Animals are just plain cute and can bring so much joy to your life, but like children, they are not cheap – especially if you care for your pet properly.
Whether you choose to adopt or buy a pet from a store or breeder, there are several costs to consider over the life of your pet. The first one being acquisition cost. You can adopt a dog for around $60 to over $200 depending on the shelter (this usually includes having them spayed/neutered and all their vaccines), but I have seen French bulldog puppies through breeders for $7,000. You would want to do your research on breeds and make sure you get a healthy pet.
I have been actively looking for a furry friend but after educating myself on the time commitments and costs involved, I must confess, I am thinking about revisiting this when I retire and have more time.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
There are so many advantages to having a pet. They can bring such unconditional love and companionship and of course all of the funny, cute things they do. The purpose of this article is not to turn you off from owning a pet but to guide you as to the resources you should have available for a long-term financial commitment.
A dog or cat can have a lifespan of over 15 years – this is almost like raising a child to college age. Many people adopt or buy animals and don’t factor this into their planning. What if I have a baby? What if my job forces me to relocate? What if pet restrictions make buying a condo or renting an apartment a problem for me in the future? I have seen so many sad stories of new babies being allergic to pets or people losing their jobs and having to surrender pets they can no longer afford to care for.
Some costs to think about are:
Food and toys
Food can be quite expensive, especially if you have a larger animal. Dog owners should plan on budgeting $120-$550 per year for food per pet, according to Petfinder, and for cat owners the estimate is only a smidgeon lower at $120-$500. I have friends who cook chicken and “people food” for their dogs. This can be as expensive as feeding another human.
Your pet may need some toys, a bed and possibly a crate for training. If you have a cat you may need to purchase something they can scratch. A couple of toys can easily be $50, dog bed $35, cat scratching post $30 or more depending on how fancy you want to get. And don’t forget the kitty litter, which could add up to $70-$150 per year, Petfinder reports.
Training costs and property destruction
Puppies like to chew and kittens like to scratch up furniture. This can be frustrating and costly, especially if the puppy ravages your expensive shoes. The average cost for dog training is about $50 per hour, but obedience training can run $200 to $600 per week. A private dog trainer can run up to $150 per hour.
Pet insurance
If your pet has known health issues based on their breed, it may make sense to either get pet insurance in advance or set aside cash for large vet bills. Pet insurance can range from as low as $10 per month to higher than $100 per month. Keep in mind many insurance companies will exclude “typical” conditions associated with a breed.
General liability insurance
Some condo associations require you have liability insurance if you have a pet in the event it bites or destroys property. This can increase your insurance costs. About 4.5 million people are bitten by dogs each year. If you own your home, your homeowners insurance policy often will cover dog bites – but it pays to verify. Some companies exclude covering certain breeds. In those cases, and if you are a renter, you should look into personal liability coverage and/or umbrella insurance.
A colleague informed me that her condo association requested an analysis of her dog’s poop, so that the culprit can be identified if the poop is not cleaned up!
Health care/vet bills
These costs can be a wild card depending on your pet. Keep in mind that if something serious comes up, a week in a veterinary hospital could mean a bill of $10,000 or more. With regular dental cleanings (easily $300 or more each time) and periodic vaccines, heartworm pills ($58-$159 per year) and flea and tick prevention ($150-$200 per year), even routine care adds up fast.
Grooming
This can cost up to $100 per visit depending on the size of the pet and your location.
Travel/pet sitting
If you travel frequently or work outside your home you will need to factor in the costs of someone taking care of your pet when you are away. Having a dog walker come by during the day can easily cost $20 depending on where you live. Doggy day care can be $25 per day and $40 for overnight. If you travel frequently these costs can add up quickly.
Future planning
Many people have trusts for their pets. Since your pet is likely part of the family, what if something happens to you? Do you have plans in place for the pet and the financial resources to provide for the pet after you are gone?
-
Visa Is the Worst Dow Stock Wednesday. Here's WhyVisa stock is down sharply Wednesday after the credit card company came up short of revenue expectations for its fiscal Q3.
-
Another Analyst Moves to the Sidelines on Tesla Stock After EarningsTesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
-
Confused by Annuities? Making Sense of the Different TypesMany investors aren't sure if annuities are a good option for meeting financial goals. Let's look at the different categories, along with their pros and cons.
-
Talkin' 'Bout My Generational Wealth: Baby BoomersWith retirement, each generation has different priorities and challenges. For Baby Boomers, it's a matter of ready or not, here it comes.
-
How to Avoid a Big Hassle if Your Financed Car Gets WreckedHow an insurance check is made out for repairs can cause a world of problems if the lienholder is left out.
-
Estate Planning Strategies to Consider as Election NearsAre big changes in tax laws coming soon? Not likely, but you might want to take advantage of higher estate and gift tax exemptions well before the end of 2025.
-
How to Get Your Money's Worth From Your Financial AdviserA good financial adviser will focus on how your financial planning and investment strategy align with your lifestyle and aspirations.
-
Think of Prenups and Postnups as Financial Planning ToolsThese contracts provide a clear framework for asset management and protection and are especially useful if you get married later in life.
-
Congratulations on Your Raise: Three Things to Do With ItWe're not saying you shouldn't spend it on a new car, but there are some considerations to guard against lifestyle creep and to help ensure a comfy retirement.
-
Check Off These Four Financial Tasks to Finish 2024 StrongThe new year is a popular time to set financial goals, but now is the ideal time to check how you're doing. Four tweaks could make a big difference.
