What’s the Annual Cost of Pet Ownership?

Posted in Around the Web
June 27th, 2012 at 1:31 pm by Ally

There’s a reason some company benefits now include pet insurance: Owning a pet can be a serious expense.

In fact, according to the American Society for the Prevention of Cruelty to Animals (ASPCA) – and as recently charted on this infographic – the average annual cost of owning a pet can reach $580 for a small dog, $670 for a cat or $875 for a large dog.

Personal-finance management service Mint.com estimates the average cost of pet ownership as $112 a month (or $148 in San Francisco, an expensive city) – adding up to an average of $1,344 per year. Multiply that by the median lifespan of a dog – 12.8, according to WebMD – and you could expect to spend roughly $17,200 throughout your pet’s life.

How do these numbers break down? The ASPCA’s conservative estimate of $695 for a medium size dog includes:

  • 34 percent ($236) for medical expenses.
  • 32 percent ($222) for health insurance.
  • 17 percent ($118) for food.
  • 8 percent ($56) for toys and treats.
  • 2 percent ($14) for a pet license.
  • 6 percent ($42) for miscellaneous expenses.

Of course, with their incredible ability to lower anxiety , a pet may actually save you money, since you may no longer need psychotherapy sessions or anti-anxiety medication. So ultimately, Boomer may be paying his own way.

How much do you think you spend per year on your pet? Are your pet expenses budgeted?

 

Responses to this post (3 comments)

  1. 6/28/2012
    2:34 pm
    Penny says:

    Wow, oh god .. that’s a LOT of money for a dog! I don’t have pet insurance, because my dog has hip dysplasia and it’s considered a preexisting condition. I have a membership with Pet Assure through my employee benefits, which basically discounts me 25% at the vet. But yeah, it’s definitely expensive to own a furry friend!

  2. 6/30/2012
    11:00 pm
    carol says:

    It does definitely add up; but, the many blessings they bring US ARE immeasurable

    • 6/30/2012
      11:03 pm
      Ally says:

      You’re absolutely right, Carol. For many, pets have become a part of their family and the costs are definitely worth it for them. Thanks for sharing with us!

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