Here are some financial aspects to think about before bringing your new furry friend home.
Buy or adopt?
First, you will have to decide whether to adopt a pet from an animal shelter, which is often less expensive or buy from a licensed breeder. Keep in mind that shelters frequently spay or neuter animals before adoption, which eliminates a cost that can be upwards of several hundred dollars. To help reduce medical bills, later on, you may want to choose a breed that is less prone to health or genetic problems.
Consider the supplies
Although the initial fees can be striking, the total cost for supplies such as food, treats, toys and cleaning equipment that will need to be replenished throughout your pet’s lifetime, may be the cause for real sticker shock. Some animals may have food sensitivities or medical conditions that require special diets and medicine – both of which can be pricey. Monthly fees such as veterinary check-ups and grooming appointments can also be expensive.
Think about lifestyle
Providing a comfortable lifestyle is a top priority for any animal owner. When thinking about your pet’s new environment, be sure to address any potential safety hazards. Preventing accidents may lessen unexpected costs down the road, and more importantly, keep your pet out of harm’s way. If you are a renter, check with your landlord to see if you’ll need to pay more to have a pet. Homeowners should make sure they are compliant with city ordinances as some require fences for certain animals. You’ll also want to consider whether a caretaker is needed for your pet during your workday. If you travel frequently or plan to in the future, you should be aware of the expenses associated with bringing your pet on vacation or having someone care for it while you’re gone. Airline tickets and the price of a hotel or rental property will likely be higher if your pet is along for the trip.
Prepare for emergencies
Even with a tremendous amount of planning, accidents can happen. In an emergency, pets may need medical attention and costs can accumulate quickly. Be sure to have money set aside for these instances or think about purchasing pet insurance to help offset the potential financial burden.