Pets Are Family. Their Expenses Need a Place in Your Budget, Too

Key Takeaways

• Include routine pet expenses in your monthly household budget.
• Set aside money specifically for unexpected veterinary care.
• Consider the ongoing costs before adding a new pet to your household.
• Compare pet insurance, savings and other options for managing larger expenses.

Main Article

Food, grooming, medications, routine veterinary visits and the occasional unexpected expense can make pet ownership more costly than many people anticipate. Building pet expenses into your regular household budget can help you provide the care your pet needs without turning every vet visit into a financial emergency.

Begin with the costs you can predict. Food, annual exams, vaccinations, medications, grooming and preventive treatments can usually be estimated fairly easily. Adding those expenses together and dividing annual costs by 12 can give you a more realistic picture of what your pet costs each month.

The harder expenses to plan for are the unexpected ones. An injury, illness or emergency veterinary visit can result in a sizable bill with little warning. Building a dedicated pet-care fund as part of your emergency savings can help you prepare. Some households may also want to evaluate pet insurance, keeping in mind that premiums, deductibles, coverage limits and exclusions can vary.

If you’re considering bringing home a new pet, think beyond the adoption or purchase cost. Supplies, training, boarding, dental care and medical needs can continue for many years. Planning for those expenses from the beginning can make it easier to focus on your pet’s well-being instead of worrying about how you’ll cover the next bill.