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The True Cost of Owning a Pet

People love their pets. They love their pets so much that, according to the American Pet Products Association, in the United States alone they spend almost $50 billion dollars a year caring for them. Over an animal’s lifetime, the average pet owner will spend $8,000 on a cat and $12,000 on a dog. Though it’s possible to raise a pet for less, especially in rural areas, those costs can rise much higher, to over $18,000 for a cat and almost $40,000 for a dog.

The True Cost of Animal Adoption

It is important to know the true cost of living with pets. When money is tight, pet owners can find themselves throwing pet supplies and vet visits on their credit cards. For people already in debt, this can lead to exorbitant credit card bills. It is important to know the true cost of owning a pet before making the decision to care for an animal.

Although the average cost per year of raising a pet ranges from $500 to $1000, those costs rise substantially in the first year and last few years of ownership. First year costs include adoption or purchase fees ($0 to $750 for cats, up to a $1,000 for dogs); health costs such vaccinations and tests, deworming if necessary, and neutering ($500-$1200); and the initial purchase of supplies, including beds, litter boxes, toys, carriers, pet doors, grooming tools and other items ($500-$1000).

As pets age and their health declines, costs rise accordingly. These can include not only more trips to the vet, but changing dietary needs and supplies, and even health insurance. As veterinary science improves and more procedures become available for treating chronic and emerging ailments, costs will rise accordingly. According to costhelper.com, some treatments, such as radiation therapy, can cost up to $4,000.

Cats, for the most part, are less expensive than dogs. Initial costs are usually smaller and in suburban and rural areas, where they generally live semi-independent lives, expenses for such things as cat litter and food may be lower. But active cats who spend a good deal of their time outdoors can also face greater health risks as a result of contact with other animals, including people and their cars, and a better chance of picking up fleas, ticks, ear mites, and other parasites.

Expect Unexpected Pet Expenses

There are other, unexpected costs to consider. Accidents, of course, are common, but there is also the matter of how well behaved a pet is. Both dogs and cats have an unfortunate tendency to damage furniture, rugs, and other items, and sometimes other people. Pets with urinary or bowel problems, especially if they aren’t immediately detected, can cause serious damage to walls and floors, resulting in expensive repairs or increased rent and pet deposits.

If you find yourself charging your pet supplies and vet visits and you are already in debt, Advantage CCS can help you work out debt management plan to keep your spending in line without sacrificing the things your beloved cat or dog needs to have. Contact us today and one of our credit counselors will be happy to help you get your financial life back on track.