Thinking of Adopting a Pet? Read This First
January 13, 2016If you’re thinking that it’s time to give in to your kids’ begging or your inner Dr. Doolittle and join the ranks of pet parents, make sure you’re prepared financially to deal with your new fur baby. There are ongoing costs and other things to consider. The cost of a pet, particularly a dog or cat, extends well beyond the adoption fee, which is relatively small when you add up all the other costs that come along with pet ownership.
Before you make a trip to the local shelter, make sure you do the math (and please, adopt don’t shop – there are so many homeless pets out there and breeders aren’t always humane either). Research the costs of everyday care as well as the one-time and annual costs of keeping your pet healthy and happy to make sure you can truly afford it.Here are a few things to consider:
Initial costs: Leash, food bowls, litter box, crate, bed, food – these items add up quickly and you’ll need to purchase them immediately. Don’t forget the first round of shots plus the cost of spaying or neutering. (If you select a rambunctious dog, you may also have to invest in puppy school to properly train Fido.) Make sure you have enough money on hand to cover these costs right away and try not to go overboard on accessories at first. Wait to see if you actually need the deluxe kitty condo or retractable leash before making that investment.
Ongoing costs: Food, litter, waste disposal bags, daily dog walker, grooming – these will be recurring expenses for which you need to be prepared. You’ll also need to make annual visits to the veterinarian for health checks and shots. Finally, if you go on vacation, you may have to pay someone to care for your pet. This is something to consider when planning trips. Factor these costs into your monthly budget to make sure you can afford to properly maintain your pet.
Unexpected costs: You can never anticipate what might go wrong with your pet, but you should be prepared financially to deal with an emergency. Find out what the average cost of surgery or special exams and medications are and make sure you set aside enough to cover at least one unplanned vet visit per year. When my cat Miles got sick, I was glad I had that fund. I was able to pay for the cost of diagnosis so that even when I couldn’t save him (R.I.P., buddy), I had peace in my heart that I did all I could.
It’s these unexpected costs that often send pet owners spiraling into debt and financial troubles. Even if it’s just a small broken bone, costs can add up to more than $1,000 and while most vets offer financing, that comes with a high interest rate and is also limited. Nothing would be more heart-breaking than having to give up your new love to avoid breaking the bank.
Finally, it is possible to purchase insurance for your pet’s health, which may be advisable for certain breeds. If you go this route, make sure you purchase a policy that covers all the unexpected health issues that could arise, not just routine visits. Otherwise, instead of buying the insurance, you could set that money aside into an emergency pet fund and in the lucky chance you don’t need it, you’ll simply have some extra savings.