Caring for pets goes beyond the initial purchase price. When making a spending plan, prioritizing needs first is a common practice. When a pet becomes part of your family, their needs can include pet food, vet bills, grooming services, and other additional costs depending on the pet. According to the Consumer Expenditure Survey, the average pet-owning household spent about $770 on pet expenses in 2021, with the majority of the expenses being vet services 35% and pet food 33% (Shulz & Chansky, 2024). 

Pets can contribute positively to the social and emotional health of humans, so while they do incur financial costs, there is also the value that a pet can contribute to its owner(s). If owning a pet is something that you value or want to prioritize, prepare your finances to consider the anticipated costs that will need to be covered to properly care for your pet(s). When creating a spending plan, find a way to account for your pet costs either by creating a pet category or including the pet costs in your existing spending categories such as your family food budget and medical care expense categories (Mahlandt, J, 2024). 

As children may be eager to become pet owners, learning the cost and care requirements can help with understanding pet responsibility. The Consumer Financial Protection Bureau (2022) has a simple activity on pet costs to help children understand the initial and continuing costs of pets. It also provides examples of the difference in cost between different types of pets as some pets may be less expensive than others. For example, owning a fish or hamster may be less costly than a cat or dog. Research all the costs that may occur in addition to the start-up costs and see if you have enough money to pay for all your pets’ needs.  

When considering buying or adopting a new pet, take the costs of owning the pet into account in your spending plan. Most (over 62%) of Americans are pet owners with 35% owning more than one pet (Brown, 2023). Consider all the potential pet expenses in your spending plan, so that you are prepared when it is time to take your pet to their next vet appointment or buy more pet food at the store. 

References

Brown, A. (2023, July 7). About half of U.S. pet owners their pets are as much a part of their family as a human member. Pew Research Center. 

Consumer Financial Protection Bureau (CFPB). (2022, July 14). Paying for a Pet. 

Mahlandt, J. (2024, October 9). Spending Plan Categories: How many do you need? Finding Financial Balance – University of Illinois Extension. 

Schultz, M. and Chansky, B. (2024, June). A “tail” of productivity in pet care services: new technology enables rapid growth. U.S. Bureau of Labor Statistics Beyond the Numbers: Productivity, vol. 13, no. 6.