Can You Afford a Pet?

Benefits outweigh the costs

Pets are expensive, but the benefits may outweigh the costs. Before adding a new member to your family, it's important to look at the financial side first.

• It's no secret that a goldfish costs a lot less to keep than a golden retriever. That's why Americans keep well over 100 million freshwater fish as pets.

♦ Dogs and cats always have a special place in our hearts. Also, our wallets.

• Owning a dog now runs roughly $1,400 to $5,300 a year, depending on size, health and how much you spoil them. Over a dog's lifetime, that can top $30,000. Cats generally cost less, but not by as much as you'd think.

The first year costs the most. You have to think about adoption fees, supplies, food, basic vaccinations and routine vet visits, not counting toys.

After that, the ongoing costs are food, routine vet bills and supplies. That's assuming no major illnesses or accidents.

You can save on pet food by avoiding fancy specialty brands, using ever-present coupons and shopping online. You'll still need to plan for yearly vet visits.

Just like with people, routine checkups can catch something early and help avoid costly treatment down the road. Keeping up with vaccines is good prevention, and the rabies shot is required by law in nearly every state.

How to find an animal

Unless someone gives you an animal, you'll have to pay to get one.

♦ Adopting a pet from a shelter typically runs from $20 to $350. Most shelter dogs end up there because their owners couldn't afford to keep them or their landlord wouldn't let them stay. Others are abandoned or lost animals picked up by animal control. If they aren't rescued, many will be euthanized.

♦ Adopting from a rescue organization typically costs $150 to $400. These groups often take pets from shelters to save their lives. Rescues cost more because they've already invested in getting the animal ready for a new home. Most will already be vaccinated and spayed or neutered, and many will already have a microchip.

Don't expect these animals to come to you in perfect condition. Many will still have some ailments, like ear infections or intestinal problems, that you'll need to treat after you bring them home.

With patience and a little love, these problems can be overcome.

♦ You can buy from a pet store, but many animal rights groups say that's not a good idea. The animals often come from puppy mills or kitten factories. A number of states have banned their retail sale.

There are many other things to consider when deciding to get a pet. If you're lucky you may not need to spend money on them, but you should keep them in mind: Training, Pet-sitting and Pet Day Care, Home Owners Insurance, Routine Vet Bills, High Vet Bills, Coping with the Unexpected: Savings and Pet Insurance

Training

Dogs may need training that you may not know how to give. Some rental agencies and condo associations require proof of dog training.

Group classes for socialization or basic manners may be taught at a dog day care or a pet store. These have run from $40 to $125 or more.

Private classes with a trainer have run from $240 to $600.

Pet-sitting

If you work long hours or travel for your job, there will be times when your pet is alone. Pet-sitting and day cares can help, but the cost adds up quickly.

♦ Pet-sitting in your home is generally best for cats and nervous or aggressive dogs.

Pet sitters have typically charged $20 to $65 a day. The low end is just a 25-minute check-in and feeding. Walking the dog raises the price. If the sitter has to stay overnight, the cost jumps, often to $75 or more these days. If you have more than one animal or it's a holiday, expect to pay more.

Pet day care

Pet day cares are run much like day cares for children. Sociable dogs generally do well spending the day with other dogs. Costs vary widely depending on the setup.

• Pet day cares typically run from 7:00 am to 6:00 pm. Basic day care runs about $40 a day, while doggy spas can run $60 to $90 a day or more. Many offer monthly rates.

Overnight stays have ranged from $50 to $85 a night.

♦ These prices are a few years old and have been climbing. Call a couple of local sitters or day cares, or check an app like Rover, to see what it costs where you live.

The cost typically includes one or more feedings, playtime with staff and regular walks for pets to do their "business." Pets also get several rest times throughout the day.

Most facilities offer both an indoor and outdoor play area where dogs can socialize.

• Many day cares charge an application fee, anywhere from $3 to more than $30. Most also charge extra if you pick up your pet late. This is usually charged by the hour, and many will charge you for a full hour even if you're just a few minutes late.

• Many day cares will pick up and drop off your dog for an extra fee, usually $5 to $10 each way. That may actually save you money if you're always late picking up your pet.

Homeowners insurance

Dogs are a real worry for homeowners insurance, because dogs bite. Check with your home insurer to see what a dog will do to your coverage and premium.

♦ In 2025, homeowners insurers paid out $1.86 billion for dog bites and other dog-related injuries. The average claim was more than $65,000.

Some insurers classify certain breeds as dangerous and charge their owners a higher premium, or refuse to renew the policy.

• Pit bulls and Rottweilers have had the highest number of dog-bite fatalities.

Vet bills

People worry more about vet bills than the day-to-day cost of owning a pet. But if your pet is healthy and takes very few risks (stays indoors), these costs are manageable.

♦ Depending on your pet's age and condition, plan for a basic wellness check. Twice-a-year visits used to be common, but these days most vets suggest once a year. That lines up well with routine vaccinations.

• A physical exam has averaged $65 to $75.

• Vaccines have averaged $15 to $45 per shot. And your pet may need several shots.

♦ These prices are a few years old. Vet prices have climbed faster than almost anything else since then. In 2025 alone they jumped 7.1%, more than twice as fast as prices overall. Expect to pay more than the numbers above. Call your vet and ask for a price list.

During a routine wellness visit, your pet will get a thorough physical exam. The vet will check your pet's hearing, vision, teeth and gums, heart, breathing, skin and coat, muscles and more.

• Most vets will push routine blood work. It's less important in the early years and much more important as your pet ages. Blood work has run $85 to $110.

