Can You Really Afford a Pet?

Photo: Robert Wedderburn (Shutterstock)

The first step in being a responsible pet owner is knowing whether you can afford one to begin with. Beyond the initial adoption costs, you’ll need to budget for hundreds to thousands of dollars in annual expenses—for years to come. Here’s a breakdown of what to expect for different types of pets.

Initial costs

Pet ownership budgeting can be broken down into initial costs and annual costs. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), one-time costs for a dog or cat include veterinary expenses like spaying/neutering, equipment like a crate or carrying bag, food dishes and a collar. For a dog, the average initial costs range from $470 to $1,560, depending on the size of the dog. Cats will initially cost an average of $365 .

However, the ASPCA’s estimates do not include whatever you pay to obtain the pet. For example, shelter adoption fees typically range from $50 - $250. It’s worth considering that a shelter’s fees often include services such as initial health exams, along with spaying or neutering, which can lower your costs overall.

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Initial costs are a lot higher if you get your pet from a breeder—especially if you’re looking for a rare breed. On average, you’ll have to shell out $500 - $2,500 for a dog, and $500 - $1,000 for a cat, and rare breeds can cost much more (an English Bulldogs are closer to $10,000, and Bengal cats are priced near $3,000). If you’re looking for a specific breed, make sure the purchase fee is included in your budget.

Lastly, it’s commonly recommended that you set aside a separate emergency fund for your pet, in the neighborhood of $1,000 - $2,000. If disaster strikes, you don’t want to be forced to dip into your existing emergency fund.

Annual costs

For a dog, the average annual cost will range from $737 to $1,040, depending on the size of the animal. Cats will cost an annual average of $809. Food will set you back roughly $200 for a small dog or cat, although that creeps up to $400 for a bigger dog. The next biggest expense are medical: About $500 for dogs, and about half that for cats. Other costs include toys, treats, health insurance, and, for cats, litter.

Not included in the ASPCA’s list of expenses, for dogs or cats, is grooming ($73 and $43, respectively), kennel boarding ($229 and $120) or the added cost of cleaning up after them at home—including repairing any damage they cause to your furniture. Unexpected costs can creep up easily, so again, you’ll want to have money set aside each year for emergencies.

Your time is valuable, too

One of the biggest mistakes in pet ownership is not budgeting the necessary time needed to care for the animal. Dogs in particular need 1-2 hours a day for walks and play time, so a pet might not be a good idea if you travel a lot. These extra hours will also cut into your time for a side gig or part-time work, so be realistic about the commitment involved.