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Owning a pet -

When it comes to owning a pet, most people are aware of the need to provide emotionally for their furry friend. Indeed, the desire for companionship is one of the main reason people get a pet in the first place.

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Owning a pet -

What people tend not to think about so thoroughly is the financial commitment they make when they take a new animal into their home and promise to take care of it.

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Food -

There are certain ongoing costs associated with keeping a pet, which, depending on the animal, can really add up. First, there is the food. According to a study quoted in Forbes, dog food, for example, costs around US$434 to $684 annually.

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Food -

When it comes to choosing food for your pet, there is a wide range of options out there. There are economy, premium, and prescription diet options (some animals have medical conditions that mean they must follow a particular diet).

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Raw diet -

In recent years, the raw food diet has come into fashion, as it is believed there are several health benefits to feeding your pet raw food. This diet tends to be more expensive, however, and the food takes longer to prepare.

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Treats -

When it comes to treats, costs tend to be lower; they should only be used in moderation anyway, in order to avoid health issues such as obesity and related illnesses. Bear in mind that treats are still essential, however, for training and bonding purposes.

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Veterinary care -

Next up is veterinary care. A helpful way to look at veterinary care is to divide it into three categories: routine care, preventative medications, and emergency care. Routine care includes regular checkups and vaccinations, etc.

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Preventative medications -

Preventative medications are those which prevent fleas, ticks, and heart worms. These are recurring expenses that, although not compulsory, are worth investing in, since they could save you money further down the line.

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Emergency veterinary care -

Finally, there is emergency veterinary care, which your pet may require in the event of an accident, an acute illness, or a chronic illness that suddenly deteriorates. Emergency vet bills are often the most financially challenging aspect of pet ownership.

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Emergency veterinary care -

Indeed, if you think you may find it difficult to afford an emergency vet bill, it might be worth taking out a pet insurance policy, or setting up a dedicated savings account for emergencies.

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Grooming and hygiene -

Then there is grooming and hygiene. While not all animals require regular grooming, many of them do. And for some animals, grooming is absolutely essential to ensure their health and comfort.

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Regular grooming -

Indeed, regular grooming can help prevent problems such as matting, skin infections, and overgrown nails. Each of these issues can lead to more serious, long-term problems for your pet.

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Regular grooming -

The type and frequency of grooming your pet needs will depend largely on their breed. For example, a dog or a cat with long hair will need professional grooming more regularly than ones with short hair.

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Home supplies -

It is also worth investing in quality home supplies for grooming, whatever breed of pet you have. Regular hair brushing, nail trimming, and ear cleaning can help keep professional grooming costs down considerably.

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Supplies and equipment -

Last on the list of mandatory expenses is supplies and equipment. With every pet, there are upfront costs for things like beds, toys, and identification tags.

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A proper bed -

A comfortable bed and, in certain cases, a crate are very important for your pet’s sense of security and well-being. Purchasing and maintaining these represent both an initial and an ongoing investment in your pet’s comfort.

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Toys - Toys are also essential when it comes to maintaining your pet’s physical and mental health. Some pets will need new toys every now and again to keep them engaged, and costs can really add up.

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Safety items - Lastly there are the safety items, such as collars, leashes, and identification tags. In certain areas, these are required by law, and in all areas, they are essential items if you want to ensure your pet’s safety.

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Training classes -

Let's look now at some optional costs. If you have a very young or newly adopted pet, you might decide to invest in training classes. This can be a good investment, as a well-behaved pet is less likely to cost you money further down the line.

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Training classes -

The cost of these classes varies greatly depending on factors such as location, the trainer’s reputation, and class type (private vs. group sessions). They can be quite pricey, however.

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Behavioral consultation -

If your pet starts to exhibit particularly problematic behavior, you may find that standard training classes are not sufficient. In this case, you may need to invest in a consultation with an animal behaviorist.

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Behavioral consultation -

Animal behavior experts undergo extensive training, and these costs are reflected in their fees. Training aids, such as anti-bark collars, or anxiety-relieving products may also be necessary, and they don’t come cheap.

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Boarding -

If you travel a lot and you do not have a close friend or relative who would be willing to take care of your pet, you may need to cough up for professional services, such as boarding or pet sitting. The costs for these sorts of services can certainly be significant, although they do vary greatly depending on location and the quality of the services on offer.

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Kennels -

Kennels for dogs, for example, can range from basic kennel services to luxury dog hotels, which offer things like individual bedrooms and cameras so their owners can check how they’re getting on.

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Pet sitters - If you decide to go for an individual pet sitter rather than a professional service, you may be able to do it for cheaper. Bear in mind that prices still vary, however, depending on location and on the sitter’s level of experience and qualifications.

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Pet insurance -

Finally, there is the option to purchase pet insurance. The pet insurance industry is growing fast, and there are a range of insurance products out there to help pet owners mitigate the cost of veterinary care.

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Pet insurance -

Plans range from basic, which would cover things like accidents and common illnesses, to comprehensive, which would also cover wellness visits and routine care.

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Cost-benefit analysis -

Deciding whether to invest in a pet insurance package requires a careful cost-benefit analysis. Indeed, many pet owners find that pet insurance gives them much-needed peace of mind, as well as financial protection.

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Savings option -

Others, however, prefer to set aside some money for pet-related emergencies and keep it in a separate savings account. Ultimately this can be cheaper, depending on the individual animal’s needs.

Sources: (Forbes) (Investopedia)

See also: Should you be allowed time off work to grieve for a pet?

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