GOBankingRates surveyed 1,021 Americans age 18 and older nationwide in October 2023 and found that, among different age groups, millennials, ages 35 to 44, were the biggest spenders. They come out as such when it comes to their pets. About 17 percent said they spend more than $1,500 a month. Pet expensesWhile only 6% of 18- to 24-year-olds and 14% of younger millennials said the same.
Of course, as a pet parent, you want the best for your pet. However, $1,500 a month is not an insignificant sum. That’s enough to cover the rent of a studio apartment in most US states. To avoid pet ownership from affecting your financial health, learn to strike a balance between spoiling your pet. Staying within budget.
General pet care expenses
With over 17 percent of seniors shelling out on pet care costs each month, it’s clear that pet ownership can be expensive if you don’t budget wisely. Here are some common pet care costs to consider if you decide to become a pet parent.
- Veterinary Care: The cost of Veterinary care Prices can vary widely depending on your location, the service your pet needs, and the type of pet you have. But in general, regular checkups for cats and dogs can cost between $40 and $90 per visit. Emergency care is usually very expensive, and it’s not uncommon for pet owners to shell out hundreds or even thousands of dollars per visit.
- Diet and treatment: Depending on the brand and type of pet food — dry, wet, or specialty food — you can expect to spend $20 to $60 per month for small pets and more for larger breeds or higher-quality food.
- Grooming: Professional grooming can cost anywhere from $30 to $90 for dogs and $50 to $80 for cats every 4 to 8 weeks.
- Pet Insurance: Pet insurance The level of premium coverage depends on your location, as well as the age and breed of your pet, but most fall between $25 and $70 a month.
- Pet Supplies and Accessories: Pet supplies and accessories can include pet beds, crates, toys, collars, leashes, litter boxes, etc. Costs can vary significantly depending on how badly you want to spoil your pet. You can spend as little as $20 or as much as $200 per month for these items.
- Boarding or pet sitting: If your family or friends are not available to care for your pet while you are away, you may need to budget for boarding or pet sitting services. Prices can range from $15 to $50 per day or more, depending on location and other factors.
5 Ways to Start Budgeting for Your Pet
While pets can provide help, companionship and comfort, they can put a dent in your wallet if you’re not careful. Track your expenses.. Here are five actionable tips to help you budget for your pet so you can enjoy all the benefits of pet ownership without the financial stress.
Buy pet insurance.
As mentioned earlier, pet insurance typically costs between $25 and $70 per month, depending on your pet’s breed, age, location and level of coverage. However, it is often worth the investment. Without pet insurance, you could find yourself shelling out thousands of dollars in vet bills if your pet experiences some unexpected health curveballs.
By choosing the right pet insurance plan, you are not only protecting your pet’s health but also ensuring that your finances stay in the green. “As is the case with human health insurance, there are many coverage variables and additional plans to choose from. Your goal is to choose a plan that provides your partner with the coverage you value. But you can afford it,” he advised John Blakeley HolmanCFP at Thornburg Investment Management.
Check out loyalty programs offered by your doctor
Just like your favorite coffee shop gives you a free one after every 10 coffees, some veterinary clinics may offer rewards to thank you for being a loyal customer. For example, some doctors may toss in a discount or free service after you hit a certain number, while others allow you to earn points for every dollar you spend — which you later, Can redeem to pay for veterinary. Services such as hospital stay, surgery and diagnostic tests. So, if you haven’t already, ask your doctor’s clinic if they offer a loyalty program you can join.
Consider DIY grooming.
Professional grooming costs can add up quickly, especially when you have furry pets with fast-growing hair that needs trimming every four to six weeks. Over the course of a year, you could be looking at $500 or more in grooming costs.
If you’re ready to start saving money but have no idea where to start when it comes to DIY grooming, YouTube offers tons of free tutorial videos that you can follow to learn the basics of at-home grooming. Can do tasks to learn, such as brushing, bathing, and nails. engrave
Invest in training.
If you own an older pet, investing in training may not be necessary. But if you bring a puppy home, for example, training is essential. “A well-trained dog helps you avoid unnecessary headaches and expenses like furniture, clothing, wall coverings, and anything else that can be eaten,” Holman said.
Depending on where you live, how much training you want, and the type of pet you have, training can range from $20 to $200 per session. For example, PetSmart’s website Quote $89 for a one-hour private dog training lesson and $20 for a potty training class. If you are on a tight budget, consider purchasing group classes or packages as they are usually much more affordable.
Start a savings account for emergency vet bills.
Just like humans, your pets can get unexpectedly sick or injured at any time of the year. So, consider saving some money every month to prepare for these emergencies. Setting up a separate savings account Or setting aside a portion of your current savings for pet-related expenses.
Saving about $500 to $1,000 is a solid starting point, but how big your emergency fund should be depends on your pet’s health, age, and any special needs they may have. For example, if your pet is elderly or you have a knack for solving problems, you can contribute even more to your pet savings account each month.
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