How much does it cost to own a pet
Americans collectively spent $ 103.6 billion on their pets in 2020, an increase from the $ 97.1 billion they spent on pets in 2019, according to the American Pet Products Association.
Of that nearly $ 104 billion, $ 42 billion was spent on food and treats, $ 22.1 billion on supplies such as over-the-counter drugs, and $ 31.4 billion on veterinary care and to pet products.
Pet services, including boarding, grooming, insurance, training, pet sitting and walking, accounted for the remaining $ 8.1 billion.
So how much does it cost for an individual pet owner? If you’re considering adopting a pet like a cat or dog, expect to spend between $ 1,100 and $ 3,200 in the first year, the ASPCA estimates. This includes adoption fees, the cost of spaying or neutering your pet (if it has not already been done by the welfare organization), food, vaccines, supplies, bedding and crates.
“The first year fees are often quite high because you buy everything you need and over time less shows up,” says Christa Chadwick, vice president of hosting services at ASPCA. .
The average adoption fee for cats under one year old was $ 82 last year, while the average fee for cats over one year old was $ 52. For dogs under one year old, the average adoption fee was $ 185. And for dogs over one year old, the average price was $ 109, according to PetPoint data.
After that, you should be ready to spend $ 2,000 to $ 4,000 on your pet a year, says New Jersey-based certified financial planner Eve Kaplan, based on years of working with client-owner clients. pets.
In addition to things like food and toiletries, annual costs include physical exams and vaccines. You should also be prepared to deal with unforeseen veterinary expenses during your pet’s life. “All you need is one or two medical crises and all of a sudden that budget is skyrocketed and you’re spending $ 5,000 or $ 10,000 or more on vet bills,” Kaplan says.
Kaplan advises pet owners and potential pet owners to factor pet costs into their emergency cash fund. Depending on the price of the products you choose, you should save six months on pet costs in your emergency fund.
And keep in mind that adopting a pet means making a commitment to caring for it for years to come. “Cats and dogs are usually with you for over 10 years or more and sometimes when it comes time to adopt people don’t consider this investment for the long term,” says Chadwick.
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