise and stimulation he or she needs while you're away.
6. Boarding and Pet-Sitters. When you go out of town and can’t take your pet along, you’ll need to hire a pet sitter or plan to cover boarding costs. Depending on whether you opt for a kennel or a free-roaming “hotel” experience, boarding can cost anywhere from $15 to $60 per night. If that’s too expensive, you can always ask a friend, family member, or neighbor to watch your pets–just remember to make an extra key and agree on a reasonable rate beforehand.
7. Pet Rent. If you aren’t a homeowner, your landlord may require you to pay pet rent. This monthly fee covers repairs for potential damage like scratched floors, flea infestation, or stained carpets. However, not all pet-friendly apartments require pet rent–some may require a one-time pet deposit, and some may have no fees at all.
8. Miscellaneous Accessories. From leashes and food bowls to kennels and carrying crates, there are several one-time purchases you’ll need to make as a pet owner. Items like collars, tags, and beds can potentially last a lifetime, while things like toys, waste pickup bags, litter boxes, and treats will be recurring expenses.
9. Medications. Pet medications include monthly flea and tick treatments, heartworm medicine and ointments, and any prescriptions for chronic conditions. While some medications are relatively inexpensive, prescriptions can be pricey. Be sure to talk about all the options with your veterinarian.
Owning a pet is both a rewarding experience and a significant financial investment. Make sure you’re building pet expenses into your budget so you both stay healthy and happy.