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Over the past few weeks, our family has had to say goodbye to a cherished member of our family, our eldest cat, Hunter. Although he was 16 years old, we still felt like he had a lot of life to live and who heartedly believe that if you accept a pet into your home, you are taking on the responsibility for their care and they become part of your family. He had developed a rare form of cancer on his paw and after various pet visits and a major surgery, our only choice left was to put him to sleep.

We spent thousands of dollars throughout this whole ordeal and would gladly do it again if it meant we could save Hunter. We accepted these risks when we agreed to take Hunter, and would do the same thing for our other two cats, Dunkin and Riley.

This got me thinking about how different people view pet ownership. Some people jump into owning a dog or cat (or bunny, guinea pig, ferret, bird, fish, etc.) without ever considering the costs.

In my opinion, if you hope to get ahead in your finances and hope to be a good caretaker for your pet, you need to understand and accept the costs associated with pet ownership before you ever consider bringing a new member of your family home. So, before you go adopt a pet, you should ask yourself, “Can I afford a pet?”.

Annual Costs of Pet Ownership

The costs of pet ownership extend far beyond the initial cost of adoption and include recurring costs like food, medical, litter, toys/treats, health insurance and non-recurring costs like spay/neuter, collar/leash, litter box, scratching post, cage, carrier, crate, aquarium, other medical, etc.

According to the ASPCA, the average costs for the first year of ownership for a dog can range from $1,471 – $2,008.31 (small to large dog). For a cat the average costs for the first year of ownership are $1,174. Average ongoing costs for a dog ranges from $737 – $1040.31 (small to large dog) and for cats its $809.

Please see below a chart from the ASCPCA website that lists a financial breakdown of the annual costs for a variety of pet species.

These are significant amounts for most American families. These costs don’t include things like destroyed shoes, furniture, extra cleaning required, time commitment, ruined flooring (carpet and hardwoods), etc.

Also, these costs are just averages and include pet insurance. You may elect to skip the pet insurance, but If you adopt a pet that ends up having medical problems, then you could be looking at a lot more. I personally don’t use pet insurance (utilize an emergency fund), but understand why some folks do. If you don’t have the money in an account somewhere to handle a medical emergency for a pet, it may be in your best interest to either make sure you have enough in your emergency fund to cover the costs or invest in some pet insurance.

Learn more about emergency fund’s here: Emergency Fund Guide: What, Why & How Much Money to Save

Ways to Save on Pet Ownership Costs

Schedule Regular Check-Ups

Don’t skip or put off your pet’s yearly exam. It is much cheaper to prevent or protect against an illness or malady than it is to treat it.

Also, the sooner you can find any health conditions, the earlier you can start treating. Care earlier in the process is typically cheaper and more effective than later in the process.

If you feel like you’re paying too much or don’t feel comfortable with your vet, shop around. Would you stick with a doctor you didn’t trust or thought was ripping you off?

Personalize Your Pet’s Vaccines

There are some vaccines that are crucial to preventing serious diseases, but others that are completely optional. Don’t skip any shots that are mandatory for your pet’s protection or required by law, but do talk to your vet about personalizing your pet’s vaccines.

Spay or Neuter Your Pet

Spaying or neutering your pet can save you a lot of money by preventing serious health conditions like ovarian, uterine, and testicular cancers. Search your local shelters for low- or no-cost spay/neuter surgeries. ASPCA has an online database you can use to help you find a low- or no-cost spay/neuter program in your area.

Brush Your Pet’s Teeth

Dental diseases can lead to heart and kidney problems; and costly procedures. Talk to your vet about starting a dental routine to keep your pet’s teeth and gums healthy. They should be able to recommend products and talk to you about how often to brush your pet’s teeth. Don’t use people toothpaste as the fluoride may irritate your pet’s stomach.

Protect Your Pet from Parasites

Flea and tick infestations can lead to expensive medical problems that range from a minor skin irritation to life-threatening blood loss. Ask your vet about which products they would recommend. The most common is a topical solution. Make sure to use the products as directed and only use medication intended for that species (i.e. no dog version for a cat, or vice versa)

Give Up Cigarettes

Secondhand smoke is just as harmful for pets as it is for humans. Toss out the cigarettes now to avoid costly pet bills in the future. If you can’t do that, try to smoke outside the home and away from your pets.

Consider Pet Health Insurance

Like I mentioned earlier, if you don’t have an emergency fund or don’t intend to self-insure some other way if a medical emergency strikes, then you should consider pet insurance.

Your vet may be able to recommend some good options for you, however If you do go with pet insurance, please read the fine print. Just like any other insurance or product, they aren’t all created equal.

Buy High-Quality Pet Food

Buy a good quality pet food that is formulated under the guidelines of the American Association of Feed Control Officials. Your vet should be able to recommend some options.

If you elect to create a homemade diet for your pet, keep in mind that it will probably be more expensive and please check with your vet to ensure anything you plan on feeding your pet is a normal staple in that species’ diet.

Groom Your Pets at Home

We personally own a Furminator brand of brush and have it on our calendars to trim their nails and brush them at least monthly (typically brushing occurs more frequently with nails at the beginning of each month). This is good for your pet, will keep the hair tumbleweeds from forming in your house, and, if you have cats, keep hairballs to a minimum.

Can I Afford a Pet?

So, back to the main point of this article, “Can I Afford a Pet?”. The way to find out is to examine your finances by looking at what money you have on hand, what your expenses are each month and how they fit into your monthly budget, and determine if you have the capital (cash on hand) and room in your monthly budget for the recurring costs associated with pet ownership. If you do, then you should be able to afford a pet. If not, then you may want to consider waiting until you do have the money to afford a pet.

My intention in writing this article is not to scare away those folks on the fence about getting a pet. A pet can be one of the greatest things that happens to you and I hope everyone gets to feel what’s its like to be loved unconditionally by a pet. However, I do want people to think about the consequences of owning a pet before they adopt one.

Do you own any pets? Do you consider them a member of your family?

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