Pet ownership is one of the purest joys in the world. But it doesn’t come without financial requirements.
No matter how cute your potential pup or kitten looks, you must weigh up the real costs of owning a pet to ensure you can afford to feed them and yourself and give them a high quality of life. If you cannot, it is not fair to you or the animal.
From common pet care costs to making a furry-friend budget, you will find everything you need to know below.
Pet food, vaccines and accessories. These are the most frequent categories that come to mind when talking about animal expenses.
However, there are a few hidden costs of owning a pet that can be overlooked. We have split these into initial adoption costs and ongoing pet care expenses to help you calculate how much you will need to save for each category.
At the time of adopting a pet, you will have to pay a number of one-time expenses, these include:
The overall costs will ultimately depend on the type of animal you adopt.
The purchases don’t cease after you have transported your furry friend home!
Here are the ongoing costs you will need to factor in and budget for every month to ensure your pet is healthy and happy.
Fun Fact: The Dogue de Bordeaux is the most expensive dog to insure, coming out at £973 per month.
The PDSA (People’s Dispensary for Sick Animals) states that the average lifetime expense of a dog stands at £5,200, but it can go to over £15,000 depending on the breed of dog.
Whether you are adopting a dog, cat, rabbit or any other species, you need to include their average monthly expenses in your budget.
You can begin by estimating the upfront cost of adoption. Set this money aside so you have enough when it is time to welcome the pet into your life.
Next, calculate the monthly food, grooming and pet insurance costs. If this amount is lower than your monthly disposable income and doesn’t inhibit you from paying your bills, housing costs or food shop, you are in the clear.
Learn how to save while caring for pets here.
When it comes to budgeting as a pet owner, you may also want to cut down on non-essential expenses to ensure you have enough money to care for your pet in the long run. This brings us to an important subcategory of ongoing pet costs – emergency pet expenses.
Emergency expenses happen from time to time in all areas of your life and pet care is no exception.
Sadly, you never know when your pet may become ill and require vet care or surgery. Similarly, long-term chronic pet illnesses can also develop and require expensive treatment.
Beyond health, you also need to factor in any pet travel fees or pet-sitting fees if you move around a lot.
The best way to navigate last-minute expenses is with an emergency fund. Discover how to create and maintain an emergency fund now.
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