The Secret Cost of Pets

We here at Laurel are decidedly animal lovers. Pets are great companions, keep us active, and can be extremely entertaining. With warm weather abound, you or family members may be dreaming of your own furry friend to accompany you on walks in the park (dog), or randomly glares at you for no apparent reason (cat). Should you decide to provide a welcoming home to a new fur baby, be warned, they aren’t cheap.

In a recent survey published by Nationwide Home Insurance the average family spends nearly $4,500 in the first 12 months of getting a new pet regardless of whether you are a dog person or a cat person. Those who chose to get a new furry feline friend fall a good bit short of the average, clocking in just short of $3,100 in the first year; while people choosing to get mans best friend are expected to shell out just over $6,000.  If this seems crazy, take solace in the fact that you aren’t a horse owner, as the average first year cost for them is approaching $16,000!

Intelligently over half of the 2300 survey responders claimed they set aside money beforehand to cover these costs.  9% of people chose to go put it on a credit card, and 38% dipped into savings to fund the ongoing costs of their new family member.

Pets are wonderful, but it is important to remember that they are a long-term financial commitment and rarely get less expensive as time goes on. So, there’s some ammo for next time one of your college age family members say they’re going to get a new puppy for the apartment.