Is It Time To Become a Pet Parent? Here Are the True Costs of Pet Ownership

When everything goes well, pet ownership can be one of the best things about being a human. There's something almost magical about hugging a dog, stroking a cat or even caring for a little critter like a gerbil or goldfish.

But pet ownership isn't all sunshine and rainbows. The financial responsibilities of being a pet parent can catch anyone off guard. In fact, a recent Synchrony study found that the average annual cost of dog ownership for the first year is between $1,300 and $2,800—and for cats, $960 to $2,500.¹ Of course, it depends on the pet: There's a big financial difference between caring for a gerbil versus a Great Dane.

While it can be hard to completely predict the costs of pet ownership, planning for expenses may help make your journey into pet parenthood smoother.

Pet Ownership Startup Costs

Your initial expenses will likely vary depending on the pet. Generally, expect to spend money on the following:

• • Adoption or purchase fees. These are fees you pay a kennel, store or breeder to take your pet home. As a general rule, the rarer the animal, the more you'll likely pay.² You'll also pay far less for a dog at a kennel than at a breeder. In general, you can expect to pay up to about $600 to adopt a dog.³ But if you buy a dog from a breeder, you may spend between $500 and $4,500.³
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• • Initial medical expenses. Expect to shell out for vaccinations, microchipping and spaying/neutering. That said, sometimes initial medical expenses (such as microchipping or vaccinations) may be included in an adoption or purchase fee.
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• • Necessary supplies. Your pet needs to eat and sleep somewhere, so you may need to purchase a bed, a crate, food and toys.

Ongoing Pet Expenses That Keep Coming

In all the excitement of bringing your new pet into your home, you don't want to forget about the ongoing expenses of pet parenting. Whether you have a tabby or a tarantula, think about the following:

• • Food and treats. Sure, this expense is obvious, but have you researched the pet you want to get? What does it eat? How often? What does the food cost?
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• • Routine veterinary care. Consider the costs of annual checkups, vaccinations and preventive care, such as medication to prevent heartworms, fleas and ticks.
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• • Grooming. No, you're not likely to take your hamster to a pet salon. But you may want to take your dog, and there are even cat groomers. If you think a groomer is in your pet's future, consider putting it in your budget.
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• • Pet insurance. Your pet may get sick, and accidents can happen. Investing in pet insurance could help you save thousands of dollars in medical expenses down the line.

Surprise Pet Care Costs To Consider

You'll also want to put money away for any emergencies or unexpected expenses that may crop up:

• • Emergencies. If you don't plan to buy pet insurance, you may want to consider creating a pet emergency fund using a Synchrony Bank high yield savings account. You never know what can happen with a pet. Your dog, for instance, could eat a sneaker and then need surgery to safely remove it. Things happen, even to the most conscientious pet parents.
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• • Behavior training or classes. Hoping to convince your dog to stop eating sneakers? You may end up paying for a professional to help you train her.
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• • Repairs or replacements for damaged items. It isn't only sneakers you need to worry about. Your dog might chew on the carpet or render it unusable if it takes her time to get fully house-trained. A goldendoodle made the news earlier this year for eating $4,000 in cash.⁴ Even if you get pet insurance, you may still want to open a high yield savings account or money market account and call it your “pet emergency fund."

Lifestyle Budgeting Tweaks

Depending on your pet and your lifestyle, you might also need to budget for lifestyle adjustments. That means planning for:

• • Potential changes to housing. Do you live in an apartment or a community with a homeowners association? You may have to pay a pet deposit, a monthly pet fee or a fee if your pet damages something.
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• • Doggie day care. Do you work a lot? Are you thinking about sending your dog to doggie day care? That's the hallmark of a good pet parent, but day care costs money. You can expect to pay roughly $40 per day at doggie day care.⁵
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• • Travel limitations and boarding costs. If you plan to travel, expect to pay for a pet sitter or the fees associated with boarding your pet.

Think About the Long-Term Costs

It isn't pleasant to think about, but all pets age. Some pets stick around for a long, long time, like a cockatoo (average lifespan in captivity: up to 70 years!).⁶ But if you have a dog or cat, you may be addressing end-of-life care and expenses when they're between 10 and 20 years old. That's where investing in pet insurance or consistently putting money in a high yield savings account can pay off.

How To Handle Those Pesky Pet Expenses

Many costs go into having a pet, but there are ways to make it easier to manage them. If you're a pet parent, consider the following strategies to build a buffer into your budget:

• • Make a budget and financial plan. A good strategy is to bucket your savings: If you put money into a high yield savings account or money market account and designate the accounts for pet costs, for example, pet expenditures down the road may be more manageable. You could also put vet dates (like checkups) and the expected cost of the visit on your calendar, which can help you stay on top of your pet's health and your financial health.
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• • Comparison shop for supplies and services. Your pet deserves the best, but there's nothing wrong with finding sales and deals on pet food and supplies.
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• • Consider alternatives. If a pet is too costly, you could be a part-time pet parent. If you're fostering a dog, for instance, you won't be tied down with one dog all the time. Or if you have a significant other, family member or friend who really likes pets, you could try a pet-sharing arrangement, whereby every other week you have your pet at your home. Or if you have a roommate, you could share the pet and costs.

Planning Ahead Is the First Step of Pet Parenthood

Financial planning for your pet is simply the right thing to do. Sometimes, after calculating expenses, you might realize you're not financially prepared for a pet. It's better to know this up front.

Budgeting for pet expenses can enhance the experience. Taking proactive steps—like getting pet insurance, setting up a pet savings account or having a designated credit card for pet expenses—can benefit you and your (future) pet. That way, you can be ready for any costs that come up, allowing you to focus on what truly matters—caring for your new furry, feathered, scaled or shelled family member.

 

Geoff Williams is a finance writer based in Loveland, Ohio. He specializes in consumer credit, personal finance and small business finance. For the last 10 years, he has been writing for U.S. News & World Report, and his work has appeared in numerous publications, including The Wall Street Journal, CNNMoney.com, The Washington Post and LIFE magazine. He currently has two cats and has had many dogs, pet rats, birds, guinea pigs and reptiles over the years.

 

READ MORE: Financial Planning for Those Who Don't Like Finances

 

Sources/references

1. Synchrony Study Reveals Pet Owners Spend As Much As $55,000 During A Pet's Lifetime. Synchrony. January 11, 2022.

2. Shepherd, B. 25 of the most expensive pets in the world. PetsRadar. August 8, 2023.

3. The Cost of Dog Parenthood in 2024. Rover. March 19, 2024.

4. Free, C. 'This is Cecil. He has never done anything bad in his life until he ate $4,000.' The Washington Post. January 3, 2024.

5. Vulcan, N. How Much Does Doggy Daycare Cost? Rover. February 20, 2024.

6. Schubiger, V. Cockatoo Lifespan: How Long Do Cockatoos Live? A-Z Animals. June 27, 2023.