Money | Financial Implications Of Getting a Pet?

I think that every mum would agree with me when I say that at some point or another, all children become obsessed with animals. It seems to be a stage that most, if not all, kids go through.

While it’s lovely that they are so interested in something, when they start begging for a pet it can be a bit of an issue for our parents. It’s not just about the time and cares that a pet will need, for a lot of us it’s about the financial implications that come with it. To give you a better understanding of the types of financial implications that come with being a pet owner, I’ve put together a list below. Hopefully, this will give you a better idea of what allowing your kids to get the pet of their dreams will cost you.

The cost of the pet. The first factor you need to consider is the cost of the pet itself. This will, of course, depend on what type of animal it is that your child wants. The most expensive pets to buy, tend to be exotic pets, horses, and purebred dogs. These can cost anything from £80 to thousands of pounds. The cheapest pets tend to be fish, guinea pigs, rabbits, gerbils, cats, and mixed breed dogs. However, some mixed breed dogs and some cat breeds can cost hundreds. To give you an idea, a labrador puppy on average costs around £450. Ask yourself, can you afford the initial cost of the pet?

Their everyday care. The next thing to think about is the pet's everyday care. Depending on the type of pet, it could live for anything from a couple of years to over 15 years. Before taking on an animal, you need to be sure that you can afford to pay for it for the duration of its life. To give you an idea, on average a horse can cost between £60 and £150 a month to feed, depending on the size and breed. While a cat, for instance, tends to cost between £15 and £45 a month to feed, depending on what brand of food you give them and how much they eat. Remember, it’s not just food that needs to be accounted for, monthly care costs, like flea treatments and worming the pet, also need to be taken into account.

Health insurance. All smart pet owners get health insurance for their pets. So that should they get injured or ill, their care is covered by an insurer. This means that although you might have to pay initially, the amount would be reimbursed to you by your insurance company. The insurance for a pet can cost between £5 and £80 a month, depending on the type of animal, its age, and any health conditions it may have. If you’re going to take on a pet, be it a horse or a rabbit, having insurance is crucial. Say, for example, as your dog got older it got Cushing's disease and needed Vetoryl for dogs; your insurance would cover the cost of this. You wouldn’t have to pay out for it. However, the question is, can you afford the extra monthly cost?

Toys, bedding, and other bits and bobs. Last but not least, there’s the cost of the pet’s bits and bobs. A dog, for example, needs a bed, food bowls, collar, lead, and a selection of toys, all of which will need replacing throughout its life. A rabbit, for instance, will need a rabbit hutch, water bowl, run, and a few toys to keep it entertained. Again, this may all need replacing throughout its life. It’s not just a case of buying your pet it’s bits and bobs once, it will most probably need new items throughout its life.

I hope that this has given you an idea of the financial implications that come with owning a pet. So that you can make an informed decision about whether now is the right time to add a furry friend to your family.