How to Financially Prepare for Owning a Pet

Pet owners can attest to the emotional support a furry friend, whether a dog or cat, can bring in your life. But pet ownership is a real financial commitment that needs to be considered in your monthly budget. From getting pet insurance to scheduling monthly grooming, the cost of owning a pet can take a toll on your finances without careful planning. 

Here are tips to put your pet expenses at a minimum without missing out on the joys of being a pet parent. 


1. Research and learn about the new pet you want to own.

To avoid being overwhelmed by the cost of owning a dog or any pet, take time to do your research about the type of pet you want to own. Consider the size. Will a small, medium, or large pet fit in your home? Learn how to take care of them: what kind of food do they eat? Are they low or high-maintenance? Most importantly, find out the ongoing cost of the specific pet you have in mind. Many pet owners will have plenty of tips to share as well so it is advisable to consult family or friends who are already pet- or dog owners.

2.  List down the list of pet expenses your chosen pet requires.

After familiarizing yourself with the type of pet you want to own, you'll now have an idea about their pet care requirements. It's time to list down the full extent of what you will be financially covering. Pet costs are likely to include:

• Regular vet visits for check-ups
• Vaccinations
•  Pet food
• Pet bed, shelter, and crates
• Grooming services
• Spay or neuter  surgeries
• Pet health insurance
• Pet sitter fees when you are away
• Boarding fees when traveling with your pet

Naturally, these pet costs will also depend on the type of pet you get. Note that their needs (especially for medical expenses) will depend on their age and their health.

3. Establish a pet budget.

When you become a pet owner, expenses may pile up. The only way to handle ongoing costs would be to create a budget. Of course, you need to consider the monthly cost of your current lifestyle, too. How will pet ownership affect or support your financial goals?

4. Cut your pet budget some slack by reducing initial expenses.

The cost to own a dog or puppy or any chosen pet can be overwhelming, especially for new pet owners. A trip to a pet store can easily excite you to buy dog food or treats, and without being mindful of the true costs, you might need to pay more than your monthly budget. To help you save money and wisely budget for your pet, try these smart money moves:

• Adopt a pet from a rescue or shelter. Expect to pay more when you buy a pet from a breeder. This option is not only a wise way of budgeting for a pet, but also a humane act since you'll be saving a life. 
• Buy secondhand pet items. It's a good idea to scout online pet stores or markets for hand-me-down toys, pet collars, beds, etc. 
• Have a pet emergency fund. Set aside money for your pet's medical expenses so you won't be overwhelmed by the cost of sudden vet visits or medical procedures that your pet will need.
• Have an assigned pet sitter among your family members or friends. Leaving your pet to your family or friends when you won't be around to take care of them can save you money. Did you know that leaving your pet overnight in a pet hotel or pet boarding in the Philippines costs around 300 to 500 pesos a night?

5. Consider getting a pet insurance or wellness plan.

Even though you've already set a budget for your pet's monthly costs, unexpected and expensive medical costs can come your way. Pet insurance policies make sure that your expenses will be covered. You will typically submit a covered claim, but upon approval, you're assured of a reimbursement. Wellness plans may also help you cover regular check-ups, teeth cleaning, earthworm treatments, and annual exams, while pet insurance can come in handy when accidents or emergencies occur. 

Financial preparedness for owning a pet entails thorough consideration of your financial standing. There is no exact way to budget since this will depend on the type of pet that you choose and their age, health, and size.