What to expect financially before getting a pet

When you think about getting a dog, or a cat, or whatever type of pet you are dreaming about, you are likely thinking about all the good moments together: the snuggles on the couch, the belly rubs, their funny antics and charming personality. What might be less front of mind are the financial considerations of pet ownership. But in order to be responsible to both your pet and your wallet, the costs are important to weigh before making a commitment that will last for years to come.

How much can you expect to spend on a pet?

When adopting a pet, the upfront cost is far from the only expense you will end up incurring over their lifetime. Dreaming of a canine companion? The cost of “owning a dog over the average lifespan of 12 years ranges from $20,000 to $55,000,” said Discover, citing research from Credit.com.

Other types of pets, like cats, may be slightly easier on the wallet, but there are still plenty of costs involved. Whereas the average annual ownership cost for a dog is pegged at around $1,852, it is $1,235 for cats and $1,459 for other pets, said Zebra, an insurance comparison website, citing data from the American Veterinary Medical Association. Cats also have a longer average lifespan, with indoor cats potentially living 10 to 20 years.

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What are the typical costs of pet ownership?

The first cost many hopeful pet owners will face is an adoption fee, which can range anywhere from $50 to $5,000 and up, depending on whether you get your pet from a shelter or a breeder, said Zebra. Beyond that, you can expect to pay for:

• Supplies, such as a bed or crate, toys, a litter box and food and water bowls
• Vet visits, including one-time costs like spay/neuter surgery as well as annual check-ups and any emergency visits
• Food and treats
• Medications, if necessary
• Pet insurance
• Grooming and upkeep
• Training, like basic obedience classes
• Pet sitting and boarding (or hotel and airline fees if your pet travels with you)

How can you ensure you are financially ready for a pet?

Ensuring you are ready to bring a furry (or scaly) friend home requires first getting clear-eyed about the financial commitment involved, as well as your budget and your lifestyle. Make sure you are ready for the costs involved — both upfront and ongoing — and that you can balance them with your other financial commitments, as well as your financial goals.

There are also proactive steps you can take to mitigate the costs of pet ownership. For instance, you might establish a dedicated pet savings account, which can function “just like your emergency fund, but for your pet,” said CFP Let’s Make a Plan, a website for financial planning and certified financial planners. You might alternatively consider “exploring pet insurance or wellness plans” — for instance, a “preventive care plan can help spread out the cost of routine care and protect against surprises.”