A dog’s ownership costs thousands of dollars each year. Here’s the best way to determine whether you’re able to afford one
A dog’s presence isn’t just about time but also a financial investment.
According to the American Veterinary Medical Association, “Owning a pet is a privilege and should result in a mutually beneficial partnership” (AVMA). Keep in mind, however, that these benefits come with a price.
The responsibilities that include grooming, feeding, and giving shelter to your pet will add up quickly, especially if your dog is diagnosed with health issues.
It’s estimated that having dogs costs around $1,400 to $4,300 a year, writes Lucinda Carver, a certified vet tech and an online resource for pet owners. On the other end range, owners who are willing to pay premium rates for their dog’s necessities could spend more than 10,000 per year. Loans may help you if you don’t have enough money to cover the costs for your dog. You may find more information from GreenDay Online.
As this is an important lifestyle choice, it’s essential to remain calm when deciding whether to purchase an animal. The American Veterinary Medical Association (AVMA) advises against making “impulsive judgments” when choosing a pet. Instead, make sure that the animal you select is a good fit for your lifestyle and living space.
If you’re still undecided about your choice, let us know what experts are saying about the cost of dogs and suggestions on how to save to get one if you’re not yet there financially.
What is the amount you should be willing to spend on an animal?
Before you purchase a pet, consider the costs and see if your budget can handle the additional expense.
“Owning a dog is a huge responsibility,” says Karie Bundy, a customer relationship manager. “Their monthly non-discretionary spending will be added to yours since they are now a part of your household.
It is essential to consider any puppy care costs in conjunction with your other expenses for the month, including gasoline, groceries, and rent. When you make this, note which prices are likely to be a single thing and which ones will be ongoing. “These costs will differ based on breed and the overall health of your new friend,” Bundy adds.
At least $300 and $750 per year on treats and food. For those who have busy schedules, it’s also typical to engage a dog walker. According to Carver, if you pay an individual 20 dollars per month to take your dog for a walk every day for a year, it would mean you’d spend $5,200 annually for the dog’s solitary walk.
One-time expenses could be medicine for a short-term illness or other items, such as dog beds or food bowls that you don’t need to be able to replace every couple of weeks.
According to Carver, regular veterinary visits could cost between 700-$2,000 annually for healthy dogs. Any required medication or supplements will cost you an estimated $200-$600 per year.
Suppose you’re concerned about the cost of medical treatment or are attracted to a breed more susceptible to illness. In that case, you might want to think about getting insurance for your pet, according to Brandi Hunter, who is vice head of communications and public relations of the American Kennel Club.
“It’s always preferable to be prepared for the unexpected regarding pet ownership’s costs, particularly because it’s nearly certain that every pet will incur a significant vet bill throughout its lifespan,” Hunter states.
Veterinarians generally advise purchasing pet insurance as long as your dog is healthy and young, mainly since most policies will cover pre-existing conditions.
How can you ease the cost of owning a pet?
Hunter says that if you can save money before bringing your pet home, you’ll be a more stress-prone pet.
Experts from the financial world typically advise people that they have up to three months’ worth of living expenses saved for emergencies. Also, it’s recommended to create emergency funds for your pet.
Begin by putting aside the amount you’re planning to invest in the dog. Hunter calls this “the initial investment.” “If you decide to purchase a purebred dog from a breeder, you can expect to spend $500 to $2000,” Hunter states. “Adopting from a shelter or rescue can cost as little as $50 to $200.”
Think about the other things your dog might require, like food, treats, and frequent visits to the groomer. Then evaluate the prices. After you’ve narrowed your top options, add the expenses into your budget to determine the amount you’ll need to be adding to your emergency reserve.
It is also recommended to check with local vet clinics and determine what they charge for different medications and procedures. Ask questions about the veterinary charges new dog owners generally anticipate. “Make a list of any preventive care your dog may need, such as monthly flea and tick or heartworm treatment,” Bundy advises.
Include them in your emergency savings plan once you’ve created an inventory of all the costs you’re anticipating. You should have enough to cover a minimum of three months’ worth of the future pet’s daily expenses before adopting or buying an animal.
If you could manage to walk your dog daily, this is huge savings. Talk to your vet about cost-effective pet food brands. Since dog food will be a regular, unavoidable cost, having the option to invest in the smallest amount per bag can result in substantial savings.
“The more you can educate yourself on the potential costs of owning a dog, the better off you will be financially preparing for Fido,” Bundy states.