Do you ever wonder just how big a bite Fluffy and Fido are taking out of your wallet? Between food, vet care, health insurance, grooming, licenses, toys, leashes, collars and other supplies, owning a pet can be a major financial commitment. So, if you’re planning to add a new four-legged friend to your family, you’ll want to make sure to budget accordingly.
The true price of pet ownership
The American Society for the Prevention of Cruelty to animals has done the math, and they break it all down in this handy chart. In sum, for a small dog, you’re looking at shelling out about $1,314 in the first year, including one-time costs, such as spaying or neutering, supplies and training.
From that point on, assuming you don’t need to replace those supplies, you can expect to spend about $580 a year on food, vet visits, health insurance, toys and treats. A medium-sized dog will require about $1,580 in the first year and $695 each following year. Meeting the needs of larger breeds will cost about $1,843 for year one and $875 in subsequent years.
Cats are a little less expensive in the first year, mainly because they don’t require crates or training classes. You’re looking at about $1,035 in costs in the first year of cat ownership. Annually, a cat will cost somewhere between a small dog and a medium-sized breed: the ASPCA estimates it costs about $670 to keep a cat in food, vet care, litter and license for one year.
The British Columbia Society for the Prevention of Cruelty to Animals in Canada breaks it down somewhat differently. Basing their estimates on a medium-sized, female dog that has already been spayed, they predict a one-time cost of $290 to $520, while annual costs for dog ownership are about $1,196. Cats – or at least spayed female domestic longhair breeds – require $207 to $292 in one-time costs, while annually, their needs cost about $899.
Keeping vet costs on a short leash
These days, every dollar counts. So how can you keep your vet bills under control? CNN Money offers a few tips including keeping your pet at a healthy weight and making sure they see the vet on a regular basis: an ounce of prevention costs much less than a pound of cure, after all.
They also recommend asking your vet plenty of questions before going ahead with a costly surgery or treatment. Make sure you’re clear on the prognosis and if there are any more affordable options available. Finally, you can get into the habit of setting aside some money to cover unexpected vet bills; about $3,000 is a good place to start.
Like any true member of the family, pets are an invaluable addition to our lives, but they do come with a financial responsibility. Before jumping into pet ownership, make sure you’re ready and able to cover the costs. And setting aside some extra funds for an unexpected emergency never hurts.