How to Budget for Adopting a Pet

Bringing home a dog or a cat is reason for celebration, but as fun and exciting as welcoming a new family member can be, it's also a major responsibility — and we're not just talking about learning to care for your pet. Financial obligations are an important component to consider before taking the plunge. After all, there's a whole lot more to factor into your budget than just pet food. Failing to evaluate all of the expenses associated with pet ownership is a rookie mistake — one you want to avoid before finding yourself in over your head.

Sitting down to hammer out your budget pre-pet ownership may feel tedious, but it'll go a long way in helping you feel secure about your finances. Start with the basics: items you know you'll need upfront. Crate, bed, leash, collar, food and water bowls, a litter box, some type of carrier, and toys, all fall into this category. Next, think about recurring costs you'll need to shell out on a weekly or monthly basis: food, treats, waste bags or litter, brushes, shampoo, and vitamins.

In addition to these initial costs, pet ownership also includes routine service fees like grooming, daycare or boarding, training, and veterinary care (more on that later). Home renters can expect to pay a pet deposit, and some cities require all owners to purchase a pet license and pay a pet registration fee. It may sound like a lot at first, but the good news is that budgeting for a new pet is simple once you know what variables to consider. The tricky part is accounting for unexpected expenses that always seem to creep up — like last-minute trips to the vet.

From surprise vet visits to emergency medication, reliable pet insurance is key for keeping your budget in check and providing peace of mind. But with so many options available, choosing the right coverage can feel overwhelming. Fetch Pet Insurance is trusted by more than 400,000 dog and cat parents and pays you back up to 90 percent of your unexpected vet bills, which can go a long way towards managing your monthly budget.

Insurance can also help cover routine vet visits, and Fetch plans specifically offer the most comprehensive coverage in the US and Canada. Their coverage includes everything from emergency vet visits to sick-visit exam fees, as well as treatment for unexpected accidents or illnesses (think X-rays and CT scans, prescription medications, supplements, and more). They also include what others charge extra for or don't cover at all — like up to $1,000 in online visits per year, injury and disease in every adult tooth, and breed-specific health issues. Additionally, Fetch can be used at any vet in the US or Canada — all vets are in network. Compared to how expensive vet bills can be, pet insurance is a worthwhile investment that can help you save money in the long run.

When you break it down, the average annual cost of owning a dog or cat ranges from $737 to $1,040, with the initial year averaging between $1,471 and $2,008, according to the American Society for the Prevention of Cruelty to Animals®. However, it's also been reported that some dog owners can spend up to $376 a month or $4,512 a year. Clearly, the cost of pet ownership spans a broad range, and a lot of factors contribute to how much you'll ultimately pay (are you hiring a dog walker? Will you purchase kibble or fresh food? Is your dog seeing a groomer regularly?). But any way you slice it, welcoming an animal into your life is a significant investment.

To help alleviate costs, aside from creating a budget and tracking your pet expenses, additional money-saving tips include:

Above all, bringing home a new best friend is an adventure like no other. Despite what your wallet may say, most owners will tell you that the experience is priceless.