Can I Afford to Become a Pet Parent?

What’s better at the end of a long day than coming home to someone who’s beyond thrilled to see you? Whether it’s nuzzles from wet noses, sloppy kisses, an aloof leg-rub from a tabby cat or even a twitching dorsal fin or a nose bump on the aquarium, pets love us as much as we love them.

What’s more, owning pets can help to improve all kinds of health issues. Studies show the health benefits of the pet-human bond include decreased blood pressure, cholesterol, and triglyceride levels, and increased opportunities for socialization and exercise.¹

Plus, there’s no arguing that kids can learn a wealth of life skills from experience caring for the family pet: responsibility, compassion, empathy.

Along with the cute comes commitment in pet ownership.

With all the love and benefits of pet parenthood come responsibility, commitment and financial considerations. So if you plan to add a furry — or scaley — best friend to your family, it’s best to prepare with eyes — and wallet — wide open. You want to make sure that you can afford to not just buy a pet, but care for it in the long run. And different pets, of course, come with different price tags and expenses.

Can your budget cover a new best bud?

Golden retriever, fluffy kitten, lizard? As you determine the species of pet you’d like, think about the lifetime expenses of each. Sure, a goldfish is cheaper to own than a St. Bernard. But what about veterinary bills? Feeding? Pet-sitting?

Here are some typical expenses to consider.

Purchase price

For dogs and cats, the prices can vary greatly from $0 (“Help! My cat had kittens. Want one?) to thousands (“I really want a purebred”). Fish, reptiles and rodents can be less expensive pets, but can require aquariums and filtration systems or cages. Freshwater fish and aquarium systems can cost up to $500, with saltwater much higher.²

Registration and microchipping

Most states require dogs to have a license. The price varies state by state, from just a few dollars for an annual fee to $50 or so for a lifetime license. You may also choose to microchip your pet. This price can range from $20 to $75³, though you may be able to find a clinic to do it for free. Just remember to update your pet’s microchip information if you move or change your address.

Veterinary care

Since you want your furry friend to stay healthy, it’s important to factor in annual checkups, including vaccinations and other medications. These prices vary widely, and it’s best to call vets in your area for local going rates. Some clinics and retail pet supply stores also offer low-cost or “pay what you can” vaccinations. And, if you do find yourself in a bind with vet expenses, there are ways to help you pay down veterinary bills.

Another option to help control vet costs is pet health insurance, which works much like human health insurance. Premiums can vary widely, so it’s best to do your research to determine if it will help or hurt your budget in the long run. According to The College Investor, “The average premium for accident and illness coverage is $516 per year, but costs can be as high as $150 per month for comprehensive coverage for a large dog, or as low as $25 per month for dogs or $10 per month for cats.”⁴

Spay/neuter

Many pet owners choose to prevent pet overpopulation⁵ by having their animals spayed or neutered. Again, the costs can range widely, from as low as $35 at a low-cost clinic to as much as $400 or more at your veterinarian’s office. Spaying female pets is a more complicated process than neutering male pets, so it costs more. If you adopt your furry friend from a shelter, they may offer free spay/neuter services.

Food and fun

Remember that most pets need to eat daily and have plenty of toys, bones, catnip and more to stimulate their active side. Feed your pet the best quality food you can afford. This can range anywhere from $100 per year for a cat to $750 per year for a dog. Cats require cat litter, which can run around $200 per year.⁶

Toys don’t have to be expensive. Cats can have loads of fun with a crumpled ball of paper. Dogs need plenty to chew on (besides your furniture!), so make sure to get safe bones and chews. Ask your local pet store for recommendations. And most dogs aren’t fussy — there’s nothing like a game of fetch with an old tennis ball.

Don’t forget lots of walks for Sparky or Stella! You’ll need a leash and collar to round out their wardrobe. Plan on anywhere between $15 and $50, depending on the material, style and size you need.

Pet-sitting and boarding

If you work outside your home or want to take a vacation without your pets, you’ll need to plan for your pet’s care while you’re gone. Look for trusted teenagers or college students who want to make some extra money. And because boarding costs can vary widely, ask friends for recommendations in your area.

Having trouble affording a pet you already have? Find available resources at the Humane Society of the United States⁷ for help with food and medical care.

Can’t afford a pet right now?

There are other ways to get your snuggles in. Volunteer at a local shelter — dogs need walking and cats need warm laps. You just might become a furry someone’s new best friend.

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1. “About Pets and People.” Center for Disease Control and Prevention. https://www.cdc.gov/healthypets/health-benefits/index.html. (accessed Nov 18, 2020).
2. ”What Does a Fish Tank Cost to Maintain?” Fishkeeping Forever.com. https://fishkeepingforever.com/what-does-a-fish-tank-cost-to-maintain-2. (accessed 11/23/2020).
3. Downes, Erin. “How Much Does It Cost to Microchip a Dog?” September 3, 2020. https://www.paolivet.com/pet-microchipping/how-much-does-it-cost-to-microchip-a-dog/#:~:text=Many%20pet%20owners%20choose%20to,can%20charge%20a%20lower%20price. (accessed November 23, 2020).
4. Rounds, Hannah. “The Ultimate Pet Insurance Guide: Is Pet Insurance Worth It?” November 25, 2020 https://thecollegeinvestor.com/33225/ultimate-pet-insurance-guide/ (accessed December 7, 2020).
5. “Dog Spaying and Neutering.” Petco.com. https://www.petco.com/content/petco/PetcoStore/en_US/pet-services/resource-center/caresheets/dog-spaying-and-neutering.html (accessed November 23, 2020).
6. Weliver, David. “The Annual Cost of Pet Ownership: Can You Afford a Furry Friend? November 19, 2020. https://www.moneyunder30.com/the-true-cost-of-pet-ownership (accessed November 23, 2020).
7. “Are You Having Trouble Affording Your Pet?” Humane Society of the United States. https://www.humanesociety.org/resources/are-you-having-trouble-affording-your-pet (accessed November 23, 2020).