Budgeting for our furry friends: Navigating the costs of pet ownership

We’ve got strategies to help you manage those doggone pet-care costs.

Surprises in life are exciting except when it comes to pet care. If your beloved pet needs emergency attention, do you have the funds for sudden veterinary help? Or maybe your furry friend chewed on a piece of clothing or furniture that needs professional repair. Pet ownership brings obvious and unexpected costs that can shrink your savings account or create new bills. Let’s look at the ways you can plan and budget to maintain cost control for Fido or Miss Kitty. 

Costs of pet care

The real cost of owning a pet varies greatly depending on the animal, its size and life span, but one fact is certain – there will be costs, and some may be high. 

For example, dogs come in many shapes and sizes, so general costs vary greatly. A Yorkie and St. Bernard will not have the same expenses. Cats maintain a fairly average size as they mature, and therefore, food costs are lower and consistent. Exotic animals (birds, reptiles and rabbits) have their own unique needs you should explore. 

Since about half of the U.S. population owns a cat or dog, we’ve highlighted typical ownership costs you might incur. Of course, many of these items may relate to all pets. 

Nan, a dog owner, alerts other owners to the special diet animals may require: “If you want your animals to actually eat healthy, avoid using cheap brands. Dog food is expensive. Research what your breed is prone to health-wise, and make sure if they are prone to certain medical conditions, you know how much those cost.” 

Budgeting

As you can see, the costs will add up and could last for years or decades if you always have a cuddly companion. Dog lover Patricia reinforces that fact: “Having a dog with food allergies is a lifelong challenge. Our dog was two years old when she began having issues. She's 14 and doing well.” 

As part of your monthly household expenses, include pet care. Prices will vary from item to item. Factor in every $5 toy, $15 costume and $20 food purchase. But most importantly, it’s imperative to save for a pet emergency that could be hundreds or thousands of dollars. This high-dollar hit could cause you to borrow money and take on an interest rate. 

Pet insurance

You and your family members have health insurance, so consider pet insurance, too. Pet owner Kayla gives her first-hand experience: “Unexpected vet visits will occur. There will be times when your pet eats something they shouldn’t or gets sick, and you’ll need to pay for a visit to the vet and possibly some meds.”

By performing online research, you can uncover policies for various domesticated animals and exotic pets. You’ll find plans that feature the monthly fee, payout limits, deductibles, veterinarian availability and more. Cats don’t have nine lives and dogs chase cars. It makes sense to review pet insurance policies.

Keeping costs down

Research pet-care matters online and ask questions of other pet owners. You could join a pet-care group to discuss costs, uncover savings hacks and find best places or apps to shop. Speak to your veterinarian about insurance policies and ways to keep your pet healthy and safe (to reduce unnecessary visits).

At home, you can also save money. Trim your pet’s nails, find effective DIY grooming supplies, correctly train the animal and ensure proper nutrition for a healthier pet.

When it comes to dogs and dollars, cats and costs, and expenses for exotics, diligent research and effective saving can keep your overall pet-care budget in “purrrfect” financial health.

Emergencies happen. Want more help setting up a rainy day fund?  We uncover 5 common myths and offer tips to get you started.