Owning a pet can be a source of immense joy and satisfaction, but it also entails prudent preparation for various circumstances. Nearly half of pet owners underestimate the lifetime cost of pet care, according to Synchrony. With careful financial planning, pet owners can be ready for anything and keep Fido happy and healthy in the long-term.
Recurring Expenses
Pet owners can reasonably expect regular expenses such as food and treats, routine vet care, toys, training, grooming, cleaning products, pet licensing, and pet insurance. Cat owners in particular may include litter and scratching posts. The best time to include these items in the monthly or annual budget is before completing adoption.
Prepping the Budget
According to the same Synchrony study, 1 in 3 pet owners will face an unexpected pet expense that causes financial worry, and 26% of respondents reported the bill was more than $1,000. Non-recurring expenses may include travel accommodations, legal liability, surgery, and end-of-life decisions.
Excluding additional expenses, the yearly cost of dog ownership widely ranged between about $1,200 and $2,800 and between about $960 and $2,500 for cats. Preventatively, regular check-ups, vaccinations, and dental care may help maintain your pet’s health and lower long-term vet costs. For the long-term, including necessary pet expenses in the family emergency fund may be wise.
Getting a Financial Plan
Pet ownership is a rewarding experience that comes with financial responsibilities. First State can help you proactively manage your finances. For a free consultation and a comprehensive financial plan, contact the Tulsa financial planners at (918) 492-1361.
This overview is for informational purposes only and is not a recommendation. It should not be the sole deciding factor in making an investment. Investing is a risk and, as with all risks, a positive return is not guaranteed. Past performance does not indicate future results.