People can be pretty impulsive when it comes to buying a pet, and they are typically unprepared and unaware of the financial implications of becoming a pet owner. Owning an animal isn’t cheap, and most pets live up to 10 years or more, with significant yearly medical and food expenses.

Food Costs

Animals such as cats or dogs usually eat canned food, but you may choose to feed them a specific diet. Every pet you bring into your home needs to eat, and all food costs money. The American Pet Products Association (APPA) conducted a survey in recent years to determine the price of animal food. The study determined that cats consume up to $5.50 worth of food, while dogs cost $6.44 to feed per week.

If you own a large dog such as a Bullmastiff or Saint Bernard, you will pay much more than the aforementioned amount, up to $63 per week. Pets also need toys to stay entertained, and you may want to invest in training sessions, so your pet is well behaved inside the house.

People are willing to go the extra mile, invest in toys, and set up a comfortable environment for their pets. If you are willing to go down this route and consider pets a blessing, the financial commitment may not be a deal-breaker. However, you can avoid these costs, but the food is one expense that will stay consistent throughout your pet’s life.

Medical Expenses

All animals can get sick and contract illnesses, which means you will have to pay their medical expenses and get routine checkups to ensure they are in healthy condition. A survey carried out by APPA made it clear that the average cost of medical care for dogs is $638 per year and $374 for cats.

This is a hefty sum of money that you should be aware of before becoming a pet owner, so you do not eventually start thinking of your pet as a burden. You may also need to take your pet for a routine inspection to the veterinarian, which may reveal the presence of serious illnesses such as cancer.

Broken bones also need surgical intervention, whose costs can quickly accumulate and have serious financial implications. Diagnostic testing costs $1,000 and MRIs run for $2,000 to $3,000.

Owning a pet is a serious financial commitment, and you must do your research properly before making an impulsive decision. In 2019, veterinarian care cost Americans more than $29 billion, which is expected to rise in the following years.

Yearly Expenses

Many costs add up to a pet’s yearly expenses, and these should be considered if you are serious about introducing a pet to your home. As a responsible pet owner, it is your duty to take care of your pet if they become ill or injured, which means you will have to accept any financial consequences willingly.

APPA found the annual expenses of dogs and cats to be $1,381 and $908, respectively. They also found the ten-year average cost to be $13,810 for dogs and $9,080 for cats.

Final Thoughts

If you are serious about owning a pet, you must have a modest income and be financially stable; otherwise, you might regret your decision. Many animal lovers are willing to shoulder these expenses because they form deep and meaningful ties with their animal friends, who show them unconditional love in return.