Considering a Pet? Do Your Financial Homework First

While many people have been spending more time at home and working from home due to the COVID-19 pandemic, you’ve decided you’d like to bring home a furry friend also. You’ve done your research, you’ve figured out what type of pet you want, and you’re ready to sign on the dotted line. But, have you thought about the ongoing cost(s) associated with getting a pet?

There are two main areas regarding costs to consider when it comes to owning a pet. First, there are initial costs (adoption fees/breeder fees, first vaccinations, training, etc.) and then general costs over your pet’s lifetime (food, toys, routine vet visits, grooming, etc.). It’s a good idea to prepare for the several different types of costs you might have, before you decide to bring your pet home.

Adoption Fees vs. Breeder Fees

One of the first expenses pet owners experience is an adoption fee or purchase price. Typically, adoption fees are going to be less expensive than breeder fees.

Most shelters and rescue organizations will provide medical care, vaccinations, and possibly even spaying or neutering animals. If you decide to go the shelter route, it’s essential to ask what services your adoption fees include.

It’s also a good idea to find out what the adoption process looks like. It could be different depending on the shelter or rescue organization you choose, but usually the basics are the same. Once you select your fur-ever friend, you’ll have to fill out paperwork to be approved. The shelter or rescue organization will want to know where you live, whether or not you have other pets, if there are kids in your home, and they may even do a house visit before you’re allowed to take your new friend home. Once you pay the adoption fee and your application is approved, then the real fun begins!

If you plan to purchase from a breeder, the type of breed you’re interested in determines the amount you’ll pay in fees. When buying from a reputable breeder, you’ll likely get a fair, competitive price, and most will have official paperwork on the animal you’re purchasing. Do your homework on the breeder and make sure you’re buying from someone who is breeding ethically.

Medical Costs

Vet bills are often the most expensive aspect of owning a pet. If you’re lucky, you’ll have a relatively healthy animal that only needs a vet visit once or twice a year. On the other hand, if your pet does need additional vet care, it can be pretty costly and you’ll want to be prepared.

The average vet visit can cost a pet owner anywhere from $50 to $400, depending on the nature of the visit. If you’re trekking to the vet once a year, it’s not as challenging to work into your budget. However, if it happens every couple of months, you could find yourself in over your head with vet bills.

Eating Right for Less

For every question you have about pet ownership, there are a million different answers – and that includes what to feed them! When you’re picking out what your pet eats, think about their size (are you feeding them once a day or do they require multiple feedings), how much they eat, and what they like. You might find that your cat loves a particular brand (let’s say it costs less than $20 for a 22-pound bag) or that your dog lives for a specific brand (let’s say that a 50-pound bag is less than $25). Don’t automatically buy the most expensive food. See what works for your animal and your budget.

Toys!

You can’t have an animal without toys. Every cat needs a scratching post, and every dog needs a good rope to play tug-of-war. The great thing about toys? You can spend as much or as little as you want. You might have a cat that would rather play with bottle caps than catnip mice. Before you spend your paycheck buying toys, get a few and see which ones your furry companion likes. You might be surprised.

Training & Grooming Costs

Training and grooming are additional costs that you may not have to consider. If you’re getting a cat, you won’t have to worry about training classes or grooming (unless you choose to do so). With a dog, however, training classes might be something you need to consider. Depending on the breed of your dog, grooming might be a necessity too. Do your research. Look around and find the best deals on grooming and training.

Bringing home a furry friend is a huge commitment. It’s essential to evaluate your current financial situation before deciding to purchase a pet. We have affordable personal loans or low-interest credit cards that meet your needs for multiple parts of your life.* We’re your credit union, let us see how we can help! Contact us today.

*APR = Annual Percentage Rate. Actual rate will vary based on creditworthiness and loan term. Subject to credit approval. A First Financial Federal Credit Union membership is required to obtain a loan or credit card, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account/loan. Federally insured by NCUA.

 

Can You Afford a Pet?

Before envisioning long walks and fur-baby snuggles, make sure you are financially prepared for what’s ahead. The ASPCA estimates the first year costs of owning a pet is at least $1,000 – and that’s not factoring in unexpected emergencies.

Here is the breakdown of the average annual costs for a medium dog (not including the adoption fee which can range from $45-$300).

One-time costs

Spaying/Neuter: $200
Initial Medical Exam: $70
Collar and leash: $30-$45
Crate: $95+
Travel Crate: $60+
Training: $110

Recurring costs

Food: $319
Annual Exams: $235
Toys/Treats: $55+
License: $15
Grooming: $264+
Pet Insurance: $225

First Year Average TOTAL: $1,723

If you have a large dog, that average total jumps to $2,008. Cats are a bit friendlier on your wallet at $1,174.

Here are a few tips to help keep costs down:

Schedule regular check-ups.
Don’t be afraid to shop around for the right vet and compare preventative care fees. Ask family or friends who have pets who they go to and if they are happy with the veterinary services.

Brush your pet’s teeth.
Just don’t use toothpaste made for people, since the fluoride may irritate your pet’s stomach. But good dental health is important for pets – believe it or not, dental disease can lead to heart and kidney problems.

Groom your pet at home.
Some grooming salons offer a fully stocked self-service room complete with a tub, blow dryer, apron, and gloves at a fraction of the cost. Bonus? You take your fresh smelling dog home without doing any post-bath clean-up. Also invest in a good brush. Setting aside daily brushing time is good for your pet and will reduce the amount of hair floating around your home.

Article Source: Myriam DiGiovanni for Financialfeed.com