Here’s What to Know About the Costs of Pet Ownership

Pets bring joy and companionship into the lives of people throughout the world. While we can’t put a price tag on the love we feel for our furry friends, the reality is that owning and caring for a pet costs money. If you’re thinking of welcoming a new animal into your home and heart, here are some expenses to keep in mind so you can budget accordingly.

Decide to buy or adopt

First, you will have to decide whether to adopt a pet from an animal shelter, which is often less expensive, or buy from a licensed breeder or pet shop. Keep in mind that shelters frequently spay or neuter animals prior to adoption, which eliminates a cost that can be upwards of several hundred dollars. To help reduce medical bills later on, you may want to choose a breed that is less prone to health or genetic problems. At a minimum, be sure to carefully research your options so you can make informed decisions.

Anticipate ongoing costs

When it comes to the recurring costs of owning a pet, expect to budget for food, treats, toys, training, day care or a dog walker. In addition, pet owners are encouraged by veterinarians to invest regularly in heartworm, flea and tick prevention. Some animals may also have food sensitivities or medical conditions that require special diets and medicine – both of which can be pricey.

Think about lifestyle

Providing a comfortable lifestyle is a top priority for any animal owner. When thinking about your pet’s new environment, be sure to address any potential safety hazards. Preventing accidents may lessen unforeseen costs down the road, and more importantly, keep your pet out of harm’s way. If you are a renter, check with your landlord to see if you’ll need to pay more to have a pet. Homeowners should make sure they are compliant with city or neighborhood ordinances as some require fences for certain animals. You’ll also want to think about whether a caretaker is needed for your pet during your workday. If you travel frequently or plan to in the future, you should be aware of the expenses associated with bringing your pet on vacation or having someone care for them while you’re gone. Airline tickets and the price of a hotel or rental property will likely be higher if your pet is along for the trip.

Prepare for emergencies

Even with a tremendous amount of planning, accidents can happen. In an emergency, pets may need medical attention – the costs of which can accumulate quickly. Set money aside for these instances or think about purchasing pet insurance to help offset the potential financial burden. Finally, consider who will look after your pet if you become unable to care for him or her. Some owners decide to incorporate pets into their wills.

Anyone who has felt a connection with a pet knows that the costs articulated above are a small price to pay for their presence and affection, but it’s important to be realistic about the money required to keep them healthy and happy so you can enjoy their companionship for the long haul.