Pet ownership represents a large emotional – and financial – commitment. Whether you buy from a pet store or a breeder, adopt an animal from a shelter, or take in a stray, initial costs are just the beginning of the story.
There are two main cost areas when owning a pet: the initial cost (adoption costs, vaccinations, training, etc.) and then general costs over your pet’s lifetime (food, toys, routine vet visits, etc.) Combining both of these costs together will give you a rough estimate of the lifetime cost of your pet. Even without some of the larger expenses like a fenced in backyard, initial costs like vaccines, heartworm prevention, toys, training, and food can add up to $680 or more. Throw in routine expenses such as dental care ($40 to $80 per year), food ($240 per year), and grooming ($30 per visit) and you’re looking at $300-$400 per year before major medical expenses.
Dogs and cats are the two most popular pets on the planet, but the differences between these two animals are stark. Dogs tend to require far more attention than cats do. From a financial standpoint, this translates into more expenses. Dogs need to be brushed every day or every few days—more if you own a particularly energetic breed that frequently gets dirty. More energy results in more injuries, and dogs often benefit from training.
As a rule, owning a dog will be more expensive than owning a cat. It’s important to decide before you adopt which of the two animals is a better fit for your lifestyle.
Another consideration is pet insurance. Pet insurance is exactly what it sounds like: health insurance for your pets. You pay a monthly premium just like you would for your personal health insurance that helps offset the cost of medical care for your pets. While pet insurance can reduce the cost of vet visits, its primary usage is in medical emergencies. The best time to insure a pet is when you first purchase it, especially if it is a puppy. There aren’t likely to be any pre-existing conditions that would increase the cost of insurance or invalidate your pet’s eligibility. The cost of pet insurance can range from $15 per month to as much as $75 per month. The primary deciding factors are where you live, the age of your pet, and your pet’s breed.
Whether the cost of adoption, medical care, or the standard expenses of food and toys, pets are more than just furry friends—they’re investments. Evaluate your current financial situation before deciding to purchase a pet. No matter how much love you’re able to give, you need to ensure you can provide for their other needs, too.
--taken from the Dollar Stretcher
