Considering a pet? Be aware of the costs

Photo by caioresende on Vecteezy

By Roxanne Alexander
Posted on April 27, 2022

Animals are just plain cute and can bring so much joy to your life. But like children, they are not cheap — especially if you care for your pet properly.

Whether you choose to adopt a pet from an animal shelter or buy one from a store or breeder, there are several costs to consider over the life of your pet.

The first one is the acquisition cost. You can adopt a dog for around $60 to over $200, depending on the shelter (this usually includes having them spayed/neutered and vaccinated), but I have seen French bulldog puppies through breeders for $7,000.

There are so many advantages to having a pet. They can bring such unconditional love and companionship. The purpose of this article is not to discourage you from owning a pet, but to allow you to consider the resources you should have available for a long-term financial commitment.

A dog or cat can have a lifespan of more than 15 years — this is almost like raising a child to college age. Many people adopt or buy animals and don’t factor this into their planning.

What if a new job forces you to relocate? What if pet restrictions make buying a condo or renting an apartment a problem? I have heard many sad stories of being allergic to pets or people losing their jobs and having to surrender pets they can no longer afford to care for.

Some additional costs to think about are:

Food and toys

Food can be quite expensive, especially if you have a larger animal. Dog owners should plan on budgeting $120 to $550 per year for food per pet, according to Petfinder. For cat owners, the estimate is only a smidgeon lower: $120 to $500.

I have friends who cook chicken and “people food” for their dogs. This can be as expensive as feeding another human.

Your pet may need some toys, a bed and possibly a crate for training. If you have a cat you may need to purchase something they can scratch.

A couple of toys can easily cost $50, a dog bed $35, and a cat scratching post $30 or more depending on how fancy you want to get. And don’t forget the kitty litter, which could add up to $70 to $150 per year, Petfinder reports.

Training costs/property damage

Puppies like to chew, and kittens like to scratch up furniture. This can be frustrating and costly, especially if the puppy ravages your expensive shoes.

The average cost for dog training is about $50 per hour, but obedience training can run $200 to $600 per week. A private dog trainer can run up to $150 per hour.

Pet insurance/healthcare

If your pet has known health issues based on their breed, it may make sense to either get pet insurance in advance or set aside cash for large vet bills.

Pet insurance can range from as low as $10 per month to higher than $100 per month. Keep in mind many insurance companies will exclude “typical” conditions associated with a breed.

Healthcare and vet bills can be a wild card depending on your pet. Keep in mind that if something serious comes up, a week in a veterinary hospital could mean a bill of $10,000 or more.

With regular dental cleanings (easily $300 or more each time) and periodic vaccines, heartworm pills ($58 to $159 per year) and flea and tick prevention ($150 to $200 per year), even routine care adds up fast.

General liability insurance

Some condo associations require you have liability insurance if you have a pet in case it bites or destroys property. This can increase your insurance costs. About 4.5 million people are bitten by dogs each year.

If you own your home, your homeowners insurance policy often will cover dog bites, but it pays to verify. Some companies exclude covering certain breeds. In those cases, and if you are a renter, you should look into personal liability coverage and/or umbrella insurance.

A colleague informed me that her condo association requested an analysis of her dog’s poop so that the culprit can be identified if a dog’s poop is not cleaned up!

Grooming

This can cost up to $100 per visit depending on the size of the pet and your location. Not all dogs require grooming, however.

Travel/pet sitting

If you travel frequently or work outside your home, factor in the costs of someone taking care of your pet when you are away.

Having a dog walker come by during the day can easily cost $20, depending on where you live. Doggy day care can be $25 per day and $40 for overnight. If you travel frequently, these costs can add up quickly.

Future planning

Many people have set up trusts for their pets. Since your pet is likely part of the family, what if something happens to you? Do you have plans in place for the pet, and the financial resources to provide for the pet after you are gone?

All of these are things worth considering.