Vantage Point

Infographic: Paying for Pets

Although the love and companionship that our furry, feathered, or scaly friends provide is priceless, it’s impossible to ignore the effect that pet ownership has on our wallet. In this infographic, we outline some budget considerations of pet ownership.

Iamt-infographic march 2020

Paying for Pets

Can you afford a pet?

A pet’s companionship is priceless, but its expenses add up fast. Like walking the dog or scooping out the litter box, budgeting is a part of basic pet care.

Pet Ownership Stats

  • 68% of US households own a pet. That equates to 89 million dogs and 94 million cats.
  • More than half of millennial pet owners buy gifts for their pets once a month or more.
  • There are now more pet-owning households than households with children.

Pet Expenses

Basic Pet Care

  • Food
  • Food and Water Dishes
  • Pet Bed
  • Toys and Treats
  • Collar and Leash
  • Travel Crate

First-Year Expenses

  • Adoption Fee
  • Pet License
  • Medical Exam
  • Vaccination
  • Surgery

Living Space

  • Pet Deposit
  • Pet Furniture
  • Gates
  • Fencing
  • Clothing Repair
  • Furniture Damage
  • “Accidents”

Medical Expenses

  • Veterinarian
  • Medical Emergency
  • Pet Insurance
  • Dental Care
  • Ear Care
  • Medication
  • Allergies

Pet Services

  • Grooming
  • Training
  • Dog Walkers
  • Pet Sitters
  • Kennels

Budgeting for Pet Care

Preparing for a pet is like budgeting for any significant milestone: preparation is key.

Set money aside monthly
Estimate your monthly pet expenses (you can use the expenses listed in the section above as a starting point—make sure you factor in annual expenses as well). Budget for that amount as you would a monthly bill.

Create a pet emergency fund
Pet owners are likely to incur at least one $2,000–$4,000 bill for emergency care at some point in their pet’s lifetime. Create a separate fund for pet-related emergencies to protect your personal savings goals.

Sources: American Pet Products Association, American Veterinary Medical Association, Money Under 30, New York Times, Statista