Last fall, 80 percent of pet shelters reported taking in animals whose owners said they could no longer afford them because of the recession. Bringing a pet into your home can be a wonderful thing, but it deserves financial consideration in advance. Pennywise people ought to consider the additional expenses that Fido or Fluffy will add to your monthly budget.
According to the ASPCA, here are some of the expenses you can look forward to during the first year of pet ownership:
- Spaying/neutering: Dog: $200 / Cat: $145
- Other initial medical expenses: Dog: $70 / Cat: $130
- Collar and leash: Dog: $30 / Cat: $10
- Litter, litter box and scratching post: Cat: $245
- Crate and carrier bag: Dog: $155
- Training: Dog: $110
And that doesn’t include regular expenses like food (average of $120 for medium-size dogs, $115 for cats), vaccinations ($235 for dogs, $160 for cats), and treats and toys ($55 for dogs, $25 for cats) — those rawhide bones and catnip mice really add up. If you can’t make it home to let your dog out at lunch, you may be paying $50 per week to hire a dog walker. And keep in mind that exotic animals like ferrets and parrots will probably incur higher vet bills, particularly for emergency care.
In all, proper care for a pet can easily top $1,000 per year. To a true animal lover, those costs may seem like a bargain compared with what you get in return. But particularly for families where cash is tight, waiting to get a pet until your financial situation improves may be the best thing you can do.
Not sure if you can swing it? Fill out this pet-ownership worksheet by ValueYourMoney.org.
