Pets are indeed becoming the primary choice for having children. In fact, according to the Pew Research Center, more than half of pet owners not only consider their pets to be part of the family, but they say their pets are as much a part of the family as their human members.
Pets are an expression of love and can give life more meaning, but when you consider the cost of insurance, veterinary care, food, shelter, and of course the most popular bandanas and leashes, they are undoubtedly a major item in the budget. Still, having a pet is much cheaper than having a child. Parents can expect to pay $16,000 to $18,000 per year, according to USDA estimates. On the other hand, keeping a pet costs just over $1,300 a year, according to Empower, a financial services company that provides planning, investing and advice.
While owning a pet is cheaper than raising a child, these adorable furry friends are actually a great catalyst for financial health. In fact, according to Empower’s survey of 1,000 pet owners in the United States, nearly 40% said owning a pet motivates them to be more financially responsible, and another 36% said owning a pet motivates them to achieve financial goals
This is especially true for Julio Bedolla, wealth manager at LourdMurray. He and his wife have six dogs, which “significantly affects our expenses,” he told us wealth.
“Regular expenses for food, health care, grooming and other ongoing expenses teach owners the importance of budgeting, planning for future expenses and building an emergency fund for unexpected veterinary trips or paying for veterinary insurance,” Bedola said. “Because we have that in place. plan so we can make it work.”
Pets can be a primer on having a baby
Bedola said that while they weren’t ready to have children, caring for their pets gave them “an eye-opening sense of responsibility” and prepared them to make ongoing financial investments. However, he admitted that the cost of having a baby is still much higher than caring for a pet, especially when you factor in childcare and education.
But pet parents still must consider their pets when making other major financial decisions, such as buying or renting a home. Not all homes are suitable for pets – or even allow them there. This also affects other major costs such as travel planning and savings.
“You need to consider the cost of your pet, whether it’s boarding or traveling,” Bedola said.
Good Money Habits and “Not So Good” Money Habits
Millennial PR expert Kristi Hedrick has three cats and plans to get a puppy at home next month, which has inspired her to develop some good money habits and some “not-so-good ones.” “Money Habits,” she said wealth.
Good money habits include always putting money away in case of an emergency with one of her pets. Plus, her cats have special diets, so she has to factor the cost of their food into her monthly budget.
However, “not-so-good money habits often come from wanting to spoil my pets and buy them new toys or treats,” Hedrick says. “I have a lot of toys for my animals, so it’s not always the best way to spend any extra cash I might have.”
Still, Hedrick and other professionals say it’s “very important” for pet owners to truly understand the costs of keeping their pets. Ali Smith, CEO and founder of dog training company Rebarkable, encourages aspiring pet parents to research the average cost of their breed, as well as any health issues and temperament issues that come with owning that type of animal.
“If you choose a rescue, be aware that due to unknown health and temperament issues, you may face significant medical bills and training costs to achieve a happy, harmonious home,” Smith said. “Budget for these.”
According to Empower, pet parents spend the most on golden retrievers, beagles, German shepherds, Labrador retrievers and dachshunds.
Other costs of owning a pet arise from lifestyle choices and employment. However, the Empower survey shows pet parents are willing to make significant life changes for their pets. Nearly 60% of respondents said they changed jobs to get more pet-friendly benefits but keep their salary the same. More than a quarter said they would be willing to take a pay cut and flexible working hours to spend more time with their pets.
“Think critically about the way you live your life,” Smith says. “Do you need doggy daycare support? Or a dog walker? All of these cost money. Making that commitment may require a 14-year financial commitment. Sure, there’s no college or a car to buy, but [pets] May become an expensive luxury in our lives.
