A new pet is part of the family. They are amazing companions that bring joy into our lives. It doesn’t take them long to work their way into our hearts.

However, pets can be expensive. People often underestimate all that it takes to care for their new companion. Preparing for the financial reality of owning a pet can help you avoid unnecessary stress and ensure you can keep your pet safe and healthy.

Pet Costs to Consider

• New Pet Initial Costs.

  Animal shelters are great places to begin your search. Keep in mind that most agencies will charge a fee for the adoption, so be sure to factor that into your budget. These fees typically range between $100 and $200 for pet adoptions. Not-for-profit animal rescues can charge even higher adoption fees, especially if the rescue is an in-demand dog or cat breed. These organizations want to know you have the means to care for these pets properly, and they have expenses that are not taxpayer-funded like many animal shelters.

• Vet Visits.

  Some shelters and most rescues will provide vaccinations before you take your new companion home. However, you may still want to take your new pet to a veterinarian to find out about the state of its health. Whether you’re adopting an older pet, a puppy or kitten, or a pet that is somewhere in between, you want to know where you’re starting, health-wise, so you can address and treat any concerns.

  • This is also an opportunity to begin monthly preventatives, like heartworm and flea and tick medications. If you plan on spaying or neutering your pet, this is also an additional cost you may want to consider. It is also recommended you have your pet checked by a veterinarian annually to keep up with their vaccinations. These checkups and preventatives can get expensive, it may be smart to open a pet savings account to keep some money aside to offset your costs.

• Food.

  Depending on your pet, this could be an ongoing and shocking expense. Quality pet food isn’t cheap, and many discount brands can lead to health problems, including obesity. It’s essential to do your research or even ask for recommendations from your veterinarian.

• Toys.

  Oh, the toys! If you have a dog that is a heavy chewer, you could find yourself having routine toy (and furniture) funerals. If you fail to provide adequate toys and activity for your new pet, it will entertain itself, often resulting in damage to your personal belongings.

• Supplies.

  Some owners crate their dogs when not at home to prevent accidents and injuries to their puppy. Crates, depending on the size, can be quite costly. Cats have their own expenses that include kitty litter, litter boxes, and scratching posts. Other kinds of pets will have their individualized needs, which you should make sure you can meet prior to bringing a new companion home.

• Pet Insurance.

  There are many options available. Take your time and research pet insurance options to find one that meets your needs and addresses your concerns for your pet.

We’re Here to Help!

If you’re thinking about adopting a pet, consider opening a separate savings account to help cover the everyday costs of owning a pet, as well as any unexpected expenses. You can even set up automatic transfers to help you save effortlessly.

If you want to learn more about these services or have questions, call, chat, text, or stop in! Our team is available M-F, 9am-4pm ET. (315) 671-4000.

Each individual’s financial situation is unique, and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.