Episode 234 - The Financial Side to Pet Ownership
Are you considering welcoming a furry friend into your life? Before you take the plunge, it's essential to understand the financial responsibilities that come with pet ownership. In this insightful blog post, Amber, the host of the Debt Free Dad podcast, shares her personal journey as a pet owner and the significant financial implications it brought along.
The Cost of Pet Ownership: More Than Just Love and Cuddles
Amber’s 20-year experience as a pet owner reveals the eye-opening reality of the financial burden that can accompany it. From emergency vet visits to unexpected surgeries, she delves into the substantial costs involved in caring for her beloved pets.
The Rising Expenses: A Look at the Numbers
According to recent data, the price of urban veterinarian services has been on the rise, surpassing the average increase in consumer items by more than two and a half times. With urban vet care expenses escalating by nearly 60% over a decade, pet owners are feeling the pinch more than ever.
Financial Stress Among Pet Owners
Several surveys reveal how pet care costs have led to financial stress among a significant percentage of pet owners. From inflation making it challenging to cover vet expenses to the possibility of going into debt for unexpected bills, the financial implications of pet ownership are undeniable.
The Importance of Being Financially Prepared
As a proactive measure, you may want to consider the option of pet insurance when bringing a pet into your life. By outlining the average costs of pet insurance for dogs and cats, she sheds light on how planning for these expenses can alleviate financial strain in the long run.
The Long-Term Financial Commitment
It is Important to recognize the long-term financial commitment of pet ownership. With Amber’s own dogs costing her over $33,000 in combined expenses over 24 years, it is a reminder that you need to budget wisely and prepare for unforeseen financial challenges.
A Call for Responsible Pet Ownership
Amidst the financial realities of pet ownership, it is important to be a responsible pet owner. While the love and joy of having a pet are unparalleled, being financially prepared for their well-being is equally crucial.
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Episode Transcript:
Amber:
Are you thinking about adopting a furry friend? Before you do consider this? Pet ownership comes with a hefty price tag. Stay tuned to learn why adopting a pet might not be as simple as you think.
Amber:
Hi, I'm Amber, today's host of the Debt-Free Dad Podcast, where we help normal everyday people like you take control of your finances so you can live a happier, less stressful life. Now I have been a pet owner as an adult for the past 20 years. I really had no business getting a pet. Financially speaking and looking back, I'm so lucky that my first two pets were, overall, healthy. Now we got our Beagle, clyde. Just before we decided to start making some changes with our finances and work on getting out of debt. Now, thank goodness, we got on a better track financially because Clyde has cost us thousands of dollars, with three vet emergency visits in the past eight years, including one just five months ago for eating another foreign object. We had to rush him to the vet at midnight on a holiday so that we can avoid another surgery like the one we had two years ago when he ate a foreign object and yes, he's not a puppy anymore, you guys, he is almost nine and that time it ended up being surgery $3,800. And I do not want to go back there. So knock on wood, three's a charm, we're done, right, clyde. Now, thankfully, this past vet visit five months ago cost us $1,500. Right, but a lot of you might be thinking like $1,500, like $3,800, is unbelievable. $1,500 I still can't afford. I get you.
Amber:
I was there right before we started getting making some financial different changes. We were there, we had, um, I had gotten a cat in college. I had no business getting that cat. Uh, thankfully she was overall healthy and if something happened, like an emergency like that that I had with Clyde back then, I would have been calling mom and dad or somebody else like, uh, I need help, I can't cover this emergency. I would have been panicking, right. So let's just take a peek at the financial implications of pet ownership. So, according to the Bureau of Labor, the price of urban veterinarian services rose by 7.9% from February 2023 to February 2024, more than two and a half times higher than the average of all consumer items. Wow, right. Compared to two years ago, urban vet care is up 11%, and over the last decade it has soared by nearly 60%. No wonder pet owners are feeling the pinch.
Amber:
Now a survey by USA Today Blueprint. Oh my god, my phone fell. You scared me. Oh, ryan, you must love doing this. I gotta tape it up. It's gonna fall down again. Oh my god, I need like a real stand, not tape. Let's try this again. Where was I?
