So you’re thinking of adding a member to your family — and not one that requires school fees (other than possibly some obedience lessons).

Maybe you’re contemplating a cat or a dog, a guinea pig or rabbit? Adopting a pet can be one of the most rewarding things you ever do — but it doesn’t come cheap.

You should expect to pay about $1,580 for the first year of care for a medium-sized dog, according to the American Society for the Prevention of Cruelty to Animals. A cat will set you back about $1035. Ongoing fees total $600 to $700 a year, not including pet insurance, unexpected medical costs, pet sitters or dog walkers. In the UK, expect to pay up to £1,000 ($1,681) per year for dog care and up to £650 ($1,093) for a cat, according to the Royal Society for the Prevention of Cruelty to Animals. Australians spend about AUD$1,500 ($1,390) per year on their pets, according to market researcher IBISWorld.

“Prospective pet owners need to consider very carefully both their needs and the needs of any animal that comes into their lives,” said Kate Eliasson with the RSPCA in Australia. Here are some tips on bringing Fido home without a hitch:

Do your homework: Begin by researching the animal and its breed, discussing pet care and costs with your roommates, spouse or family, and preparing your home for a pet. You’ll also need to account for pet costs in your budget.

Different animals have varying needs, dispositions and diseases inherent to their breeds. Make sure the pet you’re taking on matches your family, particularly if you have small children. “I have seen lazy or busy people with energetic hunting dogs, such as Weimaraners, who need at least four hours of rigorous exercises every day,” said Gemma Ashford, founder of the Thai Animal Sanctuary in Bangkok, Thailand. “I have seen people buying animals for aesthetic reasons, who didn’t research their behavioural traits and couldn’t cope with them.” You can do your own research online, but also ask the shelter or adoption agency what they know about the dog, because behaviour doesn’t always match the breed.

How long you need to prepare: From one day to a few months, depending on your living situation and how much you already know about pet ownership. If you’ve done your research ahead of time and stumble upon a rescue organisation at a local event, you might go home with a pet that day. Some organisations and breeders may require an application process and a home visit to assess your living environment.

Do it now: Have a conversation. “There needs to be a discussion about living with a pet, what that might look like, who’s going to provide the care and what kind of animal you want in the home,” said Gail Buchwald, senior vice president of the ASPCA Adoption Center in the US. If no one is really sure who will have time to walk the dog or will be responsible for cleaning the cat’s litter box, you’re not ready for a pet.

Prepare your home. You may need to erect an outdoor fence. Then consider puppy-proofing your home, which is a little like baby-proofing — put rubbish or fragile items up high or behind a lock. You may also want gates to keep a dog in a certain part of the house.

Pick up supplies. Many animal experts suggest having a crate for a dog, which can be used to train Fido in a variety of ways. (The US Humane Society has suggestions.) You will also need bowls for food and water, some toys, a collar and lead, and any bedding materials. To save money, look for gently-used bigger items (such as indoor gates, a crate or even food dishes) at boot or garage sales, or online on classified ad sites Craigslist.com or Gumtree.com.

Have your breeder or rescue centre recommend which food is best suited for your pet based on its age, size and breed. You may want to continue feeding it the same brand while the new pet settles in, before switching to an alternate brand.