There's an ongoing joke among my friends: When one of us leaves our roommates behind to move out on our own, we always ask that trailblazer, "And now what? You gonna get a dog?"
Getting a pet often seems the next step in independent living: you're paying your own bills, managing your work and home life and are generally comfortable taking care of yourself. So what about adding that furry friend to the mix? Can you afford to do so?
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Having a pet is probably not as expensive as you think. In fact it's your time—not your money—your new best friend is going to demand the most of.
"You don't have to put it through college," says Robert Vetere, president of the nonprofit pet industry group American Pet Products Association (APPA). "But there is commitment involved."
About two out of every three American households have a pet, and they collectively spend an estimated US$45.4 billion a year on products and services for them. Here's a rundown of typical costs to keep in mind.
Purebred or Mutt?The first expense you'll face is the cost of the pet itself. This cost can be very high if you are looking for a purebred; you'll pay in the hundreds and even thousands for a pedigree pup or kitty. When shopping for a dog or cat from a breeder, make sure the breeder is registered with a local or international club. You'll also want to visit the facilities to ensure that you're not buying from a place where puppies or kittens are bred in mass (better known as a puppy or kitty mill, or a "backyard breeder"). The Humane Society of the United States publishes a checklist on how to find a good dog breeder. Avoid buying pets in a pet store, where they are sometimes raised in mills.
"If you're looking for specific characteristics, such as personality or size, you have a better chance of accomplishing that with a purebred," says Vetere.
However, if you're looking for a companion, there are many other options besides buying a purebred, such as a local animal shelter. You know that animals from a shelter have been taken care of, at least while in the shelter. They have also been given their basic shots and looked over by a vet. The Humane Society of the United States also says one in four pets at a shelter are purebred.
Food and Medical CostsFood is an ongoing cost of owning a pet. The APPA estimates Americans spent US$229 a year on dog food and $203 for cat food. That adds up to about $2,300 over the typical 10-year lifespan of a dog and about $3,100 over a cat's 15-year lifespan.
The medical costs of having a pet, however, are what may surprise you. "The vet visits throw the biggest curve ball," warns Vetere. Your pet could break a leg, have feline leukemia or even skin cancer. Adam Goldfarb, who works for the Humane Society of the United States, suggests setting up an emergency fund for your pet so the unexpected doesn't put you in the red. Goldfarb also suggests free or subsidized health care programs if you don't think you can afford a necessary procedure for your pet. The first place to check would be with your local animal shelter.
Another option is pet insurance. If you know your pet has a higher chance of getting sick or needing surgical intervention (for example, Great Danes often have bad hips, sometimes requiring hip replacements), you could consider pet insurance. Pet insurance works a lot like your own health insurance; you buy a plan you think will be appropriate to cover your pet. For example, insurance provider VPI Pet Insurance, based out of Brea, Calif., offers many levels of coverage.
While You're AwayWhat your pet will do when you're at work or on vacation is especially important if you're getting a dog. These costs can rival those of child care in some places.
Petaholics, a pet service company in New York City, charges between US$14 and $27 a walk, depending on the length of the walk. You could spend up to US$135 a week if you can't get home to walk your dog at lunch. (These aren't just inflated New York prices, either: Happy Tails in Indianapolis, Ind., charges $15 for a midday walk, and $12 for a midday potty break.)
Last ResortsIf you absolutely cannot afford your pet, you do have options. Consider asking a local shelter for help or even sending your pet to foster care for a while. "Exhaust your resources before you make a decision," says Goldfarb. But if you really need to give up your pet, bring it to a local shelter. "Be careful about who you are giving your animal to," says Goldfarb. "There are people out there looking for pets for the wrong reasons."
Go to Forbes.com to view the slideshowIn Pictures: The Price Of A Pet
