5 Ways to Cut Pet Expenses

Cybulski created a “dog budget,” separate from the family’s everyday expenses, in the couple’s retirement plan. “My clients gave me a rough idea based on the dogs’ age and breed what expenses we could face. By breaking the budget out, we can better plan for what cash flow looks like,” he says.

Here are five ways you can make pet ownership less costly.

1. Know your initial costs

Although these figures can change based on the type of pet, the ASPCA estimates that the average dog or cat owner spends $1,100 to $3,200 during the first year of owning a pet. This estimate may include medical fees such as for spaying or neutering, supplies like a collar and leash, food, toys, bedding, crate, and many other costs including behavior support and training.

Katherine Edwards, a certified financial planner at Mainstreet Financial Planning, based in Murfreesboro, Tennessee, says that many vets have payment plans for puppies and kittens to help cover the cost of the first year of expenses. The plans often include several checkup visits, all vaccinations, and any costs associated with having the pet spayed or neutered and microchipped.

“It is also important for pet owners to consider extra costs in case of an emergency medical situation,” Lafaille said.

Consider 1-year-old Suki, who was born with patent ductus arteriosus, an opening between the two major blood vessels leading from the heart. Her owner couldn’t afford the lifesaving open chest surgery the little dog needed and surrendered her to the shelter at the Massachusetts Society for the Prevention of Cruelty to Animals (MSPCA) in Boston. Fortunately, the MSPCA-Angell Animal Medical Center helped, and Suki has recovered. She now has a new home.

2. Budget for essentials                               

Fortunately, pet food inflation has been easing, according to figures for the Bureau of Labor Statistics. Pet food prices rose 7.6 percent in the 12 months that ended in September, compared with 8.7 percent in August.

Edwards advises having an emergency fund of three to six months’ expenses to use for car repairs and other items — including the cost of a new animal. “Then review your budget, adding in a new line item for the pet which would include food and medications such as heartworm prevention.”

Hard as it might be, you’ll want to keep to that budget and avoid making impulse purchases, such as toys or extra treats, for your furry friend.

3. Don’t skimp on important stuff

Do shop smart for your pet as you do for yourself and your family. Buy in bulk. Freeze extra food when you can. Buy online when it’s cheaper. Look for deals and stock up.

Invest in early training and/or socialization for young animals; in preventive medicine — mandatory vaccinations, parasite prevention and treatments; in microchipping and pet registration; and in a quality tag that identifies the animal. 

To save, shop around for spaying and neutering services, basic dentistry, annual vet visits and basic exams. Research foods to feed your pet well, but don’t overfeed. Sometimes, therapeutic diets are necessary to maintain your pet’s health.

Don’t ignore periodontal disease, as it can cause major health issues. Ask your vet about brushing your pet’s teeth. Depending on the pet’s coat, periodic trips to the groomer may be required to avoid matting. Some people buy tools and groom at home.

4. Consider pet insurance

Fluffy is injured at the dog park. Muffy eats something she shouldn’t have. Do you need pet insurance? Opinions differ, so you might want to discuss it with your financial adviser. It averages $32.50 per month for cats and $53.34 per month for dogs, according to the North American Pet Health Insurance Association. Compare that to one emergency that costs $1,000 or more.

Edwards suggests buying it while your pet is healthy if an emergency trip to the vet or a serious illness would be a financial strain. She says that many plans cost the same amount as the “care plan” or “wellness plan” your vet may offer. Typically, these plans are purchased annually, and cover basic, in-house vet care. “Insurance also covers things such as dental cleanings, emergency surgeries and other expenses that come up along the way,” she adds.

However, in many cases, insurance won’t cover preexisting or chronic conditions, serious illnesses like cancer, or genetic issues a purebred or mixed animal may have.

5. Get help, if you need it

Should you find yourself in a real bind, call a food bank, animal shelter or animal hospital and explain your situation. They’ll help you keep your pet so you can avoid surrendering it.

As people continue to struggle with inflation and an uncertain economy, the pet food pantry at PAWS Atlanta often empties out quickly. Every day, the shelter takes calls about rehoming pets.

LaFontaine said that the Humane Rescue Alliance will help if possible: “If your animal has a minor medical condition and you can’t get a vet appointment or can’t afford it, you can bring the animal to us. We have wonderful — a wonderful hospital here. And our doctors will treat your pet and you can pick them back up. Last year, we were able to keep 642 animals with their people, with the families who already love them.”