Ask a Vet: How Should I Budget for My New Pet? (2024) (2024)

2024 Pet Insurance Survey: Fearing Costs, 30% of Pet Owners Have Avoided the VetCost of Owning a Dog in Every State (2023 Study)

A: According to a recent study by the MarketWatch Guides team, the lifetime costs of owning a pet reach well into the thousands. For cats, the figure is around $15,000 to $45,000, and for dogs, the average is about $30,000. Food is a major ongoing expense for pet owners, along with routine veterinary care. Other costs can include the following:

• Grooming visits
• Pet sitting or boarding services
• Dog walking or daycare
• Toys and treats
• Training classes
• Supplies (e.g., collar, leash, waste bags, food bowls, litter, beds, etc.)
• Pet insurance premiums or wellness plan contributions
• Parasite preventives
• Emergency veterinary care
• Chronic veterinary care
• End-of-life expenses

A: The first step to budgeting is to understand what your pet needs, and how much you could end up spending each month or year, or over a pet’s lifetime. The average monthly costs for cats are around $80 to $250, while monthly costs for dogs range from $100 to $300. Keep in mind that costs can vary depending on your pet’s size and health.

You can budget for your pet’s expenses by setting aside money each month for expected expenses, such as food, treats and grooming visits. You can also set up a separate emergency fund for unexpected expenses, such as when your pet gets sick or has an emergency. For veterinary expenses, you can use CareCredit to spread costs out over six to 12 months, choose a veterinary office that offers a wellness plan, and purchase pet insurance to offset costs for vet visits for accidents and illness.

A: Routine annual veterinary care can add up. If your veterinarian offers a wellness plan, these costs generally are rolled into a single monthly payment. Otherwise, you’ll have to budget for them yourself. Here are some common expenses to give you an idea of how much a vet visit might cost:

• Annual exam fee: $50 to $80
• Vaccines: $20 to $60 each (up to six required each year, depending on the pet)
• Dental cleaning: $300 to $500
• Spay or neuter (one-time expense): $200 to $600
• Heartworm test (dogs): $35 to $75
• Wellness screening blood and urine tests: $80 to $200
• Fecal test: $35 to $75

If your pet develops any health problems, such as an ear infection, skin allergies or a chronic disease, you may pay for another office visit, additional diagnostic tests and medications, possibly on an ongoing basis.

A: Pet insurance can help you save on routine and unexpected veterinary expenses. As long as you purchase your plan before your pet develops any medical issues, pet insurance will reimburse you a set percentage up to your plan’s limit each year.

The best pet insurance plans offer comprehensive coverage for accidents and illnesses, including chronic disease management, medical treatments, and surgeries. Some plans offer a wellness add-on, which partially covers routine care costs and helps you spread those costs across your monthly payments. Pet insurance premiums increase with age, but average around $23 to $48 per month for dogs and $14 to $24 for cats.

A: The costs for emergencies, acute sick visits and chronic ongoing illnesses can vary greatly depending on the nature of the problem. An emergency visit for a minor injury may cost several hundred dollars, but a major emergency surgery or lengthy hospitalization could cost $5,000 to $10,000. According to Synchrony’s study, the average sick or emergency visit ranges from $375 to $1,300. Some of the more expensive conditions include $8,000 for cancer treatment, $2,500 for heart disease and $5,000 for orthopedic surgery.

Since you can’t predict your pet’s medical needs, one way to budget for emergencies is to invest in pet insurance that covers these expenses. You may be able to cover some emergency costs using third-party financiers or a pet savings account, but these funds often run out before a pet insurance annual limit is reached.

A: Pet food costs vary widely and depend greatly on your pet’s size and activity level. A large, active dog costs significantly more to feed than a cat. The type of food you choose also contributes to cost. Dry kibble is the least expensive, but canned, fresh or dehydrated diets are much more pricey. Generally speaking, you should expect to spend around the following per year:

• Food: $210 to $2,300
• Treats: $60 to $270
• Toys: $10 to $330

A: Miscellaneous expenses depend on your pet’s individual needs. Pets with long or continuously growing hair coats will need regular trips to the groomer, which can cost more than your trip to the hair salon. Active or young dogs may require daily walking or daycare services, which can cost $25 or more per day. Also keep in mind that some breeds are healthier than others — those with smushed faces are cute but expensive because they often have multiple health problems. Choose a healthy, small, short-coated breed to minimize expenses.

Once you know what to expect, you can plan and budget for expected and unexpected pet expenses. For more information on pet health costs, budgeting or choosing a healthy breed, speak with your local veterinary team.

Doctor of Veterinary Medicine

Angela Beal, DVM, loves using her writing to help pet owners provide the best possible care for their furry companions. Angela has worked in private practice and taught veterinary technicians for 15 years. Since 2020, she has worked full-time with Rumpus Writing and Editing, a veterinary-specific writing and editing company. Angela lives in Columbus, Ohio with her husband, two sons, and their spoiled Chihuahua mix, Yogi.