Main points
- Dogs are generally more expensive to care for than cats.
- Many pet owners spend $1,000 or more the first year they welcome a pet into the family.
- Pet insurance can help reduce your out-of-pocket pet bills, but it comes with its own costs.
Now that the weather is getting warmer, many people are considering adding a new four-legged friend to their home. It’s a big decision that affects not only your daily life, but also your finances, so it’s important to be prepared. Here are four common expenses that most new pet owners face.
1. Adoption fees
First of all, you have to pay to get your pet. Adopting a dog or cat from a shelter is generally cheaper than buying a purebred animal. According to Rover, shelter fees for dogs can range from $100 to $725, and adoption fees for cats range from $35 to $200. But buying from breeders can easily cost you hundreds or even thousands of dollars.
But there is always personal preference to weigh. If you want a specific breed of dog or cat, you may prefer to pay the extra cost.
2. First animal accounts
Once you bring your new pet home, you may want to take them to the vet for a checkup. If they haven’t already had their vaccinations, they may need them. And if you don’t want to worry about puppies or kittens, you can have them spit or touch you.
Costs vary by where you live, what you want to do, and whether you have pet insurance (see below). But it’s possible to spend hundreds of dollars on these initial vet visits. If you want an accurate idea of what you’ll pay, try talking to veterinarians in your area to find out what they charge for these services.
3. Pet insurance
Pet insurance coverage is optional, but more and more people are looking to avoid unexpected bills if their pet gets sick or injured. Just like people with health insurance, pet insurance has deductibles, copays and premiums. Premium costs vary by location, breed and age of pet. You generally have some say in your personal payments and deductibles.
It’s a good idea to compare rates and coverage options from multiple pet insurers before purchasing a policy to make sure you’re getting the best deal. Generally, dog owners pay more than cat owners. But both can expect to pay a few hundred dollars a year and more if they want to file a pet insurance claim.
Anyone trying to keep costs down can consider an accident-only plan instead of a comprehensive plan that covers accidents and illnesses. On the other hand, if you want the most complete protection possible for your pet, you can look for a policy that offers optional health supplements for things like vaccinations and regular grooming.
4. Other pet supplies
Unless you have a pet, you’ll need to invest in things like pet beds, collars, food, food bowls, toys, and more for your furry friend. It may seem like a small thing, but it can quickly add up to hundreds of dollars.
Price these items ahead of time to determine how much you should spend. And check out pet stores to see if you can find any at a discount. You may also be able to find coupons for pet food and other supplies online.
No matter what you do, you can expect to spend at least $1,000 to add a new dog to your family, or about $750 for a cat. And many people pay more than that. If you don’t think you can handle all these expenses now, consider saving up and looking for a new pet this summer when you’ll be a little more prepared.