TEMPLE, Texas — Around 70% of American households have a pet, according to the National Pet Owners Survey. That's around 90.5 million households having to budget in the expenses of their furry loved one.
So, when a family decides it's time to get a pet, one has to be prepared.
"This probably doesn't come as a shock to anyone that's heard us talk over the years, but as a financial advisor I definitely think people should budget for the cost of a pet before getting one," Certified Financial Planner Neil Vannoy said.
While dogs and cats are by far the top family pets, 19.4 million U.S. households own what are known as ‘exotic animals,’ and some of those can be even more expensive than the traditional pets.
"Obviously some types of pets will be more expensive than others, but don't just assume smaller pets will be less expensive," said Vannoy. "My wife and I had guinea pigs for years and changing their litter regularly cost a fortune! "
There are 58 million cats living with Americans, but dogs remain the top choice for pets with just under 77 million households owning dogs. So, let's talk about the true cost of that pet who becomes a family member.
"According to the AKC’s website, the average first-year cost of raising a dog was $3,085," said Vannoy. "And the average lifetime cost is $23,410. These figures include food, supplies, vet bills and medications, but the cost of training classes would be in addition to these dollar amounts."
So pet insurance is a thing, but should you get it?
"Personally I've never had pet insurance, but I've always made sure we had money in our budget or cash reserves for any unexpected vet bills," Vannoy said. "If you don't have much wriggle room in your budget then it might make sense to get pet insurance. Just be sure to shop around and make sure you know what any policy would and would not cover."
And just under 2 million American households own a horse, a very different number than 150 years ago for sure. But with gas prices these days, we'll have to ask our very own Chief Meteorologist Andy Andersen what is cheaper to feed: the car or the horse!
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