If you’ve been thinking about getting a pet, it’s important to budget all expenses that come along with pet ownership. There is more to factor in than just the initial cost, and being a pet owner is an ongoing expense. Depending on what type of pet you’re considering, these costs may vary widely. Some hidden costs of pet ownership include:
If you plan on getting a dog, you may be able to do the training yourself—but not necessarily. Some dog owners find that they need to invest in training classes in order to put an end to their pet’s destructive behavior, and this is a hidden cost that can add up quickly.
Pets can be messy. They shed, create odors, and of course—there will be the occasional accident. Aside from the extra time you’ll need to consider to clean your home, you’ll also have to factor in the additional cost for cleaning supplies.
Most pet owners think about preventative care and routine vaccinations, but it’s impossible to anticipate sudden emergencies. Accidents and illnesses can result in very costly vet bills.
Depending on how much you travel, you may have to factor in pet sitting and boarding expenses into your budget. If you work full-time and are gone the entire day, you may also need to factor in the cost of a dog walker.
Pet deposits and rent
Unless you own your home, this is another expense that you may be faced with as a pet owner. Most landlords will charge a deposit for cats and dogs, but it’s not uncommon to also be charged a non-refundable pet fee upon move-in, in addition to monthly pet rent. Although it will vary, the average pet rent cost is approximately $20 per month per pet.
Although pet food and treats may be an obvious expense, the cost tends to be overlooked, especially if you have a large pet.
Although grooming can be done at home, larger animals and more difficult tasks might need the help of a professional, and this is another cost to consider. The cost of grooming can vary depending on your pet’s size, species, and breed, but generally ranges between $35 and $75.
Although there can be ways to cut down on pet ownership expenses, Peachtree Financial Solutions understands that day-to-day expenses and monthly bills can easily add up. If you need cash now and you’re receiving annuity or structured settlement payments, Peachtree Financial Solutions may be able to help you get the money you need. We can offer you a lump sum payout by purchasing some or all of your future payments. Contact Peachtree Financial Solutions today for more information and to get your free quote!
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.