I’m a Financial Planning Expert: Here’s the Most You Should Spend on Your Pets Each Year
Written by
Laura Bogart
Edited by
Susan Kim
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Anyone who has ever felt the warmth of the dog’s cold nose nudging them, asking them to throw the ball again (or refill the food bowl), or the ripple of the cat purring on their lap asking for affection (or to refill the food bowl), knows that that pets are family. Accordingly, people are also willing to spend top dollar on their care and health, just as they would for two-legged family members.
If you’re a dog mom or cat dad, you’re far from alone. According to a survey published in Forbes Advisor, about 66% of U.S. households own a pet and 97% of those surveyed consider their pets family. The survey uncovered that the financial commitment for pets isn’t insignificant, coming out to about $1,533 annually with expenses such as veterinary care, pet insurance and boarding.
GOBankingRates readers are no exception in their devotion to their pets. When we conducted our own survey about pet owners’ spending habits, we found that nearly 35% of respondents planned to spend between $600-$1,200 on their furry friends and just over 12% were willing to spend between $1,200-$1,500.
Readers’ passion for their pets compelled GOBankingRates to take an even closer look at the expenses devoted pet parents should plan for.
Food and Treats
As director of operations for Edwin D Marks Animal Foundation and Guardian Pet Trust, Debra Azzato knows how to help people plan for their pets’ long-term security and comfort. She said that one of the most important things you have to budget for is your pet’s food — which doesn’t just include kibble or wet food, but the stuff your pet will really love, like t-r-e-a-t-s.
But not all pet foods are created equal. According to Azzato, premium and gourmet foods, as well as breed and age-specific foods can cost more than general foods. For instance, an 18-pound bag of Purina Pro Plan, which is a more general option for canine chow, costs about $49.58 on Chewy.com while the specialty Royal Canin(R) Veterinary Diet Canine Gastrointestinal Adult Dry Dog Food – Low Fat can run around $97.99 for a 17.6-pound bag.
When developing your pet’s food budget, don’t forget to plan for their goodies (just as you’d make room for cookies in your own grocery list). Fortunately, treats are far more affordable, with options like Temptations classic adult treats going for $7.63 at PetSmart. Grocery stores like Aldi offer even cheaper — though no less tasty — options for only $1.39.
Wellness Visits
One core part of your pet’s care involves wellness visits with their veterinarian — no matter how much they fight you about getting in their carrier. Azzato said that you should plan for these visits to include vaccinations and the occasional blood tests.
According to reporting from Forbes Advisor, people can plan to spend, on average, about $680 on vet care every year. If they choose to go for pet insurance, they can tack on another $601 for extra expenses.
However, if there’s one thing pet owners can expect, it’s the unexpected. And unfortunately, the unexpected can come with a high price tag. According to Forbes Advisor, 42% of pet owners said that they couldn’t take on an emergency vet bill of $999 or more without going into debt.
“If your pet gets sick, you need to have budgeted enough money to provide proper medical treatment,” said Azzato. “Even if you have purchased pet insurance, you should be prepared to pay your share of the expense which varies based on the plan you choose.”
Other Expenses
Being a pet owner isn’t all cuddles and long walks in the park. Sometimes, you have to bank on the nitty gritty — quite literally.
Cat parents have to add kitty litter to their regular purchases, which averages between $11-$25 on Amazon. Meanwhile, dog moms and dads should plan to spend anywhere between $9 and $25 on poop bags for Fido.
Grooming
Keeping your pet’s fur lush and healthy — or at least not matted, and out of their faces — is another important area you’ll need to budget for, according to Azzato.
“Add in the groomer where the costs are based on the size and breed of your pet and which services you choose,” she said. “The more you have done, the more it will cost.”
Per Waggz, a company that specializes in pet grooming supplies, you can plan for an average dog grooming session to cost anywhere from $30-$90 an hour.
Even if you’re up to giving your pet a good scrubbing in the bathtub, you’ll probably need to spend anywhere between $9 and $30.99 (in addition to the chiropractor fees from wrestling your pet into the tub).
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