Next Avenue: Are you budgeting enough for your pet? 9 ways to control the costs of your furry friend.

by | Nov 29, 2022 | Stock Market

This article is reprinted by permission from Animals are endearing and a source of comfort to humans. They can make us laugh, share our tears, and slow down to cuddle. Whether you have a fish, dog, cat, horse or exotic animal, there is no doubt that pets are an important part of your life.

No doubt pets are popular. In the U.S., 90.5 million households—close to 70% of the total — have at least one. Many owners say their animal companions are priceless, but they do come at a cost: $50 billion for food and treats alone in 2021; $123.6 billion after adding veterinary bills, crates and pet services such as grooming, dog walkers and pet sitters. On average, the cost to a family is between $700 to $1,200 a year depending on the size of the animal — the bigger the animal, the bigger the bills. With inflation accelerating, it is important to your own financial well-being to pay closer attention to pet expenses. Trimming some spending is possible while maintaining your pet’s health and quality of life.9 ways to rein in your pet budget 1. Start a local pet-sitting exchange. Professional pet sitters hate the idea, but you can save a lot of money by organizing some friends and neighbors to take turns caring for one another’s pets when their owners are away from home. Track how much time each member contributes to make sure work is fairly shared. 2. Ditch doggy daycare. Take your dog for a run at a local dog park before you leave for work. When dogs get enough exercise and companionship, they are better off while you are at the office or running errands — and you can save the cost of care. Gone for the day? Have someone from the pet exchange …

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