It's a Money Thing®
Paying for Pets
Like walking the dog or scooping out the litter box, budgeting is a part of basic pet care. If you’re thinking about getting a new pet, start by taking a look at your finances. You want to ensure that you can provide for your pet’s regular needs and that you have the ability to respond to emergencies.
Although the love and companionship our furry (or feathered, or scaly) friends provide is priceless, it’s impossible to ignore the effect that pet ownership has on our wallet.
To help you prepare, we’ve outlined three categories of “hidden” expenses below. Though all three are related to pet care, they’re often left out of the average pet budgeting worksheet and therefore have the ability to take you by surprise.
Though we’ve written this guide with dogs and cats in mind, similar expenses
exist for other pets.
According
to the American Pet Products Association, nearly 70% of all US households own a
pet. That translates into an estimated $86 billion spent on food, supplies,
and other pet services.
But when you first welcome a new pet into your home, you’ll likely need to pick up a few items to prepare your home.
Pet-proofing your living space makes your home safer for your pet. It may include a combination of the following expenses:
- Window Screens
- Outdoor Fencing
- Gates/Grates
- Ramps/Pet Stairs
- Furniture Anchors
Medical expenses should not come as a total surprise—as a new pet owner, you should already be budgeting for routine veterinary visits and have a healthy emergency fund set aside for serious medical issues.
That said, there are some pet health expenses that fall outside of both regular checkup territory and emergency territory.
Depending on your pet’s needs, you may be faced with one or more of the following overlooked medical expenses:
- Allergies
- Ear and Dental Care
- Injuries from Animals/Wildlife
- Preventative Medication
Even if you’re a watchful pet parent, it’s reasonable to expect a little (or a lot!) of mischief from your pet. This usually results in repairing or replacing damaged items in your home. Budgeting for a little extra property damage will ease the pain when Sparky decides that your brand-new shoes are his favorite chew toy.
Though obedience training can help limit the frequency of pricy pet shenanigans, you can still expect to repair or replace a few of the following items:
- Wood Furniture
- Sofas/Soft Furnishings
- Curtains
- Rugs/Carpets
- Cleaning Supplies
As is the case with budgeting for other significant milestones, it can be challenging to anticipate all of the ways a new change will influence your monthly spending.
There are so many pet-related expenses that, even with the best of intentions and a ton of preparation, it’s easy to overlook a few of them. By factoring in the hidden expenses of pet ownership, you’ll be better able to keep your pet happy, safe and well-cared-for.