Overweight pets cost more. They're at greater risk of serious health problems like diabetes. Like people, they need to be monitored more closely and more often.

• Overweight pets will be steered toward a prescription diet food sold by the vet clinic. Because it's "special," it will cost more than the pet store version.

Watching what you feed your pet will help keep them healthy, keep their weight in check and save you money at the same time.

If you let your pet wander outside, you increase the risk of accidents and the chances of picking up diseases, along with higher vet bills.

High vet bills

Most pet owners deal mainly with routine yearly vet care, which has run a few hundred dollars a year.

♦ It's the unexpected events, like accidents, injuries and illnesses, that can cost a lot more. They're costs few pet owners are prepared for, both mentally and financially.

If your overweight cat shows signs of diabetes, it could easily cost over $300 just in testing for your vet to make a diagnosis. Treatment can get quite costly, especially if frequent vet visits are needed.

If your dog fails a $45 heartworm test, you're now looking at treatment costs of anywhere from $400 to $1,000.

A common problem like an ear infection costs $100 to $250 to treat.

If your dog eats something he shouldn't, you'll be looking at a vet bill of about $1,550 on average to get it out.

Emergency treatment is another expense that can quickly run $1,000 or more.

How to cope with the unexpected

Savings account

Consider setting up a special savings account to cover your pet's yearly vet bills plus extras.

If you start saving while your pet is young, by the time they run into the health problems of old age, you'll be ready to handle them, along with any other surprises along the way.

Discount plans

PetAssure used to offer a simple discount plan. You paid a membership fee and got a discount at participating vets pretty much right away.

♦ A cat used to cost around $79 a year and a dog around $99 a year. That deal is now gone.

PetAssure now mostly works through employers as a company benefit. The cost is right up there with basic pet insurance.

For folks not tied to a specific company, PetAssure has offered a reimbursement plan called the Mint Wellness Plan. You pay your vet bill up front and ask for reimbursement.

Last we checked, the cheapest plan was $18 a month with a maximum reimbursement of $350 a year. A savings account might be a better choice. Check their site for current plans and prices.

Financing

Some vet practices offer third-party financing or health care credit cards, such as CareCredit. Depending on the amount and your credit rating, you may qualify for a zero-interest plan.

These are credit card plans, so they come with rules you have to follow closely to avoid big interest charges. Still, this kind of financing may cost less than putting it on a regular credit card.

Pet insurance

Many people would rather not have to choose between their bank account and their pet's health. Planning for the worst may mean buying pet insurance. For a deeper look, see our article Is Pet Insurance Worth the Cost?

♦ Pet insurance can be a safety net. It also provides peace of mind, and that's hard to put a price on.

Only about 4% of American pets are insured.

There are a few dozen companies selling a variety of policies. Some are good and some are poor. Most cover only cats and dogs, but Nationwide also sells policies for birds and exotic pets. Even so, Nationwide dropped about 100,000 pet policies in 2024, blaming rising vet costs.

♦ A key point is to enroll your pets while they're young, before they've been diagnosed with any medical conditions.

These policies aren't too expensive in the early years, but as your pet ages the premiums for almost all of them jump. For older pets, premiums can climb so high that many people can't afford them.

• Many people drop this insurance after a few years of rate increases.

It's best to think of these policies as emergency accident coverage rather than illness coverage, since most serious illnesses develop over time and show up more often in pets over age 6.

Six is the magic number.

♦ You can wait until your pet is older to buy pet insurance, but it will cost more. And insurers will do everything they can to avoid paying big claims, using pre-existing conditions and medical history as reasons for denial.

• Your older pet will have a much longer medical history for you to prove and for the insurance company to pick apart.

♦ The cost of a policy depends on your pet's age, breed, where you live and the coverage you choose. A policy with broad coverage typically costs about $30 to $150 a month for a dog and $10 to $50 a month for a cat.

Most plans cover both accidents and illnesses, but usually don't cover routine exams and care, like annual checkups, dental cleanings and vaccinations.

Accident-only policies cover injuries but not illness, and can be considerably less expensive. Read the policy benefits very carefully to see what is and isn't covered.

♦ None of these policies will cover pre-existing conditions, and some exclude exams or hereditary and congenital conditions, such as hip dysplasia, which is common in some large dog breeds.

Watch for waiting periods. Many insurers make you wait up to 12 months before covering knee ligament or hip problems. If one shows up during that time, it can be treated as pre-existing. This part is often very hard to find in the policy.

• As with your own health insurance, if your pet stays healthy all year, you may not get back what you paid in premiums. But if your pet has an ongoing health condition or an accident, the coverage may pay for itself.

When shopping for a policy, carefully review what's covered and what's not. The insurer should clearly spell out the details, including any limits or exclusions.

♦ Avoid wellness add-ons. Many insurers push add-ons for wellness, preventive and elective care. It sounds like a nice complete package.

But the extra cost for wellness coverage, compared to what actually gets reimbursed, makes these add-ons too expensive.

• Be sure you understand deductibles, coinsurance and maximum limits. Higher deductibles mean lower premiums, but also less chance you'll get any reimbursement.

• Many plans have yearly maximums, and some have lifetime or per-incident maximums. These details are often overlooked when people buy pet policies.

♦ It's best to ignore the horror stories and the bragging about huge reimbursements found on almost every pet insurance review site. Some are true, but the industry doesn't make money if they're common.

In 2025, the average "accident and illness" policy cost $836 a year for dogs and $435 for cats.

A lot of coughing but few hairballs to show for it.