If you’re considering buying a pet, its essential to understand the costs that come with the responsibility. This article will provide you with a detailed breakdown of what you may need to add to the budget and ways to minimise those costs. 

Initial Costs: Buying the pet

The initial cost of getting a pet can vary depending on the type of animal that you choose. Prices vary for each breed, but you can often expect to pay between $500 and $1500 for a dog, $100 and $300 for a cat and around $200 for a bird or fish. These costs include vaccinations, microchips and other essentials.  

Unexpected costs and emergencies

Emergencies can occur when you least expect them, so it’s good to factor in some additional costs in case of unexpected illnesses or injuries. For this reason, pet insurance can be a good investment to alleviate some of the unexpected costs.  

Ongoing expenses of owning a pet

After the initial purchase, pets are an ongoing expense. Depending on the type of animal, you may need to budget between $800 to $1200 per year. This amount includes food, accessories, minor medical expenses and grooming services. 

The amount you can expect to pay will vary based on the type of animal you choose and their characteristics. For example, a large dog may need more food than a small dog, and a long-haired cat may need to be groomed more often. Below is an illustration of how quickly costs can stack up, but it’s important to do your own sums based on your animal of choice. 

*This is an illustration which will vary depending on the type of animal you choose. 

Ways to reduce costs of pet ownership

1. Adopt from a shelter: You can save a considerable amount by choosing to adopt a pet from an animal shelter instead of buying one from a breeder. Adopting also helps to reduce the number of animals put to sleep every year. 
2. DIY grooming: You can learn how to groom your pet to save money on grooming services. You can research and buy affordable grooming supplies and watch tutorials online to learn how to groom your pet. 
3. Buy in Bulk: You may be able to save a considerable amount of money by buying pet food and supplies in bulk. This is especially true for dry food or treats that have a long shelf life.
4. Regular exercise: Exercise keeps pets healthy and active. Take your dog to a park to play fetch or for a run to prevent obesity and keep them in good shape.

When considering getting a pet, don’t let costs deter you from the joy of becoming a pet owner. By budgeting appropriately, finding ways to reduce costs and being prepared for unexpected expenses, you can experience the great benefits that come with owning a pet without breaking the bank.  

Like every article on TomorrowMoney, this is not personal financial advice. Before choosing a pet, it’s important to do your own sums based on the breed.