Pet costs - Don't be blinded by love
- By Darren Smith
For many, pets are an extension of family and the centre of regular activities. Throughout the last year they have become even more important in supporting good mental health. In my household, it is the beloved dachshunds who bring cheer and take me for a walk each day.
Whilst pets bring great joy, they can also put a strain on the household finances. Knowing what you are getting into upfront and ensuring it fits your lifestyle is crucial. There are some great resources available to help before taking on the responsibility. ‘Getting a Pet’ by Money Smart is a great example.
On this website it estimates the ongoing annual expense for a dog is $1,627 or $962 for a cat. The upfront cost can vary depending on whom you purchase from & whether you adopt or buy from a breeder. The range tends to be $500 to around $5000 from a breeder. Of course, you could select a cheaper pet such as a goldfish.
So, in terms of priority considerations, the most important is to select a pet that suits your lifestyle. You need to consider living arrangements, how much space you have, what your budget is and how active your lifestyle is.
In terms of managing the upfront cost, this will come down to whether you purchase or adopt a pet. Adopting or rescuing a pet can cost about $500 but comes with the added advantage of vaccinations and worming for animals such as dogs and cats.
There are several ongoing expenses that you need to keep in mind as they all add up. This includes feeding, housing, healing, training, and boarding. The first step is to have budget and stick to it. Always look for opportunities to save.
Some ways to save along the way:
Adopt rather than purchase
Be mindful that as the size of the pet increases so does the food bill
Buy food in bulk or when on special
Cook your own pet treats
Visit the vet regularly
Exercise pets regularly
Hand make or improvise for toys / furniture
Buy second hand
Create a pet rainy-day fund
Come to an agreement with friends & family for boarding
Get friendly with the local butcher for scraps or bones
Consider insurance for bigger medical expenses
When purchasing pet accessories wait for sales or find discount codes
As with most expenses, try and limit emotional purchases and track where you spend. This does not mean you cannot purchase the cute elf outfit for your pets at Christmas! Just be smarter about decisions and look at ways you can save or find the cheaper alternative.