Introduction
As pet parents, we do everything in our power to ensure our pets are happy and healthy. Unfortunately, the lifetime care of a pet isn’t inexpensive. Maintaining a pet requires careful budgeting and financial planning. Underestimating the lifetime cost of your pet’s care could be detrimental to you and your pet’s future.
Before you assume the responsibility of acquiring a pet, it is crucial to know the costs you will incur initially, and throughout your pet’s lifetime. So, how much does it really cost to care for a pet? Naturally, this number will vary greatly depending on species, breed, individual needs, and other factors.
This figure can be very important when estimating how much money to leave for the lifetime care of your pet in the event of your disability or death. You’ll want to ensure your pet is protected with a pet trust in the event something unforeseen happens to you. Ensure your loved pet is protected for life with a Pet Trust.
Initial Costs
The initial costs are the most immediate costs associated with pet ownership. These include purchase or adoption fees, spaying/neutering, vaccinations and medications, litter, and beds/enclosures/toys. You will also want to factor in training costs. If you opt to microchip your pet, which is highly recommended by veterinarians, you’ll want to include this in your initial costs as well. According to U.S.A. Today, the average initial cost of acquiring a dog in the United State is $1030. Cats tend to be a little more affordable, with an average initial investment of $455. But this is just the beginning.
Recurring Costs
While most individuals consider the initial cost of acquiring a pet, ongoing costs are not always at the forefront of a potential pet parent’s mind. These include food and treats, regular veterinary visits, parasite prevention, boarding costs, toys, and pet insurance. You will also want to consider ongoing medications, licensing fees and grooming services that recur on a regular basis. According to the ASPCA, cat parents spend an average of $53 per month on their feline. Dog parents spend an average of $376 per month.
Additional Costs
When determining your pet budget, don’t forget to consider all future possibilities. Unexpected costs include chronic illnesses, hospital stays, major surgeries, and natural disasters. Although a good pet insurance plan can subsidize the cost of emergency care, it is in your best interest to set some savings aside in case of catastrophe. For example, extensive surgery for your pet may cost thousands, even if your pet is insured. Additionally, if your fuzzy companion develops behavioral problems, you may need to purchase specialized training or behavioral therapy. It is impossible to know what the future will hold, so be prepared for all unforeseen expenses.
Lifetime Costs
The average lifetime cost of dog ranges from $20,000 to $55,000, according to a recent study. For felines, this figure ranges from $15,000 to $45,000. To get an accurate estimate of your total costs, you must consider your pet’s individualized circumstances. It is a small fee to pay when you consider the priceless joy our pets bring to our lives!
So, when creating an estate plan designed to protect your loved pets, be sure to accurately estimate all of the costs for their lifetime care. Make sure you are leaving sufficient resources to guarantee they will live a happy and healthy life. You can use our Pet Care Cost Calculator at ACT4Pets.org.
