Can you afford a pet?
A pet’s companionship is priceless, but its expenses add up fast. Like walking the dog or scooping out the litter box, budgeting is a part of basic pet care.
Pet Ownership Stats
- 68% of US households own a pet. That equates to 89 million dogs and 94 million cats.
- More than half of millennial pet owners buy gifts for their pets once a month or more.
- There are now more pet-owning households than households with children.
Pet Expenses
Basic Pet Care
- Food
- Food and Water Dishes
- Pet Bed
- Toys and Treats
- Collar and Leash
- Travel Crate
First-Year Expenses
- Adoption Fee
- Pet License
- Medical Exam
- Vaccination
- Surgery
Living Space
- Pet Deposit
- Pet Furniture
- Gates
- Fencing
- Clothing Repair
- Furniture Damage
- “Accidents”
Medical Expenses
- Veterinarian
- Medical Emergency
- Pet Insurance
- Dental Care
- Ear Care
- Medication
- Allergies
Pet Services
- Grooming
- Training
- Dog Walkers
- Pet Sitters
- Kennels
Budgeting for Pet Care
Preparing for a pet is like budgeting for any significant milestone: preparation is key.
Set money aside monthly
Estimate your monthly pet expenses (you can use the expenses listed in the section above as a starting point—make sure you factor in annual expenses as well). Budget for that amount as you would a monthly bill.
Create a pet emergency fund
Pet owners are likely to incur at least one $2,000–$4,000 bill for emergency care at some point in their pet’s lifetime. Create a separate fund for pet-related emergencies to protect your personal savings goals.
Sources: American Pet Products Association, American Veterinary Medical Association, Money Under 30, New York Times, Statista