Bringing home your very own furbaby is a dream come true, but what might not be included in that dream is the price tag. While your pup is adorable, vet visits, grooming, dog food, toys and other everyday costs can add up quickly.
Caring for a dog is a long-term financial commitment. It's almost like owning a smaller, really cute new car that constantly needs gas or a trip to the mechanic. According to Kimberly Palmer, a personal finance expert with NerdWallet, a dog can cost thousands of dollars a year.
Let's break it down:
How much it costs to own a dog per yer
Using NerdWallet, along with recent data from Rover and Capitol One, the average cost of dog ownership per year can vary.
Excluding adoption fees, initial veterinary visits and training, Palmer estimates that the average annual
cost of owning a dog is about $2,932. If your dog lives to age 12, that adds up to roughly $35,184 over their lifetime, and that's before accounting for major medical expenses or other unexpected costs.
Palmer said the biggest cost is often pet insurance, which can vary from a few hundred to over a thousand dollars annually. The main factors affecting this part of your dog budget are how often they need veterinary care and whether you’re prepared for a potentially large, unexpected expense. Less-expensive pet insurance plans may cover accident-related care only, while more comprehensive plans can include coverage for accidents, illnesses and wellness visits.
"Just know, if you are considering insurance, that the different insurance policies vary so much and also their costs varies a lot. Before you sign up for a policy, you just want to make sure you really understand what is covered. Wellness visits are usually not covered, for example, so you don't want to be surprised by that. So just read the fine print of any pet insurance that you're considering," said Palmer.
If you’re looking to save a few bucks, Palmer recommends cutting back on how often you hire a pet sitter. Traveling less or taking your dog with you when possible can remove that expense altogether. When travel can’t be avoided, try finding a local sitter or comparing prices on different pet-sitting apps and services.
"The biggest thing you can do to save money on pet sitting, because it is a significant cost, is to not wait for the last minute and do some comparison shopping ahead of time, because you do have many options," said Palmer.
NerdWallet also suggests learning basic pet-care skills, making your own pet toys and grooming your dog at home to help lower costs. Joining loyalty programs and buying recurring items, such as food, in bulk may also help you save money.
If you're looking to adopt a dog, Palmer said you should set aside a savings account dedicated to pet costs with at least the first two years of projected expenses covered, which is just under $6,000. This helps avoid "sticker shock" and cushions some of the costs.
This article originally appeared on USA TODAY: How much does it cost to own a dog? An expert breaks it down
