Adopting a pet is often a fantastic experience that arises from the bottom of the heart. A pet can bring so much energy, enjoyment, and pure fun into a person’s life. But a new dog or cat also affects your finance. Therefore, it would be best if you are financially steady before deciding to raise a pet. As the responsibility attached to caring for a pet will cost you a lot of money. Therefore, before deciding to raise a pet, you must ensure that you can meet your pet’s needs. These needs are ranging from feed to medical expenses.
How A New Dog Or Cat Affects Your Finance
A result from an analysis carried out on pets reveals that it will cost an annual expense of about $737 to $1040 to care for a dog alone. And that only applies if you don’t get into any emergency congenital health situations and medical procedures peculiar to some breeds.
The same thing applies to other pets like cats, guinea pigs, birds, fish, and rabbits. They all come with their costs that can over time add up due to unexpected situations. So, you must ensure you can afford to take care of a pet before bringing one home.
The Different Types Of Costs
We already established the fact that you need to be financially ablest before considering raising a pet. So it’s also crucial for you to know that acquiring a new dog or cat will change your financial projection. Extra expenses will creep into your daily, weekly, monthly, and annual expenses.
Pets can live for ten or more years, and the annual costs of caring for a pet can range from hundreds to thousands of dollars. Along with all these expenses, feeding expenses are the most significant chunk, along with vet bills.
The Purchase Of The Pet
According to the ASPCA, you can expect to pay $212 a year for a small dog and $1,200 for an adult dog. The total cost of owning a dog or cat for the average pet owner in the United States is about $1,000 to $2,500. For example, consider that if you own a cat or dog, you spend about $2,900 a year, according to a recent study based on the current average. On the other hand, a purebred dog costs anywhere in the thousands of dollars, and if you fund your pet, it will cost you even more. Some will say that the highest cost is neutering a dog or cat, which can cost anywhere from $20 to $300. In addition, if you don’t sterilize your dogs or cats, you can be responsible for another person’s shedding.
How To Lower The Cost For A Pet
You can lower your total by adopting a smaller dog from a local shelter or looking for a pet – a friendly home for your furry best friend, such as a kennel or dog park. Ask an animal-loving friend to sit at your home while you pay for accommodation in the kennels or when you go on holiday. Show them your love while they’re away and let them stay in your dog. Ultimately, choosing a pet is about the lifestyle you enjoy and the care you want. The amount of money you are willing to spend on your pet should affect the type of animal you invest in if any.
The Daily Costs
Irrespective of where you live, the expenses of adopting a new pet are significant. If you bought your pet from a breeder or a pet store, you could expect to spend between a hundred to a thousand dollars, while the adopting expenses from a shelter can also cost zero to hundred dollars. Even if you got your pet for free, it doesn’t exempt you from the expenses of caring for it.
Below are some of the essential factors affecting your finance when you decide to raise a pet.
Food
Food is the most obvious of any pet expenses. It is one of the essential factors of caring for your pet. Because it must eat at least twice a day, whether your pet food is dog kibble, fish flakes, catfish, or rabbit pellets, they will undoubtedly cost you money.
According to a survey by APPA (American Pet Products Association), in 2019/2020, feeding a cat can cost its owner an average of $5.50 per week, increasing to $6.44 per week for a dog.
If you are an owner of a large dog that weighs nothing less than 55 pounds, and you plan to feed it premium dog food, your expenses will rise to about $63 per week. Pet food is one of the most expensive factors to put into serious consideration. But, it is an area where you can’t cut too many corners. So, it would be best to keep in mind the cost of food whenever you choose a particular pet.
Toys
Depending on the personality and playfulness of your dog or cat, you should invest in entertaining toys.
Medical Care
Another major factor you should keep in mind is medical care. Your pet needs vital medical care to avert future health crises. For cars and dogs, yearly checkups are routine maintenance to keep them in healthy form.
According to a survey carried out by American Pet Products Association (APPA), it reveals that an average American spends more than $630 in medical expenses for a dog every year. In comparison, the medical expenses for cats cost about $370 every year, although most cat owners have more than one cat.
A visit to the vet can sometimes identify some health issues that you must address immediately. Unfortunately, these health issues are most times expensive. For example, when your pet got a diagnostic test for cancer, it might cost you about $1,000, while the cost for CT scans ranges from $1500 to $2,500, and MRIs cost about $2,000 to $3,000.
