Q: What are the common expenses associated with owning a pet?
A: According to a recent study from the MarketWatch Guides team, the lifetime costs of owning a pet run into the thousands of dollars. For cats, the figure is approximately $15,000 to $45,000, and for dogs, the average is around $30,000. Food represents a significant ongoing expense for pet owners, along with routine veterinary care. Other costs may include the following:
- Grooming visits
- Babysitting or pet sitting services
- Dog walking or daycare
- Toys and treats
- Training courses
- Supplies (e.g. collar, leash, waste bags, food bowls, litter box, beds, etc.)
- Pet insurance premiums or wellness plan contributions
- Preventatives against parasites
- Emergency Veterinary Care
- Chronic veterinary care
- End of life costs
Q: What are some tips to help people budget for pet ownership?
A: The first step in budgeting is understanding what your pet needs and how much you might spend each month or year, or over the course of their life. Average monthly costs for cats are between $80 and $250, while for dogs they range between $100 and $300. Keep in mind that costs may vary depending on the size and health of your pet.
You can budget for your pet’s expenses by setting aside money each month for anticipated expenses, such as food, treats, and grooming visits. You can also create a separate emergency fund for unexpected expenses, such as when your pet becomes ill or has an emergency situation. For veterinary expenses, you can use CareCredit to spread the costs over six to 12 months, choose a veterinary practice that offers a wellness plan, and purchase pet insurance to offset costs for visits to the veterinarian in the event of an accident or illness.
Q: How much should I budget for veterinary care and vaccinations?
A: Routine annual veterinary care can add up. If your veterinarian offers a wellness plan, these costs are usually rolled into one monthly payment. Otherwise, you will have to budget for them yourself. Here are some common expenses to give you an idea how much could a visit to the vet cost?:
- Annual examination fee: $50 to $80
- Vaccines: From $20 to $60 each (up to six required each year, depending on the animal)
- Dental cleaning: $300 to $500
- Castration or sterilization (one-time expense): $200 to $600
- Heartworm test (dogs): $35 to $75
- Wellness screening tests, blood and urine tests: $80 to $200
- Fecal test: $35 to $75
If your pet develops health problems, such as an ear infection, skin allergies or chronic illness, you may pay for another office visit, additional diagnostic tests and medications, possibly on an ongoing basis.
Q: Can pet insurance help me save on pet-related expenses? How much does pet insurance typically cost?
A: Pet insurance can help you save on common and unexpected veterinary expenses. As long as you purchase your plan before your pet develops health problems, pet insurance will reimburse you a fixed percentage each year up to your plan’s limit.
The Best Pet Insurance Plans Offer Comprehensive Coverage for accidents and illnesses, including chronic disease management, medical treatments and surgical procedures. Some packages offer a wellness add-on, which partly covers current care costs and helps you spread these costs over your monthly payments. Pet insurance premiums increase with age, but average between $23 and $48 per month for dogs and $14 to $24 for cats.
Q: What are the potential costs of pet-related emergencies or unexpected health issues? How can I budget for this?
A: Costs for emergency rooms, acute visits, and persistent chronic illnesses can vary greatly depending on the nature of the problem. An emergency visit for a minor injury can cost several hundred dollars, but major emergency surgery or a lengthy hospitalization can cost between $5,000 and $10,000. According to the Synchrony study, the average illness or emergency visit ranges from $375 to $1,300. Some of the most expensive conditions include $8,000 for cancer treatment, $2,500 for heart disease, and $5,000 for orthopedic surgery.
Since you can’t predict your pet’s medical needs, one way to budget for emergencies is to invest in pet insurance that covers these expenses. You may be able to cover some emergency costs by using third-party financiers or a pet savings account, but these funds often run out before the pet insurance annual limit is not reached.
Q: How much should I budget for food, treats and toys?
A: Pet Food Costs vary widely and depend greatly on the size and activity level of your pet. A large, active dog costs much more to feed than a cat. The type of food you choose also contributes to the cost. Dry kibble is the least expensive, but canned, fresh, or dehydrated foods are much more expensive. Generally speaking, you should expect to spend approximately the following amounts per year:
- Food: $210 to $2,300
- Treats: $60 to $270
- Toys: $10 to $330
Q: Are there any miscellaneous expenses I should consider?
A: Miscellaneous expenses depend on your pet’s individual needs. Pets with long or continuously growing coats will need regular visits to the groomer, which may cost more than your trip to the hair salon. Active or young dogs may require daily walking or sitting services, which can cost $25 or more per day. Also keep in mind that some breeds are healthier than others — those with squashed faces are cute but expensive because they often have multiple health problems. Choose a healthy, small, short-haired breed to minimize expenses.
Once you know what to expect, you can plan and budget for your pet’s expected and unexpected expenses. For more information about pet health costs, budgeting, or choosing a healthy breed, talk to your local veterinary team.