Owning a pet is a rewarding experience, filled with love, companionship, and joy. However, pet owners need to recognize and plan for the financial responsibilities that come with bringing a furry friend into the family. From the initial adoption or purchase fees to the day-to-day essentials and unforeseen veterinary expenses, the costs of caring for a pet can accumulate significantly throughout their lifetime.

By learning what average costs may be associated with your pet’s care, you can better prepare for a lifetime of financial commitment. Our Billings Animal Family Hospital team also shares tips on how you can reduce the expenses that come with providing for all of your furry pal’s needs.

Average pet ownership costs

Breed, age, size, health status, and geographical location all influence how much you’ll spend on your pet’s care. However, a recent study conducted by Synchrony, CareCredit, and Pets Best has compiled data on pet ownership, releasing average costs so pet owners know what to expect. Here is a breakdown of what you can expect to pay over your pet’s lifetime:

  • Pet purchase — Adopting a pet is typically more cost-effective than purchasing a pet from a breeder. The upfront cost is generally less for an adopted pet, plus the adoption fee typically covers the cost of spaying or neutering, microchipping, and vaccinations. The average cost for adopting a dog can range from $50 to $500, while adopting a cat may be half that cost.
  • Spay or neuter surgery — These elective, yet important, procedures vary greatly in cost based on a pet’s species, age, size, gender, and health status. Low-cost spay-and-neuter facilities can perform surgeries with the bare basics, while higher-end veterinary hospitals will conduct preanesthetic blood work, place an intravenous (IV) catheter, and prescribe additional pain medication. For the most current cost estimates of a spay or neuter surgery for your pet, contact our team.
  • Basic supplies — The initial expenses for a pet include bowls, toys, bedding, a crate or carrier, leash, collar, and litter boxes if needed. These large initial purchases can quickly add up to $500 or more.
  • Food — Your pet’s size will be a major factor in how much you spend on food. Feeding your pet a high-quality diet, although more costly initially, can save you money in the long run by preventing various health problems such as obesity and poor skin health. Pet owners typically spend between $500 and $1,000 a year on treats and food.
  • Veterinary care — Health-related expenses, including routine wellness care, vaccinations, parasite prevention, dental care, and prescriptions, can range from around $400 to  $1,300 per year, according to the Synchrony study.
  • Training and grooming — Training classes and grooming services can contribute significantly to the overall cost of pet ownership, ranging from $50 to $150 per session.
  • Pet insurance — Pet insurance premiums can be costly if you purchase a comprehensive policy, but accident and illness policies can be well worth the cost of $20 to $50 per month.

In total, a person can expect to pay roughly between $20,000 and $55,000 throughout a dog’s lifetime, and $15,000 to $48,000 over a cat’s life span of 15 years.

How to reduce pet ownership costs

Although pet care can be costly, there are many ways to reduce the financial burden. Minimize pet ownership costs by:

  • Purchasing pet insurance — Purchasing a pet insurance policy as soon as you welcome a new pet into your family is the single best way of defraying pet ownership costs. Not only does an insurance policy give you peace of mind, but it can also save you thousands of dollars in veterinary care throughout your pet’s lifetime.
  • Scheduling regular wellness care visits — Invest in preventive health care to reduce long-term veterinary costs. Regular physical exams, vaccinations, parasite prevention, screening tests, and dental care can help prevent illnesses and reduce the need for costly treatments.
  • Maintaining a healthy weight — Not only will you spend less on food and treats for a slender pet, but your furry pal will also have a reduced risk for a multitude of costly health issues. Obesity can lead to chronic problems, like arthritis, diabetes, and hypothyroidism, and may also cause some cancers. Obesity prevention saves your pet from serious health problems and your wallet from hefty pet-care costs.
  • Learning grooming techniques — Learn how to brush your pet’s fur, trim their nails, and clean their ears at home, which will reduce the frequency or necessity of professional grooming visits. 
  • Making toys and treats — Get creative with DIY pet toys. Many items found around your home, like old T-shirts or cardboard boxes, can be repurposed into engaging toys. Homemade treats made from pet-friendly ingredients are often healthier and more cost-effective than store-bought alternatives.

By adopting budget-friendly practices and making informed choices, you can provide a loving home for your furry pal without breaking the bank. Ultimately, a well-planned budget ensures that both you and your pet enjoy a happy and healthy life together.

When budgeting for your pet’s care, understanding cost estimates is important for knowing whether you can financially provide for your furry pal. Discuss pet ownership costs—and what options are available for covering those costs—by contacting our Billings Animal Family Hospital team.