The following post is by MPFJ staff writer, Chonce. You can read more articles by Chonce over at her personal blog, My Debt Epiphany. Enjoy!
A pet can be a great companion and a wonderful addition to your family. While it may not cost $250,000 to own a pet over the years while some sources claim that’s how much it costs to take care of a child to the age of 18, there are some notable expenses that need to be considered before you decide to get a pet.
According to the ASPCA, the first year of pet ownership if you have a dog or cat exceeds $1,000 and that doesn’t even cover unexpected expenses. Regular expenses you can expect to pay for a cat or dog include shots and veterinary expenses, food, grooming supplies, a bed, toys, liter and a litter box (for a cat), spaying or neutering and so on.
For hidden costs associated with pet ownership, here are a few things you’ll have to consider and how to budget for them.
Extra Medical and Preventative Care
Everyone wants a healthy pet, but there may be some underlying issues beyond your control. Taking your pet to regular vet appointments can help rule out or highlight any medical issues that require extra care.
You may need to pay for additional vaccinations or preventative care for issues like fleas or parasites along with any pre-existing conditions your pet may have. Not to mention, any accidents could range from $1,000 to $5,000 depending on if your animal needs surgery or not.
Babysitting and Training
If you travel quite a bit or spend a few nights away from home each month, be sure to budget for a pet sitter. Most animals shouldn’t be left alone in the house for long periods of time because they could run out of food and dogs especially need to be checked on and walked frequently.
Even if you have a day where you work long hours away from your home, you may need to find a dog walker who can help care for your dog.
If you’d like your animal to be trained, pet trainers and group classes range from $50 to $125 per hour in most cases.
Housing Fees
Homeowners have an advantage when choosing a pet because they can choose from a wider variety and don’t have to worry about paying a fee in order to keep their pet at home. Renters on the other hand, are often required by their landlord to pay a deposit or non-refundable fee for their pet and in some cases ‘pet rent’ which causes an increase in their monthly rent rate. Landlords do this to protect their property from any damage your animal may cause whether it’s to the carpet, the window screens, etc.
Replacing Items in your Home
If you have a smaller or low maintenance pet like a hamster or fish, you may not have to worry about this unexpected expense much, but if you pet is mobile, they can get into mischief. Scratched up furniture and chewed up shoes are common for dog and cat owners who will need to replace those items sooner or later.
Will Pet Insurance Help?
Pet insurance is another expense if you decide to utilize it, but it can help protect your pet in the event of a medical emergency along with your wallet. On average, the cost of pet insurance is around $384 per year with deductibles ranging from $100 to $500.
If your pet is diagnosed with a serious condition or needs quick medical attention, pet insurance can really come in handy. In most cases, pet insurance is a reasonable option as long as you find a carrier that meets your needs and requirements. If you have an older animal, you can probably expect to pay more but keep in mind there are special plans and insurance companies that cater to owners with older animals so that is who you should gravitate toward.
Some companies will have age requirements and other guidelines to follow like requiring your pet to be spayed or neutered before enrolling in a policy.
Pet insurance may not be as beneficial if your animal has a pre-existing condition because most policies will not cover those. For example, if your cat was diagnosed with diabetes before you enrolled in an insurance policy, they may or may not cover those expenses. With pet insurance, it’s best to weigh your options and get started early so you have reliable protection long-term.
Starting a Pet Emergency Fund
Another alternative to pet insurance or something you can do in conjunction with your insurance policy is opening a pet emergency fund and contributing to it regularly. Some expenses just can’t be predicted, but you can prepare for them by setting aside at least $1,000 to $2,000 in a high-yield savings account to cover unexpected expenses for your pet.
Start by setting aside $50-100 per month if you can and work that expense into your regular budget so it becomes a habit. An emergency fund always offers peace-of-mind and the same goes for the safety and wellbeing of your pet.
How about you all? Are you a pet owner? What unexpected expenses have you been faced with?
Share your experiences by commenting below!
***Photo courtesy https://pixabay.com/en/chihuahua-dog-puppy-cute-pet-624924/
