How do your expenses compare?
- The typical pet owner spends over $1,300 a year caring for their pet.
- Find out how to budget for pet sitting expenses to meet your furry friend’s needs.
If you own a pet, you probably spend a lot of money on their care each year. Pets require more than a lot of love and attention. Food, medicine, pet supplies, and visits to the vet can add up quickly. Choosing to parent a pet requires responsibility and good financial planning. Find out how much the average pet owner spends on their furry friends each year.
Just like humans, pets have regular expenses. Although having a pet can increase happiness and improve your life, your pet relies on you for day-to-day care. If you’re someone on a budget, it’s a good idea to include plenty of money in your budget for your pet’s care needs.
How much does the average pet owner spend on their furry friends each year? According to research conducted by OnePoll for AskVet, the average pet owner spends $111 per month caring for their pet, which translates to an annual expense of $1,332.
For pet owners with multiple pets, the total cost is even higher.
The average pet owner spends over $1,300 per year
While the typical pet owner spends over $1,300 a year caring for their pet, they spend extra money when they bring their furry friend home for the first time.
The study also found that average pet owners invest $176 in initial pet care supplies and adoption costs. It can be easy to overlook those early costs when you’re wrapped up in the excitement of bringing a new pet home.
Based on these results, a new pet owner could expect to pay around $1,500 to care for their furry companion in the first year of pet ownership.
No matter how much money you spend caring for your pet, they appreciate all of your love, care, and attention.
How to budget for pet care
Whether you own a pet or not, setting and following a monthly budget is recommended. It can help you avoid overspending and reach your financial goals.
If you’re considering getting a pet or have one now, you might be wondering how to budget for its care so you always have the money you need.
The following tips may be helpful:
- Calculate your regular pet care costs. Think about the pet care essentials you buy regularly, such as food, treats, toys, and medicine.
- Don’t forget annual pet visits and medical bills. Most pets go to the vet every year, but if your pet goes more often, be sure to account for those vet visits. Don’t forget about lab fees, vaccines and other procedural costs. And consider pet insurance to help cover those costs.
- Put money aside. Your pet’s care and health needs may change at any time. Additionally, veterinary emergencies can be costly. Set aside extra money for these cases, so you can get immediate help from your pet when an unexpected health problem arises.
Budget and save to be ready
Once you’ve calculated your pet care costs and factored in unexpected expenses, you can set a monthly budget and start saving for your furry friend’s needs.
A separate savings account is a great place to store your savings for emergencies and future expenses.
When you keep all your money in your checking account, you may be tempted to spend it and then struggle when unexpected expenses arise. Check out our list of the best savings accounts if you’re looking for a new savings account.
Check out these personal finance resources for additional advice on essential financial matters.