Amber:
A survey by USA Today Blueprint this year shows that 91% of pet owners have endured some level of financial stress because of pet care costs. I can relate Like, even though I am debt free and we have a plan for emergencies, it was, it's still stressful, like you don't want to take that money out. But I know that, had I gone a few years ago, oh my God. A survey by USA Today Blueprint this year shows that 91% of pet owners have endured some level of financial stress because of pet care costs. Last summer, a Forbes advisor poll revealed that 63% of dog and cat owners said inflation had made it harder to pay an unexpected vet expense and 42% said they would go into debt if the bill was $999 or less. Now, just recently, having to pay a $1,500 vet bill, knowing that I had the emergency fund and you know I was more worried about my dog than the money that I was it was going to cost me. I know years back I would have been calling people and stressed about the money, probably more like, obviously, about my dog too, but like they, they would have clashed and I wouldn't have been able to just care for my dog. So you can get pet insurance right and I myself have opted out of pet insurance. But if you're planning on getting a pet, pet insurance is definitely something you may want to look into. The average cost of pet insurance for a dog is about $660 a year and then for a cat it's on average about $560 a year. So when considering all of the total expenses, you're going to want to add those in, because your first year of owning a dog, for example, you're averaging about $420 to $2,180 for the first year. This includes essentials like collars, leashes, dog beds, crates, food, water bowls, spay, neuteruter, like all of those kinds of things. Now subsequent years can average between $773 to $1848 per year, covering expenses like food, vaccines, flea prevention, licensing, treats, toys, grooming those kinds of things, treats, toys, grooming those kinds of things.
Amber:
So I'm an animal lover like through and through, all right, and I know the love and the joy that my dogs have brought me and my family, so I get wanting a pet. I totally get it and it's wonderful to have a pet. You know I wouldn't change it for the world. But just let me tell you that the expenses of owning my two dogs has been much easier to handle now that our finances are in good, in a good place, like we're living debt free, outside of our mortgage. So those averages based on those averages, my dogs combined, their 24 years combined, cost me well over $33,000 over those 24 combined years. So I've had Bonnie for 15, clyde's turning nine. That's a lot of money right In just so short time.
Amber:
So it's essential to recognize the long-term financial commitment of pet ownership and to budget accordingly. And this may make your decision a little different when you're looking at the long-term finances, like, do I get a dog, do I get a cat? Maybe I get a reptile? You know there's so many different options for a pet. So whether you're adopting a dog, a cat, understand those financial responsibilities. It's crucial to provide them with the care that they deserve.
Amber:
I have seen too often and I've seen this. You know you see on social media and I'm sure you've seen it too where people are doing GoFundMes on social media, and I'm sure you've seen it too, where people are doing GoFundMes my dog needs XYZ, my pet is at the vet and I can't get my pet out because I can't afford to pay the bill and then like all these things, right yeah, it happens all too often. So make sure that you're ready, and you're prepared because that pet deserves that. Now I'm definitely not saying don't get a pet and I know you're probably thinking like Amber dang, you just made this sound awful. Pet ownership's amazing.
Amber:
I love my pets, but before you rush into adopting a pet, take the time to assess your financial situation and consider the long-term costs involved. Remember, being a responsible pet owner means not only providing them the love and the care, but also financially being prepared for unexpected expenses, because they will happen. Knock on wood, I don't want any more. So if you're thinking, shoot, I really can't afford a pet right now and I've just crushed your dreams, I'm sorry, that's not my intention. My intention is for you to really look into why you want a pet and nope.
Amber:
So now you may be thinking, oh shoot, Amber, I really can't afford a pet right now, but I would really love to get one. Start thinking about taking control of your finances. Right, I'm not trying to crush your dreams. That's not my intention. I, like anybody else, love animals and I love having my pets at home. It makes me so happy to come home to their wagon tails. So maybe you want to check out our Life Without Payments workshop it's absolutely free by visiting debtfreedadcom and start getting your finances in control. So, as always, thank you for tuning in to the Debtfree dad podcast. Be sure to subscribe for more financial tips and advice to help you live a debt-free life. I'm not doing this again.
