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If you’re a pet owner, you probably spend a lot of money on their care each year. Pets require more than just a lot of love and attention. Food, medicine, pet supplies, and vet visits can add up quickly. Choosing to become a pet parent requires responsibility and proper financial planning. Find out how much the average pet owner spends on their furry friends each year.
Just like people, pets have regular expenses. While having a pet can increase happiness and improve your life, your pet relies on you for everyday care. If you’re someone who budgets, 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 annually? According to a study conducted by OnePoll for AskVet, the average pet owner spends $111 monthly to care for their pet — resulting in a yearly spend of $1,332.
For pet owners with multiple pets, the total cost is even higher.
The average pet owner spends $1,300+ annually
While the typical pet owner spends over $1,300 per year to care for their pet, they spend additional money when they first bring their furry friend home.
The study also found that average pet owners make an investment of $176 on initial pet care supplies and adoption fees. It can be easy to forget about these first costs when you’re wrapped up in the excitement of bringing a new pet home.
Based on those findings, a new pet owner could expect to pay around $1,500 to care for their furry companion during the first year of pet ownership.
No matter how much money you spend to care for your pet, they appreciate all of your love, care, and attention.
How to budget for pet care
Whether you’re a pet owner or not, it’s good practice to set and follow a monthly budget. Doing this can help you avoid overspending and keep up with your financial goals.
If you’re considering taking in a pet or have pets now, you may wonder how to budget for their care, so you always have the money you need.
The following tips may be helpful:
- Calculate regular pet care costs. Consider what pet care essentials you purchase on a routine basis, such as food, treats, toys, and medicine.
- Don’t forget about annual pet visits and medical costs. Most pets go to the vet every year, but if your pet goes more frequently — make sure you account for these vet visits. Don’t forget about lab fees, vaccines, and other procedure costs. And look into pet insurance to help cover these costs.
- Set aside extra money. Your pet’s care and health needs can change at any time. Additionally, vet emergencies can be costly. Set aside extra money for these instances, so you can get your pet help right away when an unexpected health situation happens.
Set a budget and save so you’re prepared
Once you calculate your household pet care costs and account for unexpected pet expenses, you can set a monthly budget and begin 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. Review our list of best savings accounts if you’re in the market for a new savings account.
Check out these personal finance resources for additional guidance related to essential money matters.
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