Pets provide so much joy in life. They act as an additional family member, providing a source of unconditional love and constant companionship. However, while there are an abundance of positives about pet ownership, it’s not something to be entered into lightly.
This is largely due to the fact that pet ownership is a massive responsibility. There is of course the personal responsibility of looking after the pet. However, there is also a financial responsibility to consider.
Therefore, before deciding to bring a pet home, elements of finance need to be taken into consideration. This is because, when it comes to pet ownership, there are not only initial costs, but also ongoing costs and even emergency costs to account for.
The true cost of pet ownership
Owning a pet can be quite a costly endeavour. From vet bills to purchasing food and beds and other accessories such as water bowls and toys, the expenses at times can seem never ending.
To put these costs into perspective it’s estimated that the average cost of owning a dog can add up to $1,627 each year. Meanwhile, the average cost of cat ownership is around $962 per year.
One reason for the relatively high cost is the fact that pets require many different products and services in order to live a happy and comfortable life. The cost can also be exacerbated by emergency vet bills.
Initial costs
When it comes to pet ownership, there are initial costs that owners must cover. These expenses range from purchase or adoption fees to startup supplies such as food, bowls, beds, leashes and toys.
There are also medical costs to consider. For example, for safety measures you may want to have your pet microchipped. Other costs may include procedures like spaying or neutering. Vaccinations may also need to be administered by a vet.
Ongoing costs
Ongoing costs encompass everything that owners will need to purchase for their pets to keep them happy, healthy and safe. As such, costs could include routine medical examinations or pet insurance.
More broadly, ongoing costs also include things like purchasing food and treats as well as new toys and bedding to replace old or destroyed products. Additionally, you may have to buy exercise or travel accessories such as leashes or tethers and crates or carriers.
Additionally, pets need to be groomed, have their nails clipped and their teeth cleaned in order to feel comfortable and healthy. These expenses may occur weekly or monthly depending on the types of activities your pet engages in.
Another example of ongoing costs is the fee attached with having a pet boarded. Your pet might need to be boarded if you plan on going away. Alternatively, you can take your pet with you but may need to account for additional transport and accommodation costs.
Emergency costs
No one likes to think about the worst case scenario, however accidents and illnesses do happen. In order to help your pet recover, you may need to pay for surgery, specialist consultations or medications.
How to budget for pet ownership
When it comes to owning a pet, there are a variety of different costs that owners have to be able to cover. The best way to make sure that your pet has access to everything they need in order to thrive is by setting up a budget.
For the best results, it’s advisable to have a budget saved before actually purchasing or adopting your chosen pet. This way, you can have a nice three month buffer saved up for your pet’s living expenses before they even arrive.
Saving the money might seem like an uphill battle, however, cutting out small indulgences such as one takeaway meal or coffee a week can help exponentially. These savings can then work to form part of your designated pet budget.
When creating a budget, it needs to be multifaceted. This means that one part of the budget accounts for the ongoing expenses while another part of the budget functions as an emergency fund.
By accounting for all the costs associated with pet ownership, firstly, you can see if your finances will allow you to adequately care for an animal. Secondly, down the line, a budget also allows you to have contingencies in place if the worst was to happen to your pet.
Taking care of your pet
When thinking about pet ownership it’s second nature to picture going on walks together, playing fetch, or snuggling up on the couch on a cold night. However, there’s a lot more to pet ownership than just fun and games.
When purchasing a pet you are wholly responsible for their development and health. This means that you must be able to financially raise and support your new pet, in both the good and bad times.
While this undoubtedly is a massive responsibility, taking the time to research and plan for pet costs can put new owners in a great position. By being informed and having a budget in place, you will know exactly what’s needed to take care of your new best friend.