All these costs do not include medications, long-term treatments, and surgical care. The APPA survey also reveals that the average cost of surgical care for a dog is about $426. In comparison, that of a cat costs $214.
Altogether, Americans spent a mouthwatering $29.3 billion on vet care in 2019, and it is estimated to rise to 35.2 billion in 2021.
Can I Financially Support A Dog?
Only you can answer this question because it is you that knows your financial strength. Gotten some facts about the cost of taking care of dogs, you should conclude if you are financially capable or not.
So, If these numbers make you uncomfortable, you should probably reconsider your decision to acquire a pet. However, pet owners often understand that pets can come up with health issues at any time, and they are ready to accept the economic effects that might come with prolonged injuries or illness.
Pet Insurance
To avoid your pet becoming a significant source of financial stress, you should invest in good pet insurance to help pay veterinary bills in the event of illness or injury, not to become a significant source of financial stress. Insurance is the best financial move for many pet owners and reduces your financial burden if something happens to your pets. In addition, if you have already added a pet to the family or are thinking of adopting a child soon, you must plan your spending to be fully prepared for the new family member. To understand how valuable pet insurance can be, you should first understand the costs most pet owners incur.
Which Different Types Of PET Insurances Are Available?
Most pet owners enroll in pet insurance plans to help them manage costs and prepare for unexpected veterinary emergencies. These insurance policies usually incur a low monthly fee yet can pay thousands of dollars in unexpected vet bills.
Good pet insurance companies offer illness coverage and generous accident, deductibles, and flexible premiums and are straightforward with their terms and conditions. Also, they do offer discounts when you insure multiple pets, provide preventive care coverage, and add-on riders for extra protection.
Below are different types of insurance companies you can use:
1. Pet Assure (Best overall)
It has a starting price of $99 per year.
Coverage
- Pre-existing conditions
- Preventive care
- Illnesses
- Accidents
Pros
- Their monthly fee is meager
- They allow all types of pets
- There are no annual deductibles or limits
- They are not subject to waiting periods
- They pay for pre-existing conditions of your pet
Cons
- They only 25% of your costs
- Prescriptions are not covered
2. PetFirst (Best for routine care)
It has a starting price of $125 per year.
Coverage
- Emergency care
- Alternative
- Holistic care
- Medications
- Ultrasounds
- X-rays
- Surgeries
- Hospitalizations
- Diagnostic tests
Pros
- Annual wellness benefits are available from $125 to $575
- The deductible is only $250
- Accident coverage starts the day after enrollment
Cons
- There is an individual limit to each preventive treatment
- Injury and accident limits max out at $10,000 per year
- They do not offer an accident-only plan
3. ASPCA Pet Health Insurance (Best for multiple pets)
It has a starting price of $118 per year.
Coverage
- Behavioral health
- Dental diseases
- Hereditary conditions
- Illnesses
- Accidents
Pros
- They offer pet discount for multiple pet owner (10% off per pet)
- The cats and dogs
- They have a smartphone app
- You will be eligible to visit any licensed veterinarian in Canada or the U.S.
Cons
- They do not offer unlimited benefits
- Not directly administered by the ASPCA
- Pet wellness benefits are subject to pre-treatment limits
Other Pet Insurance Companies That Are Available Include
- GEICO (Best for discount)
- Embrace (Best for emergencies)
- Figo (Best for holistic care)
- Hartville (Best for older dogs)
- 24PetWatch (Best for chronic conditions)
- USAA (Best for service masters)
- Progressive (Best affordable pet insurance)
The Bottom Line
When you get a pet, the cost will vary depending on the type of pet and your pet’s health problems. If you plan to get a dog or cat or even a cat or dog, make sure you can afford the pet before it costs you money. Decide to take out pet insurance, do your research and spend time and money on a specialist to help you with problems with pet behavior. The risk of developing certain diseases and chronic diseases is an essential factor to consider when budgeting the cost of keeping your pets healthy.
Pets are fantastic to have around the home, but you must be financially strong to take care of your pet. There are many factors you must also put into consideration before deciding to adopt a pet. Pet insurance companies can help you in sudden emergencies, so get your pet insured to enjoy the benefits of a backing.
